Restaurant for sale
Property description & features
- Tenure: Freehold
- Freehold Sale
- 3 Storey Semi-Detached Commercial Unit
- Let On A Long Lease At £26,000 On I.R. Terms
- Ground Floor Occupied As Bustling Indian Restaurant
- Fantastic Location In Market Town Of Louth
- 10.6% Investment Yield
- An Ideal Opportunity
Eastgate is located on the outskirts of the popular town of Louth and surrounded predominantly by a mix of commercial uses with residential nearby and a car park adjacent.
The property is being sold subject to a 10 year lease from 21st December 2018 at a passing rent of £26,000 per annum with the tenant responsible for internal repair of the demised property. This, therefore, is a ready made investment opportunity. The business is therefore not for sale- it is the Freehold interest in the building and the restaurant would continue under the current ownership.
The accommodation comprising of approximately 110msq for the ground floor restaurant with ancillary kitchen and outbuilding suitable for storage. There are residential uppers above.
This should appeal to investment buyers as it represents a very attractive 10.6% yield. Lease information and occupier details are available upon request of a serious purchaser.
Rooms
Ground Floor
Restaurant
Extending to approximately 108.1msq. This is a very smart restaurant providing approximately 60 covers The main restaurant area has ancillary bar/reception and is fully licenced. There are also ancillary toilet facilities and a fully operational kitchen.
Residential Uppers
There are a mix of residential accommodation to the first and second floor.
NOTE
This property is let on a 10 year lease from 21st December 2018 with a passing rent of £26,000 per annum. We understand the tenant is responsible for internal repair of the demised premises. Use is restricted to that of restaurant. snack bar or cafe under class A3 of the Town and Country planning (order 1987). The lease is available for perusal upon the request of a genuinely interested purchaser.
Council Tax Band A (Each Flat
This information was obtained on the 15th January 2024 and is for guidance purposes only. Purchasers should be aware that the banding of the property could change if information is brought to light that makes it clear to the Valuation Office Agency that an error was made with the original allocation.
Additionally, there may be circumstances when the Council Tax can be altered on change of ownership.
All interested parties are advised to make their own enquiries. See
Sources Of Useful Information
Purchasers may find the following websites useful in providing additional information in respect of the property and the immediate surrounding area.
Mortgage Advice
We are pleased to be able to introduce Toni Cressey Mortgage Advisers who we recommend for Independent Mortgage Advice for any of our clients looking to purchase their first home, new home or investment property.
They have a team of advisers that are able to help and advise you on the most suitable mortgages available for you taking into account your own particular needs and circumstances. They will help and guide you through the whole mortgage and home buying process, ensuring best advice is given at all times. Buying a new home is one of the most important financial decisions you will make so it is vital that you get the help and advice you need at the earliest opportunity.
No fee is charged for this independent mortgage advice, which is provided under no obligation. There may however be a fee payable should you proceed with a mortgage application. The actual amount you pay will depend upon your own circumstances and requirements and typically our application fee will (truncated)
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