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Orford Road, Walthamstow Village, Waltham Forest, London, E17

££2,400,000

Café For Sale

The property comprises two adjoining period buildings which form a larger terrace. The upper floors comprise 5 self-contained residential maisonettes/flats which have been sold off on individual 125-year leases from 25.09.2013. The ground rent from each flat is £100 per annum rising to £200 per annum after 33 years and rising again to £400 per annum after the 66th year expiry. The residential tenants are collectively responsible for 45.8% of the total cost of the repair and maintenance of the entire building.


Tenancies
  • The ground floor of both 24/26 and 28/30 Orford road together with the garden area of 28/30 Orford Road will be let on a new 25 year effectively FRI lease from completion to EAT 17 limited subject to 5 yearly RPI indexed rent review with Collar and Cap of 1% and 3% per annum.
  • The lease will be over the ground floor only and a garden area and a small first-floor office.
  • The commencing rent will be £140,000 per annum.
  • EAT17 will be investing circa £500,000 from the proceeds of the sale in re-fitting the store to install new equipment, improve the layout and seek to maximize the use of the garden, amongst other things.

Tenant’s Covenant
EAT 17 Limited (Co No: 09543586) was formed in 2006 when the Bistro & Grocery Store opened in Walthamstow. Since 2006 EAT 17 have opened further stores in Hammersmith, Bishops Stortford and Hackney.
The business has since gained success and notoriety as the Walthamstow store picked up best store award in 2020 at the Retail Industry Awards and Grocer magazine's best store in the UK.
For the ended tax year of  30th April 2021, the business reported a turnover of £9.2m and a pre-tax profit of £1.13m
Eat 17 Limited has a credit safe rating of 81 out of 100 representing a very low risk and has a AAA-rated convenience in place.

For more information, please contact Nathan at nathan@cityandcounties.com or Latif at latif@cityandcounties.com. You can also call us on 020 8106 8666.

Tenure: Freehold

Brochure

No floorplans available for this property

No EPC available for this property

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Office Details

London
Unit 2, 2 Delacourt Road
London
SE3 8XA

020 8106 8666
info@cityandcounties.com

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