£1,950,000
(£542.72/sq. ft)
Leisure/hospitality for sale68 - 72 Leonard Street, London EC2A
3,593 sq. ft
EPC Rating: C
About this property
Prime Shoreditch location
Ground floor: Modern restaurant trading as Zapote
3,593 sq ft
Rental Income from Ground Floor - £145,000 per annum
Net Initial Yield - 7.00% (Assuming 6.80% purchasers costs)
Ground Rent Income - £900 per annum
First Floor Office sold on Long Leasehold
Live/work units on Second - Fourth floors sold on Long Leaseholds
Attractive mixed use 1960 concrete frame building which underwent a complete refurbishment in 2002 when an additional floor was added.
The ground floor has been fitted out to form a state of the art modern restaurant whilst the upper floors have been converted to a mixture of offices and 6 residential apartments which have been sold off on 125 year leases.
The restaurant which comprises 3,593 sqft was let on a new 15 year lease from 2022 to Zapote at an annual rent of £145,000 expiring in 2037 which breaks back to a rent of £40 psf.
Zapote is a contemporary restaurant and bar where globally renowned chef Yahir Gonzalez serves vibrant, authentic Mexican food. His tortillas are made in-house using traditional methods and heritage corn and he has built a strong following, attracting diners from across the capital. Additionally the bar serves expertly made cocktails focusing on tequila and mezcal which has helped to establish Zapote as one of the areas premier establishments.
Location
Leonard Street is located within the City fringe running in an east/west direction between its junction with City Road to the west and Great Eastern Street, and is bisected midway along its length by Paul Street. The property is situated on the south side of Leonard Street directly in front of St Michael’s Church.
Nearby occupiers include the Hart Hotel Shoreditch, The Book Club, Mondrian Hotel, Pachamama, Eggslut, Ozone Coffee, Passione Vino and The Hoxton.
Viewings
By appointment with Stirling Ackroyd
Tenancies
Ground floor
Lease to Zapote
Lease start October 2017
Lease expiry October 2037
Rent £145,000 per annum
1st - 4th
1 x Office sold off on Long leashold
6 x live/work units sold off on Long leasehold
Rent £900 per annum
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