Free valuation

Newport, LincolnA3 - Restaurants / Cafes, Commercial

£42,500
Sold STC
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About this property

LOCATION
The business is prominently located, adjacent to the historic Newport Arch, providing an entrance to the Bailgate Shopping Area, one of Lincoln’s most historic streets, with a range of independent boutiques, shops and restaurants.

DESCRIPTION
Located just off the Bailgate within a highly prominent location, we are delighted to offer for sale this beautifully equipped Coffee Shop Business, which has become popular with local residents and tourists, given that it is situated in a prime residential area, close to the Bailgate and tourist attractions including the Cathedral and Castle. In addition to the busy daytime trade, there is potential to extend opening hours to further grow income, if desired.

The current owners have created a highly successful coffee shop and eatery, which is fully equipped to professional catering standards and fitted-out to a style and contemporary specification, which can accommodate approximately 18 covers internally, together with a further external seating area providing an additional 10 covers, which could be extended if required.

In addition to the main open-plan Kitchen and Dining Area, there is a useful storeroom and customer WC fitted to a high specification.

A full inventory of fixtures and fittings is available on request to interested parties.

ACCOMMODATION
The ground floor premises comprise;

Large open-plan Kitchen and Dining Area – 6.1m x 4.8m
Fully furnished with tables and chairs including three bar stools and a window seating area.

There is also a Store Room and Customer WC located to the rear.

In addition to the indoor seating area, a further set of bistro tables and chairs provide outdoor seating for 10 visitors, but this could be increased, if required.

SERVICES
Mains electricity, water and drainage are connected.

EPC Rating – C.

TERMS
The property is available ‘To Let’ under the terms of the existing three year Lease covering this self-contained ground floor retail unit. The rent payable is £7,500 per annum and rent is paid monthly in advance. Further information in respect of the Lease terms is available on request.

The ingoing Tenant will be responsible for a referencing fee in the sum of £100 inc VAT, together with the Landlord’s reasonable legal costs associated with the assignment of the Lease.

OUTGOINGS
Rateable Value of £4,850.

In the event that a full rating liability is required, the current rates payable would be £2,323.15 (Rate to the pound for 2017/18 is 47.9 pence).

Prospective Tenants are likely to qualify for Small Business Rates Relief which, under the current framework, would give up to 100% exemption of rates liability, but interested parties should make their own enquiries.

VAT
VAT may be applicable in addition to the sale price.

VIEWING
By prior appointment through Mundys Commercial – 01522 556088.

Energy Performance Cerificate (EPC)