Prime Aldgate restaurant investment opportunity for sale

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1 Prime Aldgate restaurant investment opportunity for sale

2 Investment considerations Long leasehold investment held for a term of 999 years from completion at a peppercorn rent The property occupies a prominent corner position on the junction of Alie Street and Leman Street forming part of the Goodman s Fields development Goodman s Fields is an award-winning development of over 1 million sq ft of mixed use accommodation and 2.3 acres of landscaped gardens The property comprises sq m (1,811 sq ft), of A3 accommodation at ground floor As part of the tenant s fit out, they have installed a mezzanine floor. This has not been included in our measurements Let to Pizza Union from 3rd February 2017 for a term of 25 years until February 2042 Passing rent of 85,000 per annum ( psf) with 5 yearly upwards only open market rent reviews Offers in excess of 1,700,000 reflecting a net initial yield of 4.71%

3 A501 Goodman s Fields Location Goodman s Fields is a seven acre regeneration scheme by Berkeley Homes within walking distance of the City of London. Goodman s Fields has been designed to create a place for business and living to naturally blend. The amenity space will serve the extensive office and residential infrastructure in the immediate area City Road Commercial Brick Lane WHITECHAPEL Goodman s Fields is surrounded by three main streets that offer easy pedestrian and vehicular access to London s main road and rail networks Leman Street is a main arterial route bringing traffic from the West, North and East in the City of London Aldgate East Underground station is within 250 yards to the North with Tower Hill DLR, Aldgate Underground and Fenchurch Street mainline stations within a 5 10 minute walk Whitechapel Crossrail Station is within minute walk, which is due to be delivered later this year A3211 MOORGATE A1211 THE CITY CANNON ST BANK MONUMENT London Bridge Bishopsgate A10 LIVERPOOL ST Lower Thames St reet FENCHURCH STREET TOWER HILL ALDGATE The Minories Street Leman Street Dock Street Mansell Street TOWER GATEWAY ALDGATE EAST Whitechapel Road A11 Prescot Street Royal Mint Street TOWER HILL Pizza Union WHITECHAPEL Commercial Road A13 The Highway A1203 e Goodman s Fields has been designed to create a place for business and living to naturally blend Aldgate East Underground station is within 250 yards of Goodman s Fields Whitechapel Crossrail Station is within minute walk (Due in 2018)

4 Local developments Aldgate East is situated directly to the East of the insurance and financial district of the City of London. The area has established itself as one of the key locations in London s tech belt rivalling Clerkenwell and Shoreditch Goodman s Fields lies at the heart of the significant new developments that have provided over 1million sq ft of new office development and in excess of 3,000 new homes over the past few years Significant new schemes include: 1 Aldgate Tower 2 The Relay Building 3 Whitechapel Building 4 1 Braham Street 324,000 sq ft Office development completed ,000 sq ft Office and 207 residential unit development completed ,000 sq ft Office and exhibition scheme completed ,000 sq ft New office development to be completed by 2021

5 Goodman s Fields Situation 3 Aldgate East Tube Station 3min walk North East Block et lie (Under Construction) e tr S A 2 1 Aldgate Tube Station 6min walk Premier Inn x3 Boxing Gym Escape Rooms et 7 tre 6 Amber Café S an 5 Curzon Cinema 12 m Le 4 Crossfit Aldgate South West Block 14 8 Knight Frank 9 The Running Horse 10 Leman Street Tavern 11 Berkeley Homes Marketing Suite 12 Sainsbury s Local Please note: 7 North West Block 1 Pilpel Local 4 ng di ar Ho P izza Union occupy a corner unit of the North West block fronting Alie Street and Leman Street with immediate access to the central piazza. The unit is very prominent and generates a high footfall T he area has benefited from significant inward investment. There is extensive redevelopment in the immediate area of office, residential, hotel and student accommodation. The majority of which has been completed and with more due to be delivered over the next 2 years Whitechapel 12min walk The Property G oodman s Fields will provide over 1 million sq ft of mixed use accommodation comprising 1,076 units, 617 student rooms and a 250 bedroom hotel. There will be 112,000 sq ft of A1/A2/A3/A4/A5, B1, D1 and D2 accommodation on-site, drawing considerable footfall with 7 day trading 13 The Pastry Parlour 14 Berkeley Homes (North East London) Ltd Head Office This is the minimum size of the word mark by its self 15 is: NHS (GP Surgery) W:20 mm H: 6,256 mm South East Block (Delivery 2018/19)

6 Description Mezzanine The property is arranged over ground floor level with a full height glazed frontage. The tenant has installed a mezzanine floor at their own cost The unit is positioned below the North West corner of the North West block which provides 182 flats and a 250 bed Premier Inn Hotel. The South West block has been completed and comprises 617 luxury student apartments above a Sainsbury s supermarket, the Pastry Parlour and Berkeley Homes (North East London) Ltd office Ground Floor DISABLED WC WC WC PIZZA OVEN ENTRANCE Not to scale

7 Tenure & Tenancy Tenure The property is held via a new long leasehold interest for a term of 999 years from the date of completion at a peppercorn rent Tenancy The property is let to Pizza Union for a term of 25 years from 3rd February 2017 until February 2042 The passing rent is 85,000 per annum, psf overall The lease provides for 5 yearly upwards only open market rent reviews Covenant Pizza Union is a fast growing chain of Italian Pizza Bars following its establishment in The chains restaurant in Aldgate was rated as the 3rd best restaurant in London by Trip Advisor (as at 06/12/2017). Pizza Union is headquartered at 35 New Bridge Street, London with restaurants in Aldgate, Kings Cross, Dalston and Spitalfields. Pizza Union Limited has an Experian score of 89 and are considered a Low Risk For the year ending 1st January 2017 the company showed a net worth of 2,080,000 VAT The building has been elected for VAT Proposal We are instructed to seek offers in excess of 1,700,000 (One Million, Seven Hundred Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of 4.71% after usual purchasers costs of 6.18% Contact For further information please contact: JAMES ABRAHAMS CHRISTOPHER JAMES Misrepresentation 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, give notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representative of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. Map is not to scale. The information in this document is indicative and is intended to act as a guide only as to the finished product. Accordingly, due to the Berkeley policy of continuous improvement, the finished product may vary from the information provided. The dimensions given on plans are subject to minor variations and are not intended to be used for carpet sizes, appliance sizes or items of furniture. Applicants are advised to contact Berkeley to ascertain the availability of any particular property. January E717/08CA/0118