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
    24/Oct/2019
  • Rent
    £118,620 per Annum Exclusive
  • Status
    Available
  • Price*
    Contact Us
  • Sector
    Restaurant
  • Auction Venue
    The Montcalm Hotel
    2 Wallenberg Place
    London W1H 7TN
Important Auction & Property Update
  • 21 - 23 Friar Gate<br>Derby<br>DE1 1BX
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* More information on the term "price" can be found here

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.

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

FloorUseFloor Areas (Approx)TenantTermRent p.a.xReviews
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
£75,00024/06/2019
(outstanding)
24/06/2024
24/06/2029
Studio (upper floors)Studio
-
(-)
INDIVIDUAL12 months from
01/07/2019 until
30/06/2020
£6,420 
Studio (upper floors)Studio
-
(-)
INDIVIDUAL12 months from
01/07/2019 until
30/06/2020
£6,060 
Studio (upper floors)Studio
-
(-)
INDIVIDUAL12 months from
01/07/2019 until
30/06/2020
£5,880 
Studio (upper floors)Studio
-
(-)
INDIVIDUAL12 months from
01/07/2019 until
30/06/2020
£6,060 
The Cluster (upper
floors)
4 bed flat
-
(-)
INDIVIDUALS12 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

  • Solicitors Legal Pack
    Updated Date
    22.10.19
    File Size
    32 MB
    Login to View
  • 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
    19.09.19
    File Size
    150 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF
  • Money Laundering Regs
    Updated Date
    19.09.19
    File Size
    36 KB
    View PDF

Contacts

Acuitus
David MargolisDavid Margolis +44 (0)20 7034 4862 +44 (0)7930 484 440david.margolis@acuitus.co.uk
George GoucherGeorge Goucher +44 (0)20 7034 4860george.goucher@acuitus.co.uk
Seller's Solicitors
Gateley 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

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