The property comprises a lower ground and ground floor restaurant situated within a terraced building arranged over lower ground, ground and five upper floors. Leasehold. The property is held on a 97 year lease from 24th June 1976 (thus approximately 47 years unexpired). The property is situated in the highly sought after area of Paddington close to local shops and amenities. The open spaces of Hyde Park are within easy reach. Transport links are provided by Paddington underground (Bakerloo, Circle and Elizabeth lines) and rail stations. Lower Ground and Ground Floor Restaurant Area The property is subject to an FRI lease for a term of 20 years commencing January 2025 at a rent of £55,000 per annum (rising to £60,000 in January 2026). When purchasing a flat that has a short lease, it is important to understand that in addition to the purchase price, if you wish to extend the lease to 90+ years, you will need to pay a premium to the freeholder. This is done by way of serving a Section 42 notice to the freeholder requesting a lease extension with a suggested price for the extension. The freeholder has the right to refuse the offer and submit a counter notice with their suggested price. If you do not fully understand this process, please ask the auctioneers or a solicitor. Interested parties are requested to make their own enquiries to the relevant authorities as to the availability of services. We draw your attention to the Special Conditions of Sale within the Legal Pack, referring to other charges in addition to the purchase price which may become payable. Such costs may include Search Fees, reimbursement of Sellers costs and Legal Fees, and Transfer Fees amongst others.