LOCATION
The premises are located in London Street, Andover which is part of Andover's main office and professional sector alongside a number of Accountants, Estate Agents and Solicitors.
DESCRIPTION
Town centre café/restaurant with small rear yard & WC.
SERVICES
Mains electricity, gas, water and sewerage.
ACCOMMODATION
| |
m2 |
[ft2] |
| Seating Area |
36.8 |
[396] |
| Kitchen |
4.8 |
[52] |
| Rear Lean-To |
8.9 |
[96] |
| WC |
|
|
| |
|
|
| TOTAL |
50.5 |
[544] |
RATING ASSESSMENT
| Rateable Value from 01/04/2017 |
£11,750.00 |
| Business Rates Payable 2022/23* |
£1,993.51 |
| With Small Business Relief 2022/23 |
£0.00 |
* This figure includes the 50% reduction for the 2022/23 rating year set out in the relief scheme for retail, hospitality and leisure properties up to a maximum of £110,000 per business.
ENERGY PERFORMANCE CERTIFICATE
Rating - D85.
GRANT
A £1,200 grant may be available from Test Valley Borough Council - search TVBC Independent Retailer Grant.
BUSINESS IMPROVEMENT DISTRICT
The premises are withing a BID and are subject to a charge of 2% of the Rateable Value per year ie £235 pa.
PLANNING
Planning permission was granted on 29 October 2003 [TVN 01583/1] for change of use to a sandwich bar and coffee shop.
LEASING BUSINESS PREMISES
The Code for Leasing Business Premises, England and Wales 2020 is available to download at: www.rics.org/globalassets/code-for-leasing_ps-version_feb-2020.pdf
TENURE
Freehold
7 London Street is let to Gadget Trader Group Ltd on a 6 year FRI lease subject to a schedule of condition from 20 October 2021with a non-downward rent review after 3 years, a mutual option to break at the three year point or anytime thereafter with 6 months’ prior written notice and security of tenure excluded.
TERMS
EITHER 7-11 LONDON STREET FOR SALE FREEHOLD
Price £250,000 + VAT which includes an income of £7,000 pax + VAT from 7 London Street.
OR 9-11 LONDON STREET TO LET
On a new FRI lease for a period to be agreed at a commencing rent of £14,000 pax + VAT.
LEGAL COSTS
Each party to bear their own legal costs.
Ref: 3116C9-11
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