FOR SALE Restaurant & Residential Investment

Harpenden is a prosperous commuter town having a population of close to 30,000 and is situated equidistant between St Albans and Luton with both towns being 4 miles (6.43km) away. Major retailers in the town include Waitrose, Sainsburys Marks & Spencer, Boots and WH Smith as well as a wealth of independent retailers and restaurants. Employers in the town include Rothamsted Research, the world’s oldest agricultural research station and many small and medium sized businesses. Harpenden has been judged to be the 10th best retail centre out of the top 1,000 in the country when measured for the strength of the retail offer within the town and its relative prosperity (HDH Vitality Rankings 2022).

The property is situated on the south side of Station Road at its junction with Arden Grove and close to the High Street and Harpenden Railway Station. The property is located in a conservation area.

The property is arranged on ground and two upper floors to provide three restaurant units, let to two tenants, with four self-contained residential maisonettes above let on long leases at nil income.

The three restaurant are let on three separate occupational leases to two long established restaurant operators trading as Bar Azita and Pasta Cibo producing a current income of £77,750 per annum with significant reversions in March 2028. The property benefits from rear service access and car parking to the rear.

Offers in the region of £1,275,000 to show a purchaser a net initial yield of 5.75% rising to 6.81% in march 2028 with a net equivalent yield of 6.29% after deducting purchaser’s costs of acquisition.

For an initial discussion contact Paul Jessop on 01582 346110 or email: paul@jessopco.co.uk