Restaurant for sale

Description
The subject property comprises of a prominently located attractive mid terraced property that is arranged to provide a Prezzo restaurant on the ground floor and part of the first floor and three residential flats accessed from a self contained ground floor entrance that are arranged over part of the first floor and the second floor of the property. All the property is let on an overriding occupational lease to Prezzo Trading Limited and provides a very attractive property investment.

The mid terraced property is of traditional construction being of brick construction under a slate roof cover with a fully glazed shop front to the restaurant. The property on the ground floor and part of the first floor provide an approximately 130 cover restaurant with an open plan kitchen area and ancillary accommodation arranged on the ground floor. The property has a Total Net Sales Area of approximately 3,050-ft sq (283.33 m sq) and is fitted out to a high standard and viewing of the property is highly recommended. The first floor of the property provides ladies and gents toilet facilities for the restaurant and an office and staffroom and a private toilet for staff in the restaurant. The restaurant has access directly from Church Street and there is delivery access to the rear of the property via an access road that runs round the boundaries of ownership of the property.

The residential accommodation above the property is accessed from a self contained ground floor entrance and stairwell off Church Street. There are two flats being flat 1 and 2 arranged over the first floor and at second floor level there is Flat 3 which provides 2 bedroomed accommodation along with a store room across the landing area.

The property offers an attractive property investment that is all let to Prezzo Trading Limited on full repairing and insuring terms with an unexpired lease term of approximately 9 years. The property due to its size and configuration offers an asset management opportunity in the future with the opportunity to let out the restaurant/shop unit separately and the three flats separately or sell them off on long leases. The true potential of the property can only be appreciated by undertaking an internal inspection of the property.

The property is owned under Title Number SL44864.

Location
The property is prominently located fronting onto Church Street in the town centre of Oswestry. Church Street serves as one of the main retail streets in the retail hierarchy, The surrounding occupiers include TSB, Nat West, Majors and Salvation Army. The property is located in proximity to a number of public car parks serving the town centre and within proximity of the attractive Oswestry Park in the town centre.

Oswestry is a historic and thriving market town, with a former borough population of over 30,000, and with a substantial catchment considerably in excess of this, stretching far into Shropshire, Mid and North Wales.

The town boasts a host of multiple traders including Sports Direct, Boots, New Look, Superdrug, Greggs, B& M, Costa, Home Bargains, W H Smith, Clarks Shoes to name a few, together with most of the national banks and excellent large surface parking facilities around the centre.

Terms
The property is offered for sale freehold subject to the existing occupational lease.

The property is owned under Title Number SL44864

The property is subject to the following occupational lease

Lease dated 6th of October 2008 between Amberstar Limited and Prezzo Plc.

The lease has been assigned to Prezzo Trading Limited
Company Number 13150050
25 years from 21st of August 2008 £52,000 per annum

Rent reviews 5 yearly Tenants Full Repairing and Insuring Lease
The lease is granted inside the Landlord and Tenant Act 1954 Part 2

Prezzo Trading Limited reported trading accounts for the financial year ending 1st January 2023:
Turnover £134,696,000
Gross Profit £47,957,000
Profit (£30,098,000)

Further financial information relating to Prezzo Trading Limited is available from the selling agents upon request.

Prezzo Trading Limited trading as Prezzo is a restaurant chain serving mostly Italian cuisine in the United Kingdom. The first restaurant opened in Oxford Street in London in November 2000. In January 2019 there were 180 branches across the country. It is currently owned by Cain International.

Services
(not tested prospective purchasers should rely on their own enquiries)

Mains water, electricity (including three phase), drainage and gas are understood to be connected to the property.

We understand that there are separate mains metered supplies to the restaurant and the three residential flats.

Planning
Interested parties are advised to make their own enquiries.

The restaurant is understood to benefit from planning consent for Use Class E.

The residential flats are understood to benefit from planning consent for Use Class C3.

The property is understood to be located in a Conservation Area.