21 - 23 Friar Gate Derby DE1 1BX

21 - 23 Friar Gate
Derby
DE1 1BX

Freehold Restaurant and Residential Investment

  • Predominantly let to Las Iguanas Limited
  • Lease expires June 2034 (no breaks) (14.75 years unexpired)
  • June 2019 rent review outstanding
  • 5 residential student flats above, all let on ASTs
  • Adjacent to Pitcher & Piano and close to other bars and restaurants including Zizzi and Bistrot Pierre
  • Opposite University of Derby Law School
  • Lot
    37
  • Auction
    24th October 2019
  • Rent
    £118,620 per Annum Exclusive
  • Status
    Withdrawn Post
  • Price
     
  • Sector
    Restaurant
  • Auction Venue
    The Montcalm Hotel
    2 Wallenberg Place
    London W1H 7TN
Important Update
  • Expand
  • Photos
  • Map

* More information on the term "guide" can be found here

Freehold Restaurant and Residential Investment

  • Predominantly let to Las Iguanas Limited
  • Lease expires June 2034 (no breaks) (14.75 years unexpired)
  • June 2019 rent review outstanding
  • 5 residential student flats above, all let on ASTs
  • Adjacent to Pitcher & Piano and close to other bars and restaurants including Zizzi and Bistrot Pierre
  • Opposite University of Derby Law School
  • Lot 37
  • Auction 24th October 2019
  • Rent
  • Status Withdrawn Post
  • Price  
  • Sector
    Restaurant
  • Auction Venue
    The Montcalm Hotel
    2 Wallenberg Place
    London W1H 7TN

Property Information

Location
Miles
15 miles east of Nottingham
21 miles north-west of Loughborough
Roads
A38, A50, A52, M1 (J25)
Rail
Derby Midland Station
Air
East Midlands Airport
Situation

The property is located in a prominent corner position, on the northern side of Friar Gate, at its junction with Ford Street and close to Stafford Street. The property is located opposite the Law School of the University of Derby (One Friar Gate Square campus) with several cafés, bars and restaurants nearby, including Pitcher & Piano, Zizzi, Bistrot Pierre, BEAN Caffé, The Orange Tree, Friary Derby, Fat Cat, The Spice Lounge and The Bishop Blaise.

Tenure

Freehold.

Location
Miles
15 miles east of Nottingham
21 miles north-west of Loughborough
Roads
A38, A50, A52, M1 (J25)
Rail
Derby Midland Station
Air
East Midlands Airport
Situation

The property is located in a prominent corner position, on the northern side of Friar Gate, at its junction with Ford Street and close to Stafford Street. The property is located opposite the Law School of the University of Derby (One Friar Gate Square campus) with several cafés, bars and restaurants nearby, including Pitcher & Piano, Zizzi, Bistrot Pierre, BEAN Caffé, The Orange Tree, Friary Derby, Fat Cat, The Spice Lounge and The Bishop Blaise.

Tenure

Freehold.

Description

The property, which is Grade II listed, comprises a triple-fronted restaurant on the ground, mezzanine, part first and second floors with a large beer garden and self-contained residential above arranged as four studio flats and 1 x four bedroom flat on part first and second floors, with a separate entrance.

VAT

VAT is applicable to this lot.

EPC

See legal pack at acuitus.co.uk

Description

The property, which is Grade II listed, comprises a triple-fronted restaurant on the ground, mezzanine, part first and second floors with a large beer garden and self-contained residential above arranged as four studio flats and 1 x four bedroom flat on part first and second floors, with a separate entrance.

VAT

VAT is applicable to this lot.

EPC

See legal pack at acuitus.co.uk

Tenancy & Accommodation

Floor Use Floor Areas (Approx) Tenant Term Rent p.a.x Reviews
Ground
Mezzanine
First Floor
Second Floor
Beer Garden
Restaurant
(with
ancillary bar, offices and plant room)
342.60 sq m
113.80 sq m
122.00 sq m
20.00 sq m
(3,688 sq ft)
(1,224 sq ft)
(1,311 sq ft)
(215 sq ft)
LAS IGUANAS
LIMITED (1)
20 years from
24/06/2014 until
23/06/2034
£75,000 24/06/2019
(outstanding)
24/06/2024
24/06/2029
Studio (upper floors) Studio
-
(-)
INDIVIDUAL 12 months from
01/07/2019 until
30/06/2020
£6,420  
Studio (upper floors) Studio
-
(-)
INDIVIDUAL 12 months from
01/07/2019 until
30/06/2020
£6,060  
Studio (upper floors) Studio
-
(-)
INDIVIDUAL 12 months from
01/07/2019 until
30/06/2020
£5,880  
Studio (upper floors) Studio
-
(-)
INDIVIDUAL 12 months from
01/07/2019 until
30/06/2020
£6,060  
The Cluster (upper
floors)
4 bed flat
-
(-)
INDIVIDUALS 12 months from
01/07/2019 until
30/06/2020
£19,200
(2)
 
Total Commercial Areas  
598.40 sq m
(6,438 sq ft)
    £118,620  

(1) For the year ending 27th May 2018, Las Iguanas Limited reported a turnover of £76,985,000, a pre-tax loss of £2,061,000 and a total net worth of £19,983,000 (Source: Experian Group 07/08/2019). Las Iguanas was founded in 1991 and now has over 50 restaurants across the UK, including five restaurants in London, as well as Bath, Brighton and Edinburgh amongst others (Source: iguanas.co.uk/ restaurants 07/08/2019).
(2) This rent is paid as four payments: £5,200 on 24/06/2019, 24/10/2019 and 24/01/2020 and £3,600 on 24/04/2020.

Property Documents

  • Catalogue Page
    Updated Date
    02.10.19
    File Size
    2 MB
    View PDF
  • Site Plan
    Updated Date
    02.10.19
    File Size
    3 MB
    View PDF
  • Common Auction conditions
    Updated Date
    10.06.21
    File Size
    168 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF

Contacts

Acuitus
David MargolisDavid Margolis +44 (0)20 7034 4862 +44 (0)7930 484 440david.margolis@acuitus.co.uk
Seller's Solicitors
Gateleys PLC Park View House, 58 The Ropewalk
Nottingham
NG1 5DW
Kim Grundstrom 0115 983 8229kim.grundstrom@gateleylegal.com  Adam Youatt 0115 983 8260adam.youatt@gateleylegal.com

Useful Links

Acuitus Finance
Stuart BuchananStuart Buchanan +44 (0)20 7034 4850 +44 (0)7879 432868stuart.buchanan@acuitus.co.uk

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