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    Key features

    • Rare opportunity to acquire a prime long leasehold restaurant investment in the heart of Marylebone, W1
    • Let on a 20 year lease from September 2022 (an approx. 17.5 years unexpired)
    • Let on a FR&I lease with 5 yearly Upwards only rent reviews.
    • Situated in a prime position on Paddington Street just off Marylebone High Street
    • Extensively refurbished to a high-end specification
    • The property consists of an approx. net internal area of 5,577 sq. ft (524 sq. m)
    • Investment let at £275,000 p.a. (6.54% GIY on guide)

    Description

    The property comprises an attractive double-fronted mid-terraced building constructed in traditional solid brick of Victorian age. The restaurant premises, overground and basement has been extensively re-fitted providing 85 covers of table seating and a bar area, together with a further 20 outdoor covers to the front. The kitchen and toilets are situated at the basement level.

    The property is situated on the north side of Paddington Street and is in a prominent position close to the junction with Marylebone High Street. Within the immediate vicinity are numerous shops, restaurants, and cafés with both Moxon Street and Chiltern Street within walking distance.

    Situated in the Heart of London’s West End, Marylebone Village is one of London’s most affluent places to live, work, shop and eat. It is a thriving and vibrant area which extends north to Regent’s Park, east to Fitzrovia, south to Mayfair and west to Paddington.

    Additional information

    Tenure

    Long Leasehold 999 year from 1 August 1997 

    Accommodation

    The property provides a net internal area of 5,577 sq ft (524 sq m) and benefits from a frontage of 61.4ft (18.7 m) to Paddington Street. In addition, the property benefits from south facing pavement seating to the front.


    Ground floor - 2,107 sq ft (201.6 sqm)

    Basement Ancillary/Kitchen - 3,088 sq ft (286.9 sqm)

    Basement Vaults - 382 sq ft (35.5 sqm)

    Total - 5,577 sq ft (524 sq m)

    Tenancy

    7-9 Paddington Street

    • Let to Great Restaurant Project Limited (t/a Lita Bistro)
    • 20 year lease from 1st September 2022 (17.5 years remaining)
    • Full FR&I lease
    • 5 yearly rent reviews (next review 29th September 2027)
    • Investment let at £275,000 p.a.

    Rent

    £275,000 p.a.

    Notes

    Please note the areas provided are approximate. The photos and any drawings are for illustrative purposes only and may not reflect the exact boundary of the property. The property has not been internally inspected by Savills. Prospective purchasers must rely upon their own enquiries in this regard. Please refer to the legal pack.

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      All viewings at this property have now taken place prior to the auction. For further information on the property please download the legal pack or email the property contact.

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      No set viewings will be available on this property prior to auction due to the tenants in situ. Please refer to the legal pack for further information.

      No set viewings will be available on this property prior to auction due to safety concerns within the property. Please refer to the legal pack for further information.

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      Local information

      The surrounding area has been subject to significant developments in recent years with improvements to St Christopher’s Place and Marylebone High Street as part of Howard de Walden’s creative vision for the Village. Marylebone benefits from easy access to the mainline train stations of Marylebone and Paddington whilst several London Underground stations in the immediate vicinity including Baker Street, Marylebone and Bond Street.

      Legal documents

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      EPC rating

      If no EPC rating appears please refer to the legal pack.

      Guide prices and common auction conditions

      •Guide prices given are indications within 10% upwards or downwards of where the reserve price may be set at the time of going to print. Please note they are not an indication of the anticipated sale price or a valuation.

      •The reserve price is the minimum price at which the property can be sold.

      •Both the guide price and reserve price may be subject to change up to and including the day of the auction.

      •For unsold properties after an auction an Available price may be listed. This is the price that the seller(s) are looking for post auction, subject to contract and no higher offers, and has no relation to the guide prices listed prior to the auction sale.

      Please note that all prices listed, whether prior to or post auction, are subject to contract.

      The Auctioneers and sellers accept no responsibility for any loss, cost or damage that a buyer may incur as a result of relying on any guide price. It is the buyer's responsibility to decide how much they should bid for any lot. Please check with us for regular updates as guide prices are subject to change prior to the auction.

      The guide price does not include the buyer's fee charged by the auctioneer or VAT which may apply to the sale or other amounts the seller may charge. The seller's Special Conditions of Sale will state whether there are other seller's charges and whether the seller has elected to charge VAT on the sale price.

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