Restaurant/cafe for sale in John Street, Sunderland SR1

Summary

*For sale via secure sale online bidding: Terms and conditions apply.*

We are pleased to offer to auction this excellent city centre investment opportunity, prominently located along the corners of John Street and Athenaeum Street. The property forms part of a larger building constructed circa 1950/1960 and is arranged over ground floor and basement only with allocated car parking to the rear. The upper floors are held under separate title and do not form part of the demised property having being sold off in recent years.

Please note that we have not inspected this property.

Location

John Street forms part of Sunniside which is the main professional area within Sunderland City Centre. The property is prominently located on the corner of John Street and Athenaeum Street immediately opposite TSB, Your Move and Ben Hoare Bell Solicitors.

Accommodation: No.18 - Coffee @ The Bothy

Ground floor
Caf and premises - 100.70sqm (1,084sqft)

Basement

External

Accommodation: No.18A - Vacant Restaurant

Ground floor
Restaurant - 125.88sqm (1,355sqft)

Basement

External

Lease Details

18 John Street is let for a term of 5 years from Dec 2020 trading as Coffee @ the Bothy held on Fri terms subject to a schedule of condition. The rent is stepped at 10,000 in year 1,11,000 year 2 and 12,000 in years 3 to 5. The current passing annual rental is 11,000 increasing to 12,000 in December 2023. The lease expires in December 2025.

18a John Street (restaurant) has been let on a 10 years term at 15,500 per annum, commencing on the 22nd of April 2024.

Tenure

Long leasehold of 999 years from 4 February 2003. Title number TY396893.

Rateable Value

The adopted rateable values are as follows as of 1st April 2023:
18 John Street: 9,800
18a John Street: 9,400
Sourced from voa.

EPC

Both available upon request (ratings D and C).

Additional Information

For further information please contact our office direct on , or alternatively via e-mail on . With regards to viewing the subject property, this is to be done strictly by appointment through Keith Pattinson Commercial department. Please contact us to arrange an internal inspection, or to register your interest.

Auctioneers Additional Comments

Pattinson Auction are working in Partnership with the marketing agent on this online auction sale and are referred to below as 'The Auctioneer'.

Please be aware that any inquiry, bid or viewing of the subject property will require your details to be shared between both the marketing agent and The Auctioneer in order that all matters can be dealt with effectively.

This auction lot is being sold either by, conditional (Modern) or unconditional (Traditional) auction terms and overseen by the auctioneer in partnership with the marketing agent.

The property is available to be viewed strictly by appointment only via the Marketing Agent or The Auctioneer. Bids can be made via The Auctioneers or the Marketing Agents website.

Auctioneers Additional Comments

Your details may be shared with additional service providers via the marketing agent and/or The Auctioneer.

A Legal Pack associated with this particular property is available to view upon request and contains details relevant to the legal documentation enabling all interested parties to make an informed decision prior to bidding. The Legal Pack will also outline the buyers' obligations and sellers' commitments. It is strongly advised that you seek the counsel of a solicitor prior to proceeding with any property and/or Land Title purchase.

In order to submit a bid upon any property being marketed by The Auctioneer, all bidders/buyers will be required to adhere to a verification and identity process in accordance with Anti Money Laundering procedures.

Auctioneers Additional Comments

In order to secure the property and ensure commitment from the seller, upon exchange of contracts the successful bidder will be expected to pay a non-refundable deposit of 5% of the purchase price of the lot subject to any special conditions detailed in the legal pack. The deposit will be a contribution to the purchase price. A non-refundable reservation fee may also be payable upon agreement of sale (Details of which can be obtained from the auctioneers website). The Reservation Fee is in addition to the agreed purchase price and consideration should be made by the purchaser in relation to any Stamp Duty Land Tax liability associated with overall purchase costs.

Both the Marketing Agent and The Auctioneer may believe it necessary or beneficial to the customer to pass your details to third party service suppliers, from which a referral fee may be obtained. There is no requirement or indeed obligation to use these recommended suppliers or services.