47 Fossgate, York, YO1 9TF YO1 £1,650,000 (Guide Price)
Restaurant investment property located on one of York's most desirable food and drink destinations
Traded as the ever popular Mumbai Lounge since 2010
Subject to a new 15 year FRI lease at £114,400 pa
Net Internal Area: 292 sq.m (3,149 sq.ft)
Description - The property forms a three storey restaurant premises, dating back to the 19th century. The building benefits from a corner position with large glazed retail frontage onto Fossgate, in addition to a return frontage onto Lady Peckitt's Yard.
Internally, the ground floor provides an open plan restaurant, commercial kitchen and customer toilets. Additional restaurant seating is located to the basement and first floor.
The residential parts to the rear and uppers do not form part of the sale.
Location - Fossgate forms a secondary retailing street within York city centre, located within close proximity to the prime shopping streets of Parliament Street and the historic Shambles.
Over recent years, Fossgate has become an increasing popular food and drink destination for both local and national operators with the likes of Cosy Club, The Hop and Spring Espresso in close proximty. The Merchants Adventurers hall is located a short distance to the south.
Services - We understand that the property benefits from all mains services.
Tenure - Held on a long-leasehold basis on a 125 year lease from 2006 on a peppercorn rent. A service charge is payable with respect of the wider building relating to maintenance and buildings insurance.
The property is subject to an occupational lease dated 30th January 2025 for a term expiring 8th November 2039, at an initial rent of £114,400 per annum, plus a management fee of £500 per annum. The lease is on a full repairing and insuring basis and is subject to 5 yearly rent reviews (upwards only).
Rating Assessment - Rateable Value: £41,750
Energy Performance Certificate - The property has an energy performance asset rating of C 75. A full copy of the certificate is available upon request.
Viewings - Viewings strictly by appointment with the sole selling agent - Stephenson Estate Agents (Commercial & Development) 01904 625 533
Value Added Tax - All figures quoted are exclusive of VAT. Where VAT is applicable, it will be charged at the prevailing rate.
Property Overview
47 Fossgate, York, YO1 9TF YO1 £1,650,000 (Guide Price)
