LONDON - PRIME BAR & RESTAURANT INVESTMENT IN AFFLUENT AREA

A fine property situated in a quaint cobbled street in highly affluent Richmond-upon-Thames. A superb investment opportunity.

Watermans is located in the heart of the affluent and highly desirable town of Richmond-Upon-Thames. Water Lane on which the property is situated is an ancient cobbled street that leads down to the waterfront, a busy thoroughfare between the prime retail centre and River Thames. It is located close to a number of other high profile bars, restaurants and retailers with occupiers nearby including the Ivy Café, Scott’s, the Curzon Cinema, Wagamama, Cos and LK Bennett.

Richmond Upon Thames Railway and London Underground Stations are both within 600 metres of the property.

The property comprises a three-storey end-of-terrace building of brick construction under a pitched tiled roof, measuring approximately 3,090 sq ft (GIA). This attractive property is superbly presented having been comprehensively refurbished and maintained to a high standard by the current Tenant. The property is not a listed building, but does fall within the Richmond Riverside Conservation Area.

The property comprises in brief:

GROUND FLOOR
- BAR & RESTAURANT: Open plan trade space providing 40-50 covers, with additional seating at the bar servery.
- GENTLEMEN'S TOILETS
- LADIES TOILETS

BASEMENT
- CELLAR and STORES

FIRST FLOOR
- PRIVATE DINING ROOM: With open fireplace and seating for 14.
- TRADE KITCHEN

SECOND FLOOR
MANAGER'S ACCOMMODATION comprising:
- 2 x DOUBLE BEDROOMS
- LIVING ROOM
- BATHROOM
- TOILET
- ANCILLARY STORAGE

EXTERNAL
- SIDE TERRACE: With elevated decking and retractable awning. Seating for 10-20.
- FRONT SEATING

Watermans operates as a an all-day restaurant and bar, focusing on the best of British ingredients with a nod to southern Europe. The business is well-known in the area for its quality offering. It enjoys excellent customer reviews, with a current rating of 4.5 on TripAdvisor and 4.6 on OpenTable.

Trade accounts are the ownership of the Tenant and are not available for assessment. No trade is sold or warranted.

THE BUSINESS IS UNAFFECTED BY THE SALE.

FREEHOLD OFFERS OVER £1,000,000.
The property is sold subject to and with the benefit of the existing tenancy.
A purchase at this level reflects an attractive low capital value per square foot.

The property is let to Water Angel Limited on a three year rolling tenancy agreement, expiring 25 November 2025. Rent currently stands at £57,000 per annum paid weekly in advance, subject to uncapped annual RPI linked increases on 1 April each year. The Tenant is obliged to purchase alcoholic beverages from the Landlord, generating an additional income stream. The tenancy benefits from a security deposit of £7,500, plus a personal guarantor.

The property is to be sold subject to an overage agreement in favour of the Seller, for a term of 80 years. A buyer will be responsible for paying to the Seller the sum of £250,000, index linked, if change of use to residential is obtained.

No direct approach to be made to the business under any circumstances; please direct all communications through Sidney Phillips.

Viewing strictly by appointment only.

A full Premises Licence is held.

All mains services are connected.

Rateable Value: £17,000

Local Authority: London Borough of Richmond-Upon-Thames