A Well Located Lower Ground and Ground Floor Restaurant Subject to a Lease Producing £55,000 Per Annum (Rising to £60,000 in 2026)

The property comprises a lower ground and ground floor restaurant situated within a terraced building arranged over lower ground, ground and five upper floors.

Tenure

Leasehold. The property is held on a 97 year lease from 24th June 1976 (thus approximately 47 years unexpired).

Location

The property is situated in the highly sought after area of Paddington close to local shops and amenities. The open spaces of Hyde Park are within easy reach. Transport links are provided by Paddington underground (Bakerloo, Circle and Elizabeth lines) and rail stations.

Accommodation

Lower Ground and Ground Floor Restaurant Area

Tenancy

The property is subject to an FRI lease for a term of 20 years commencing January 2025 at a rent of £55,000 per annum (rising to £60,000 in January 2026).

Further Information

When purchasing a flat that has a short lease, it is important to understand that in addition to the purchase price, if you wish to extend the lease to 90+ years, you will need to pay a premium to the freeholder. This is done by way of serving a Section 42 notice to the freeholder requesting a lease extension with a suggested price for the extension. The freeholder has the right to refuse the offer and submit a counter notice with their suggested price. If you do not fully understand this process, please ask the auctioneers or a solicitor.

Services

Interested parties are requested to make their own enquiries to the relevant authorities as to the availability of services.

Additional Fees

Administration Charge - Purchasers will be required to pay an administration fee of £1,500 inc VAT

Disbursements - Please see the legal pack for any disbursements listed that may become payable by the purchaser on completion.