Kitchen La Frenais Morgan acted for Olim Property Limited for the purchase of the above long leasehold property. The property is let to a variety of tenants including Greens Health and Fitness Limited, Busy Bees Day Nursery Limited and The Restaurant Group (UK) Limited (trading as Frankie & Benny’s) with all the leases having unexpired terms of 14 years.
The total accumulated income amounts to £591,256. The market value of the Long Leasehold interest for a term of 199 years from 19th April 2002 at peppercorn rent was £6,775,000 after applying a net initial yield of 8.25%.
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