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

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.

Services

Interested parties are requested to make their own enquiries to the relevant authorities as to the availability of services.

Additional Fees

Administration Charge - Purchasers will be required to pay an administration fee of £1,500 inc VAT

Disbursements - Please see the legal pack for any disbursements listed that may become payable by the purchaser on completion.