30 ALMEIDA STREET • ISLINGTON
LONDON • N1 1AD
RADICI
“Freehold restaurant investment for sale, currently operated by
Orrery Restaurant Limited (part of D&D London)”
Licensed Leisure
www.savills.co.uk/licensedleisure
INVESTMENT SUMMARY
+ Freehold restaurant investment
+ Let to Orrery Restaurant Limited
(part of D&D London)
+ Lease expiring 3 July 2026
+ Passing rent £155,200 per annum
+ Five yearly open market reviews
with the next review in July 2021
+ Potential for future rental growth
given the new lettings that will
take place in the adjacent Islington
Square development
+ Business unaffected by sale
+ Restaurant arranged over ground,
lower ground and basement levels
+ Offers in excess of £3,645,000
(4.00% NIY) are invited for
the benefit of our clients
freehold interest
RADICI
30 ALMEIDA STREET, ISLINGTON, LONDON N1 1AD
Radici
Restaurant
O2 Academy
Barnard
Park
The Screen
On The Green
Islington Square
Highbury &
Islington
Angel
Essex Road
Canonbury
Pentonville
Islington
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RADICI
30 ALMEIDA STREET, ISLINGTON, LONDON N1 1AD
LOCATION
Located in the heart of Islington in north London, in
one of the capitals most affluent districts. The district
is famous for its broad variety of attractions from the
Chapel and Exmouth Markets to the Almeida and Kings
Head Theatres and vibrant bars and nightlife from
operators including the O2 Academy and Dirty Martini.
Radici occupies a prominent position fronting Almeida
Street just off Upper Street in a mixed use residential
and commercial area. The property is directly opposite
the 325 seat Almeida Theatre and a short distance
from occupiers including Paul, Be at One, Kings Head
Theatre (Young’s), Nando’s, Jigsaw, Neal’s Yard and
The Screen on the Green cinema. Public transport
communications are available from Highbury &
Islington (Victoria Line and Overground) to the north
and Angle (Northern Line) to the south.
Diagonally opposite Radici is the new Islington Square
development of the former Royal Mail sorting centre
by Sager Group (http://www.islingtonsquare.com/).
The £400 million development will produce 170,000
sq ft of quality retail and leisure space, public realm
and office space, 263 new homes and 108 serviced
apartments.
DESCRIPTION
The property comprises a mid-terrace building dating
from the mid-20th Century. The restaurant comprises
the ground, lower ground and basement of a two
storey property of brick elevations, beneath a slate
tiled roof and single glazed fenestration. At first floor
level the property has previously been converted to
9 residential apartments which have all been sold off
on long leases.
ACCOMMODATION
GROUND FLOOR
The ground floor comprises an open plan customer
trading area with modern bar servery to the right hand
side, seating on a variety of loose tables chairs and
fixed bench seating for 114 covers and a private dining
room with a further 10 covers to the rear. The ancillary
areas to the rear comprise ladies, gentlemen’s
and disabled toilets, managers office and a large
trade kitchen.
LOWER GROUND
A staircase to the side of the bar servery provides
access to a separate dining area at lower ground
level with seating on loose tables and chairs for
12 customers.
BASEMENT
The basement comprises storage, plant room, staff
changing rooms and a toilet.
EXTERNAL
Seating on wooden benches to the front elevation for
18 customers.
The property has the following approximate gross
internal areas:
Level Description Sq M Sq Ft
Ground
Trading/
Ancillary
424.3 4567
Lower Ground Trading 21.1 227
Basement Ancillary 28.1 302
External Trading 15.2 164
Total 488.7 5260
EPC
An EPC is in the course of preparation.
PLANNING
Our initial enquiries of the local authority have
revealed that the property is not listed but does fall
within the Upper North Street Conservation Area.
TENURE AND TENANCY
The property is held freehold.
The ground, lower ground and basement is let on a
25 year lease to Orrery Restaurant Limited (Company
Number 03291418) expiring 3 July 2026 at a current
rent of £155,200 per annum, subject to five yearly
upwards only rent reviews, with the next review on 4
July 2021. This element is responsible for 50.3% of the
service charge.
The residential accommodation at first floor has
previously been sold off on a 126 year lease from
31 May 2000 at a peppercorn rent. The head lease is
subject to nine subleases, each for a term of 125 years
from 24 June 2000. This element is responsible for
49.7% of the service charge.
RADICI
30 ALMEIDA STREET, ISLINGTON, LONDON N1 1AD
NOTE - Published for the purposes of identification only and although believed to be correct its
accuracy is not guaranteed. Reproduced from the Ordnance Survey Map with the permission
of the Controller of H.M. Stationery Office © Crown copyright licence number 100022432
Savills (L&P) Limited.
THE MARKET
London continues to be recognised as one of the worlds safe havens for property investors.
Its status as a leading global financial centre and as one of the most visited cities by tourists
continues to drive investor and occupier demand.
The most recent research released by the Office for National Statistics indicated that the number
of international visits to London increased by 20% between 2010 and 2015 to 18.6 million with
separate research by Oxford Economics predicting that the capital will welcome 35.6 million
visitors by 2020. Visitor spend in London has also increased significantly with £15 billion spent on
hotels, restaurants and attractions, an increase of 35% when compared with 2010.
Investor demand for London assets remains incredibly strong particularly for buildings which are
let to strong covenants on long leases. Occupier demand for premises in prime London locations
continues to push rental growth in the capital. The strength of demand has led to investment yields
sharpening in recent years as can be seen from the schedule of comparable transactions below.
COMPARABLE INVESTMENT TRANSACTIONS
Property Tenant Price Yield (NIY) Date
Cote, W5
Cote Restaurants
Limited
£2,950,000 4.00% July 2017
Pizza Express, W1
Pizza Express
(Restaurants) Limited
£4,700,000 3.50% April 2017
Nando’s, SW4
Nando’s Chickenland
Limited
£2,500,000 3.30% January 2017
Pizza Express, SW7
Pizza Express
(Restaurants) Limited
£5,200,000 3.66% December 2016
Wagamama, SW19 Wagamama Limited £2,950,000 3.34% May 2016
RADICI
30 ALMEIDA STREET, ISLINGTON, LONDON N1 1AD
THE OCCUPATIONAL MARKET
Islington has long been established as the centre of North London’s eating and drinking out
district with the main circuit extending the length of Upper Street from Angel in the south to
Highbury Corner in the north. Its mix of established and emerging operators means the area
appeals to the broadest customer base.
The reputation of Islington as a hub for eating and drink out will be further enhanced through
the completion of the £400 million Islington Square development which is situated within close
proximity to Radici and will provide 170,000 sq ft of additional retail and leisure space.
The strength of operator demand has seen rental growth in the Islington area in recent years.
A schedule of comparable rental transactions is set out below. The current rent of £155,200 per
annum reflects an ITGS rate of £40.95.
COMPARABLE RENTAL EVIDENCE
Property Address Date Rent Sq ft ITGS Rate* Configuration
Available
269-270 Upper
Street, N1
Available £135,000** 3,528
£56.30
Ground floor
and basement
Bill's
9 White Lion
Street, N1
November
2016
£110,000 2,743 £48.00 Ground floor only
Cote
4-6 Islington Green,
N1
October
2016
£127,600 3,480 £59.00
Ground floor and
basement
Bellanger
7-9 Islington Green,
N1
April
2016
£291,000*** 8,033 £51.21 Ground floor only
Wenlock &
Essex
18-26 Essex Road,
N1
April
2015
£218,000 7,147 £48.00
Ground floor and
basement
Brewdog
29-31 Essex Road,
N1
December
2014
£71,500 1,830 £46.00 Ground floor only
* assumes ground floor ancillary is valued at 50% and basement is valued at 25% of the rate applied to the ground floor
** quoting rent
*** stepped rent averaged over the five year review period
RADICI
30 ALMEIDA STREET, ISLINGTON, LONDON N1 1AD
COVENANT
Orrery Restaurant Limited is part of D&D London which is a group of luxury restaurants, bars and
hotels based predominantly in London but with venues in Paris, New York and Tokyo. The group
was founded by Des Gunewardena and David Loewi in 2006 and currently operates 35 restaurants
and bars as well as the South Place Hotel.
The company operates some of the capital’s most prestigious restaurants including Quaglino’s in
St James’, Le Pont de la Tour at Tower Bridge, Bluebird in Chelsea and Coq d’Argent in the City.
Earlier this year the tenant completed a comprehensive refurbishment of the premises which
were renamed as Radici (formerly Almeida) which is a Southern Italian trattoria with Chef Patron
Francesco Mazzei (Sartoria, W1) and Head Chef Antonio Mazzone in the kitchen.
Orrery Restaurant Limited currently operates the Radici and Orrery, 55 Marylebone High Street
and has published the following financial information:
Year End 31/03/2016 31/03/2015
Turnover £3,470,000 £3,393,000
EBITDAM* £171,000 £162,000
*earnings before interest, taxation, depreciation, amortisation and management charges.
RADICI
30 ALMEIDA STREET, ISLINGTON, LONDON N1 1AD
Published for the purposes of identification only and although believed to be correct its accuracy is not guaranteed. Reproduced from the Ordnance Survey Map with the permission of the Controller of H.M.
Stationery Office © Crown copyright licence number 100024244 Savills (L&P) Limited.
Savills, their clients and any joint agents give notice that:
1. They are not authorised to make or give any representations or warranties in relation to the property either here or elsewhere, either on their own behalf or on behalf of their client or otherwise. They assume
no responsibility for any statement that may be made in these particulars. These particulars do not form part of any offer or contract and must not be relied upon as statements or representations of fact.
2. Any areas, measurements or distances are approximate. The text, photographs and plans are for guidance only and are not necessarily comprehensive. It should not be assumed that the property has all
necessary planning, building regulation or other consents and Savills have not tested any services, equipment or facilities. Purchasers must satisfy themselves by inspection or otherwise.
November 2017
VIEWING AND CONTACTS
All viewings must be made by prior appointment and
under no circumstances should any direct approach be
made to any of the occupational tenants staff.
For further information and all viewing requests please
contact the sole selling agents Savills.
Paul Breen
+44 (0) 207 877 4555
pbreen@savills.com
Stuart Stares
+44 (0) 207 299 3088
sstares@savills.com
VAT
It is envisaged that the property will be sold as a TOGC
so the transaction should therefore be exempt from
VAT.
TERMS
We are instructed to invite offers in excess of
£3,645,000 (4.00% NIY) assuming purchasers costs of
6.51%.
The business will continue to trade unaffected from
the premises during the marketing of the property and
post completion of the sale.
