Restaurant for Sale in Upper Street, Islington
Property ID: RPS-23164
PROOF OF FUNDS REQUIRED: All interested buyers must be able to provide proof of funds before requesting viewing.
MAIN DETAILS
Premium opportunity to acquire a newly granted FRI lease
Situated in a prime, high-footfall location on Upper Street, Islington
Bustling area with exceptionally strong passing trade
Surrounded by established operators including Nando's, Sainsbury's & Caffe Nero
Circa 994 sq. ft (spread over ground floor & basement)
Highly versatile space, ideal for cafes, alternative cuisines, or current operations
Benefits from gas, extraction, three phase & premises licence
Well-appointed restaurant comfortably accommodating circa 38 covers
LANDLORD’S REQUIREMENTS
Guarantor required (subject to references)
6 months' rent deposit required (subject to references)
Standard commercial background and financial checks will be carried out
LEASE DETAILS
Grant of a new lease (exact terms to be mutually agreed)
Rent: £58,800 per annum exclusive
Rent review: Every 4 years
Premium: £99,000 (Includes business goodwill, lease, and fixtures & fittings)
THE PREMISES
Total Size: Circa 994 sq. ft. spread over ground floor & basement
Seating Capacity: Circa 22 covers on the ground floor and 16 covers in the basement
Fully equipped with commercial gas, high-capacity extraction, three-phase electricity and premises licence
Rateable Value: 49,000
Payable Rates: Circa £18,718 per annum (interested parties are advised to verify with the local council)
THE BUSINESS
Financials: Generates a steady gross revenue of circa £360,000 per annum (£7,000/week) on highly condensed hours.
High Growth Potential: Currently operating only 5 days a week (lunch on weekends only)
due to the owner's lifestyle choice. Huge scope to instantly increase turnover by extending trading hours.
Proven Track Record: Previously achieved an annual turnover of circa £700,000 when operating full-time (7 days, lunch & dinner), proving the exceptional market demand for this location.
Management: Efficiently run by the owner (Chef) with 5 full-time and 1 part-time staff members.
THE LOCATION
Coveted Upper Street address in the heart of Islington, N1
Strategically located just a few minutes' walk from Angel Station
VIEWINGS & CONFIDENTIALITY
All interested buyers must have proof of funds to meet the premium and landlord’s requirements.
All interested buyers must agree to a Non-Disclosure Agreement due to the “Confidentiality” requested by the client.
DISCLAIMER
The above information is provided by the seller and are issued without responsibility on the part of the firm therefore are not to be relied upon as statements of facts. Any intending purchaser must satisfy themselves as to the correctness of each statement. The firm nor any of their employees have any authority to make or give, any representation or warranty whatever in relation to this property.
