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Lot 15 Click here for addendum

6 Week Completion

Situation

Located close to the junction with Ashgrove Road in this local parade, amongst multiples such as Pizza Hut, Pizza GoGo, Coral, McDonald's and a host of local retailers all serving the surrounding residential area.
Downham lies approximately 1½ miles to the north of Bromley town centre and 8 miles south-east of central London.

Property

A mid-terrace building comprising a Ground Floor Double Restaurant which benefits from use of a rear service road.

Accommodation

Ground Floor Double Restaurant (74 covers)
Gross Frontage 43'6”
Internal Width 41'6”
Built Depth 60'5”
Restaurant Area Approx. 1,300 sq ft
Kitchen/Store Area Approx. 390 sq ft
Office Area Approx. 60 sq ft
Total Area Approx. 1,750 sq ft

VAT is NOT applicable to this Lot

Tenure

Leasehold for a term of 999 years from completion at a peppercorn ground rent.

Tenancy

The property is let on a full repairing and insuring lease to Madhuwan Restaurant Ltd (with 3 personal guarantors) as a Napalese & Indian Restaurant for a term of 15 years from 18th July 2018 (see Note) at a current rent of £38,000 per annum exclusive.

Rent Reviews 2023 and 2028

Note 1: We understand the business has traded from the premises under a previous lease at the same rent for many years.

Note 2: The lessees agreed a premium of £60,000 to take the new lease. They have so far paid £20,000 to the Freeholder with a further £10,000 p.a. to follow over the next 4 years. These additional sums will pass to the Purchaser.

*Please note:

RESERVE

The 'Reserve' is the minimum figure for which a property can be sold as agreed between the Seller and the Auctioneer. The 'Reserve' is not disclosed and remains confidential between the Seller and the Auctioneer.

GUIDE

Where a 'Guide' is stated, it is an indication of the Seller's current minimum acceptable price ('Reserve') at auction. A 'Guide' is published to assist prospective buyers in deciding whether or not to pursue a purchase.

A 'Guide' does not represent an anticipated sale price or a valuation and the eventual sale price may be higher or lower. The sale price is determined at auction and as such cannot be predicted in advance.

The 'Guide' can be published as follows:

a. 'Reserve below' which means the 'Reserve' will be below the shown amount.
b. A single price figure where the 'Reserve' is not to exceed it.
c. A single price figure with a + symbol where the 'Reserve' is not to exceed that figure by more than 10%.
d. A minimum and maximum price range where the 'Reserve' is to be within that range.

The Seller's expectation as to the sale price may change during the marketing period as a result of interest received from prospective Buyers. Therefore, the Seller may increase or decrease the 'Reserve' at any time up to just before bidding commences. If the 'Reserve' becomes fixed at a level that makes the 'Guide' misleading, the Auctioneers will subsequently issue a revised 'Guide' as soon as is practicable. Accordingly, prospective bidders should monitor the 'Guide' with the Auctioneers prior to the Auction taking place via this website.

In addition to the purchase price the Successful Buyer or Successful Bidder will be liable to pay Barnett Ross Ltd a non-refundable administration fee of £1,500 including VAT or as specified on the Particulars of Sale and there may also be additional non-optional fixed or variable fees and costs. To establish the full cost of purchasing a property please inspect the special conditions of sale and all other documentation in the legal pack. Please also refer to any addendum that may be displayed on this page.

20-22 Bromley Hill, Downham, Bromley, Kent BR1 4JX