This property is no longer on the market
Restaurant
Property description & features
LOCATION
Pizza Pan is located at Unit 5 Rubys Avenue, Fernwood, Newark NG24 3RQ. This is a small retail development with a selection of local businesses set within the modern village of Fernwood.
More major amenities and facilities can be found in the Market Town of Newark to the north-west, to include National Retail Outlets, Supermarkets, various Schools, Sports & Leisure Clubs. The area is well-served by the A46, A17 and A1 main roads.
DESCRIPTION
Lease Assignment and Business For Sale - Superb opportunity to purchase a Takeaway Business located within Fernwood Village, which offers a good range of local facilities. The business is currently trading five days a week making a healthy profit and therefore, there is the potential to increase profit by opening seven days a week. The business is available to purchase to include goodwill, fixtures and fittings by way of assignment of the existing 10 year Lease which commenced in June 2021. The fittings were installed by the owner at commencement of the Lease. Fernwood is located approximately three miles south-east of the Market Town of Newark and is easily accessible off the A1 North/South main road. .
ACCOMMODATION
The retail unit has glazed frontage, with a pair of glazed entrance doors leading to the counter/serving area - 6.98m x 6.49m (45.3 sq.ft/487 sq.ft).
An archway provides access through to the 'L' shaped store room - 6.48m x 4.23m plus 2.37m x 4.22m (37.4 sq.m/402 sq.ft) which includes a chiller unit.
There is a disabled toilet facility accessed from the storage area.
The premises benefit from a fully fitted functioning kitchen area to include grill, fryers, extraction equipment, fridge and freezer storage space and a serving counter to the front of the unit. The unit was fully fitted out by the Vendor in 2021. A full inventory of items to be included can be provided upon request.
SERVICES
Mains electricity, water, drainage and gas are connected to the property and the property benefits from a fire alarm system.
The walls have been finished with hygiene sheeting and there are suspended ceilings throughout.
EPC Rating - B (45) Valid until 17/01/2032.
TERMS
The business is available by way of assignment of the existing ten year lease, which commenced on 10th June 2021. The current rent passing is £11,000 per annum (plus VAT) and there is a current Service Charge payable for the upkeep of the communal areas to the development, which the client advises is circa. £1,600 to £1,700 per annum (plus VAT).
OUTGOINGS
Rateable Value - £9,400
Small Business Multiplier (2022/2023) 49.9p in the £.
The property may qualify for small business rates relief.
It may be possible to obtain Small Business Rates Relief, depending on individual circumstances.
VAT
VAT is payable on the rent and service charge at the prevailing rate.
LEGAL COSTS
The ingoing Tenant/Purchaser will be responsible for all legal fees incurred in the transaction.
SERVICE CHARGE
Circa. £1,600 to £1,700 per annum (plus VAT).
PARKING NOTES
Customer parking within the development.
VIEWING
By prior appointment through Mundys.
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