Auction House London

Lot 56A

Restaurant - Commercial Property 

49-57 Yorkshire Street

Oldham, Manchester, OL1 3SL

Sold Prior

Guide Price (plus fees)

A Substantial Corner Building Arranged to Provide a Restaurant Fully Let Currently Producing £120,000 Per Annum

Description

Substantial recently refurbished two storey restaurant trading as Istanbul Restaurant, prominently situated at the corner of Yorkshire Street and St Mary’s Way in the centre of Oldham. Nearby occupiers include Odeon Cinema, Coliseum Theatre and The Spindles Shopping Centre. The property has recently been refurbished at a cost of over £500,000.

Tenure

Freehold

Accommodation

The following floor areas have been taken from VOA: -

Ground Floor – Restaurant and ancillary – 691.52 m2 / 7,444 sq.ft.
First Floor – Restaurant and ancillary – 654.81 m2 / 7,048 sq.ft.

Tenancy

The whole property is let to Istanbul Restaurant Ltd (Co. No. 13870896) by way of a 6 year lease from January 2022 at a rental of £120,000 pa. the lease incorporates a rent review after 18 months.
The tenant has paid a rental deposit of £20,000.

The Istanbul Restaurant Group specialise in Turkish cuisine. Their first restaurant opened in Manchester prior the pandemic have continued to expand their brand now trading from outlets in Derby, Nottingham and Oldham.

Their latest restaurant in Blackburn is scheduled to open in June 2022.

Addendum

Sold Prior

Additional Fees and Disclaimer

Administration charge: £1,200 including VAT unless otherwise stated in the addendum.

Buyers Premium and Disbursements: Please see the legal pack and the addendum for any disbursements and buyers premium that may be payable by the purchaser on completion.

Particulars including images and video tours on the website and within the catalogue are believed to be correct but their accuracy is not guaranteed. The auctioneers will always endeavour to inform prospective purchasers of variations to the catalogue, when such changes are brought to their attention. The auctioneers nor their clients can be held responsible for any losses, damages, or abortive costs incurred in respect of lots that are withdrawn or sold prior to auction. Information relating to Rating matters has been obtained by verbal enquiry only. Prospective purchasers are advised to make their own enquiries of the appropriate authorities. Prospective purchasers are deemed to verify for themselves whether tenanted properties are occupied and rents are being paid. All measurements, areas and distances are approximate only. Potential buyers are advised to check them. No representation or warranty is made in respect to the structure of any properties nor in relation to their state of repair. Prospective buyers should arrange for a survey of the particular lot by a professionally qualified person.

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Sold Prior
For further information, please register for the legal pack. To speak to a member of our team about this lot, please call us on 020 7625 9007 or email us at info@auctionhouselondon.co.uk

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