One of the most worrying things about being a landlord is not having tenants for a long time. This kind of situation will cause you to lose a significant amount of income. It is not a scenario you want to be in if this is your primary source of money or if it covers your bills for the property. With the leading services for guaranteed rent London has though, you won’t have to worry. Here you get paid even if no one is home because you will work with the council.
There is a popular restaurant and food shop in Walthamstow that has been put up for sale by the owners. They are asking for a sum of £2.4m for Eat 17 on Orford Road within Walthamstow Village. It was initially set up in 2006 and has been an area staple ever since. The venture was so successful there are now ones in Hackney, Bishops Stortford, and Hammersmith too.
The business has attracted notoriety and success. The Walthamstow establishment got the best store award in 2020 from the Retail Industry Awards. Additionally, they got Grocer magazine’s best store in the UK award.
Raising money for the stores
Despite all this, the owners have made a hard decision to let go of their ownership. They are doing it in an attempt to raise money for the other stores. According to the listing, Eat 17 is going to invest circa £500,000 from the sale’s proceeds. The plan is to use the money to maximise the use of the garden, enhance the layout, and install new equipment. This is among other things they plan to do.
The property is up for sale on City and Counties. Their speciality is the acquiring and disposing of development, investment, and commercial property in London and the South East.
As for the potential new owner, they would be taking on the locale’s freehold. At the same time, they would be leasing the cafe and shop back to the owners for roughly £140,000 annually. This lease is going to be over the ground floor only, and a small first-floor office and garden area. If you wish to use the finest services for guaranteed rent London has, contact us today.
The listing
According to the listing, the property also possesses two adjoining period structures. They form a bigger terrace. With the upper floors, they include five self-contained flats. Each one has been sold off on separate 125-year leases from 25/09/2013. The ground rent from every flat is £100 per annum, which will increase to £200 per annum after 33 years. It will then rise again after the 66th year to £400 per annum. Residential tenants hold collective responsibility for 45.8% of the entire cost of the maintenance and repair of the whole structure.
The store is extremely popular with the local community. It has gone from strength to strength over the years. The sales listing states that for the tax year on April 30, 2021, the business had a great turnover of £9.2m. They also had a pre-tax profit of £1.13m. As a result, the purchase was labelled as ‘very low risk’. It could be a great investment opportunity.
You can find the building in the heart of Walthamstow Village. It is only a short walk from the station, with you having access to the Victoria Line for services into Central London. It is the same for the overground, which travels directly into Liverpool Street. Not to mention, there are various local amenities here.
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