Description
The investment comprises two detached single storey purpose built restaurant units each with a glazed frontage and shared parking for 87 vehicles. Each unit benefits from an external seating terrace to the front elevation.

Site
The site extends to 1.60 acres (0.65 hectares).

Planning
Our initial enquiries of the local authority have revealed that the properties are not listed or situated within a conservation area.

Tenure
The property is held freehold (Title Number NN16562).

Tenancy
The property is let to two national operators with a total income of £262,500 per annum.

Service Charge
A service charge is payable by the occupational tenants towards the maintenance of the scheme. The estimated service charge is available upon request.

Covenant
Wagamama is the leading operator of pan-Asian restaurants in the UK having expanded from their first restaurant in Bloomsbury in 1992, the chain now operates 160 restaurants throughout the UK. In December 2024, Wagamama’s parent company, The Restaurant Group, were acquired by private equity company Apollo for £506m.

Nando’s is the leading dine in chicken restaurant operator in the UK having been founded in South Africa in 1987, the first UK restaurant opened in 1992 with the company now operating 470 Nando’s throughout the UK and over 1,000 restaurants worldwide.

VAT
It is envisaged that the property will be sold as a Transfer of a Going Concern (TOGC) so the transaction should therefore be exempt from VAT on the basis the purchasing entity is VAT registered.

Fixtures and Fittings
The fixtures and fittings are currently owned by the respective occupational tenants.

Terms
We are instructed to invite offers in excess of £3,650,000 (6.75% NIY) assuming usual purchaser’s costs.

The businesses will continue to trade unaffected from both premises during the marketing of the property and post completion of the sale.

Money Laundering
Money Laundering Regulations require Savills to conduct checks upon all purchasers. Prospective purchasers will need to provide proof of identity and residence.

Data Room
Access to the data room is available upon request.

Photography
The Nando’s photography contained within this brochure is from other trading restaurants within their estate as they are currently in the process of completing their fit out ahead of opening in October 2024.

Viewings and Contacts
All viewings must be made by prior appointment and under no circumstances should any direct approach be made to any of the occupational tenants staff.