Mixed Use
- Ground Floor - Comprises an open plan restaurant trading area with a raised seating area. To the rear is a large pizza oven and open plan prep-kitchen together with a glass wash area. The rear of the ground floor also benefits for a skylight.
- First Floor - Comprises cold stores and additional food prep-area, male and female customer wc’s and an office.
- Second Floor - Two-bedroom flat. The flat comprises two bedrooms, lounge, kitchen, bathroom with wc and a further shower room with wc.
- Ground floor & first floor restaurant : 15 year lease from 20th March 2013 expiring March 2028 at a passing rent of £45,000 pa. The rent was recently reduced from £75,000 pa due to Covid related restrictions on trading. The rent is to be reviewed March 2023.
- Second floor two-bedroom flat let on an AST at a rent of £1,500 pcm (£18,000 pa)
The total current rent reserved is £63,000 per annum.
The commercial tenant is ‘Cristo Valeto Limited’ (Company number. 09331568), incorporated on 27th November 2014. A parent company guarantee is provided from ‘Scuderia Vesuvio Limited’ (Company number. 07037909), their latest accounts lodged with Companies House for the year ending 31st October 2020 show tangible assets of £466,258 plus current assets of £1,014,983, this includes cash of £877,088. The average number of staff from October 2019 – 2020 was 50.<br>The business trades as ‘Santa Maria Pizzeria’ (www.santamariapizzeria.com) and currently trade from five sites across<br>London in the following locations:-<br>- 11 Bond Street, Ealing, W5 5AP<br>- 94 Waterford Road, Chelsea, SW6 2HA<br>- 160 New Cavendish Street, Fitzrovia, W1W 6YR<br>- Duke of London, Catherine Wheel Road, Brentford, TW8 8AT<br>- 189 Upper Street, Islington, N1 1RQ<br>Their Upper Street branch being the tenant’s most recent acquisition.
The property is located on the vibrant Upper Street in the London Borough of Islington, benefiting from an extensive range of entertainment, leisure, shopping and hospitality amenities such as the Hilton Hotel, Nuffield Health and Fitness Gym and Islington Square Shopping Centre. Multiple supermarkets are also located in close proximity including Marks and Spencer, Waitrose and Sainsburys. <br>Transport connections are convenient with links including Essex Road Station, Angel Station and Highbury and Islington Overground Station all located within walking distance and providing direct lines to central London (2 miles away)
The buyers fee is on this lot is £2,400 including VAT
Freehold. Subject to tenancy.
Auction Method
The auction for this property will take place as an "Auction Event" behind closed doors with a live auctioneer and will be streamed online in real-time. The property will be sold alongside several other lots. Bids must be placed remotely - please see the below section on "Registration Process". The auction can be watched in real-time on the auction date through SDL Property Auctions' website on their home page.
The auction date applicable for the property is displayed underneath the property description. It is not possible to provide a precise timeslot when this property will be auctioned on the day, because there are other lots being sold.
You are required to undertake identity checks before you can be authorised to bid. You must also provide your payment details. If you do not provide this information, your registration will not be processed.
When you place your bid, you are deemed to have agreed to SDL Property Auctions' Buyers Terms (Knight Frank) which are available on SDL Property Auctions' website.
Auction type - Unconditional
If you are the highest bidder, you must exchange legally binding contracts for the sale when the auction for the property comes to an end. You must then pay the applicable fees and deposit. You must complete the sale within 15 business days unless the Special Conditions of Sale contained within the legal pack state otherwise.
Auction Fees
The following standard non-refundable fees apply:
Buyer's Fee- payable on exchange of contracts. The value of this fee will be listed against the lot details, inclusive of VAT. This fee does not contribute towards the purchase price of the property.
There may be additional fees listed in the Special Conditions of Sale, which will be available to view within the legal pack. You must read the Special Conditions carefully before bidding. Any additional fees are included at the seller's discretion, not on the instruction of SDL Property Auctions, and will be in addition to any fees payable. SDL Property Auctions has limited control over the content of the Special Conditions of Sale.
Deposit
On exchange of contracts, you must pay a non-refundable deposit equal to 10% of the actual purchase price of the property, subject to a minimum of £5,000. The deposit contributes towards the purchase price.
Payment Method
Applicable fees must be paid immediately after a winning bid has been placed. Payment by cash or cheque will not be accepted. Prior to the auction, you will receive an email from the auctioneer to register your card details with third-party provider, Stripe. Your card details will be stored on their secure online payment platform. Payment will only be taken from you in the event of a winning bid. In this case, you will be contacted by a representative of the auctioneer to make payment. If you cannot be contacted within 24 hours after the auction ends, the auctioneer reserves the right to charge your card.
Legal Pack
Before bidding, you must view the legal pack for the property. This is the collection of legal documents that apply to the sale. The documents will include but are not limited to: Special Conditions of Sale, title documents from the Land Registry and Energy Performance Certificate.
The legal pack can be viewed on SDL Property Auctions' website by searching for the property. On the property details page there is a sub-heading "Legal Packs". Follow this link, and you will then be directed to create an account with Auction Passport to view the documents.
The legal pack can change at any time up until the auction starts so you must check for the most recent version of the legal pack. An addendum may be issued outlining any late changes. At the point of placing your bid, you are deemed to have read the legal pack in its entirety, including any changes. Failure to check for changes to the legal pack will not be a valid reason for withdrawing from the sale.
It is strongly recommended that you instruct a qualified professional to review the legal pack and raise any necessary enquiries before bidding.
Special Conditions of Sale
The property is sold subject to any Special Conditions of Sale. These are contractual conditions that are included by the seller of the property - they are not part of SDL Property Auctions' terms and conditions. The Special Conditions of Sale are legally binding. You are taken to have read and accepted these at the point of bidding, even if you have not done so. The Special Conditions of Sale are available to read in the legal pack.
Registration Process
To register to bid on the property, visit the SDL Property Auctions' website and submit your remote bid. The lot number can be found against the Lot Details of the property. Prospective buyers must register no later than 12pm the day before the auction date. If you register after the cut off, it cannot be guaranteed that your registration will be processed.
.jpg){kind=logo}
