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Babar Elephant, Morecambe Road

For sale: £625,000.00|0.8 - 1 Acre|Restaurants/Cafes, Licensed & Leisure

PROPERTY DETAILS

FOR SALE£625,000.00
SIZE0.8 - 1 Acre
ADDRESSBabar Elephant, Morecambe Road, Lancaster, LA1 5JB
TYPERestaurants/Cafes, Licensed & Leisure
TENUREInvestment Opportunity, For Sale Freehold
POSTED ON8th September 2020

DESCRIPTION

Key Points

  • Freehold Restaurant Investment
  • Let to Concept Bars & Restaurant Ltd
  • Current rent £53,404 per annum
  • Let on a lease until 2028
  • Business unaffected by sale
  • Site area of approximately 0.9 acres
  • We are seeking offers in excess of £625,000 (8.54% Gross Initial Yield)
  • Summary

    Freehold Restaurant Investment

    Description

    The Property comprises a two storey detached restaurant of stone elevations beneath a pitched tile covered roof. Beer patio, garden and car park for 70 vehicles.

    Viewings

    All viewings must be arranged strictly by appointment with the sole selling agents Savills.

    Location

    The Property is located in the city of Lancaster, the traditional county town of Lancashire. It is located upon the River Lune and accessed via the M6 motorway. Babar Elephant is situated fronting the A589 in the Scales Hall locality of Lancaster. The locality is residential in nature, to the north of the River Lune, 1.5 miles north of the city centre. Neighbouring the Property is an ALDI Supermarket.

    Terms

    We are instructed to invite offers in excess of £625,000 (8.54% Gross Initial Yield). The business will continue to trade unaffected from the premises during the marketing of the Property and post completion of the sale.

    Promo

    Freehold Restaurant Investment

    Accommodation

    Entrance reception leading to a lobby area for takeaway sales beyond which is a small lounge bar area. The main restaurant is extensive offering around 90 covers on the ground floor and with a further area at mezzanine level which can also be separated for functions as it has its own bar servery. The catering kitchen and beer cellar are both located on the ground floor.

    Tenure

    The Property is held freehold. The entire Property is let on a 10 year lease to Concept Bars & Restaurant Ltd (t/a Babar Elephant) commencing 1st February 2018. Current rental of £53,404 per annum, subject to annual RPI linked rental increases (cap & collar 4% and 1%) and five yearly open market reviews.

    VAT

    It is envisaged that the Property will be sold as a TOGC so the transaction should therefore be exempt from VAT.

    Planning

    Our enquiries of the local authority have revealed that the Property is not listed nor within a Conservation Area.

    LOCATION

    Location: Babar Elephant, Morecambe Road, Lancaster, LA1 5JB

    Lancaster (0.7 miles)

    Bare Lane (1.5 miles)

    Morecambe (2.5 miles)

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