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Restaurant for sale

113 & 115 Bridge Road, Lowestoft, Suffolk, NR33

Under Offer £395,000

Property Description

Commercial information

  • Use class orders: A1 Shops, A2 Financial and Professional Services, A3 Restaurants and Cafes and C3 Dwelling Houses

Key features

  • For Sale - Retail Investment, producing 25,000 per annum exclusive
  • Prominent Let Restaurant Premises with living accommodation and gardens
  • Restaurant with approximately 40 covers, bar & kitchens

Full description

Tenure: Freehold

LOCATION:
Situated in a busy trading position adjacent to Nicholas Everitt Park in the centre of Oulton Broad that is a popular tourist location within the Broads National Park, approximately 2.5 miles west of Lowestoft town centre. Lowestoft, with a resident population of 70,000 and a catchment population in excess of 160,000 is a centre for business, port, retail and leisure activities

DESCRIPTION:
A prominent three storey building with a corner restaurant to the ground floor areas and self-contained living accommodation to the upper floors with side and rear gardens that adjoin Nicholas Everett Park

ACCOMMODATION:
Restaurant with approximately 40 covers, bar, kitchens, stores and toilets

Living Accommodation: three bedrooms, with lounge, kitchen & bathrooms

SERVICES:
Mains electricity, gas, water and drainage connections

PROPERTY TAX:
Rateable Value: Restaurant: 9,000

Council Tax: Living Accommodation Band C

PLANNING USES:
Retail & External Areas: Restaurant (A3) or Retail Shop
(A1/A2)
Living Accommodation: Residential (C3)

TENANCY:
The property is let to one tenant Tides Steakhouse and Grill Limited on full repairing and insuring terms in part by Service Charge for a term of 15 years from 25 October 2012, at a current annual rent of 25,000 payable quarterly in advance with rent reviews every five years on an upward only basis

TERMS:
Offers in the region of 395,000 for the purchase of the freehold interest subject to the terms of the existing tenancy

LEGAL COSTS:
Each party to be responsible for their own legal costs, with the prospective purchaser required to provide an undertaking to meet the vendors legal fees in the event of withdrawing from the transaction before completion

More information from this agent

Energy Performance Certificates (EPCs)

Map & Street View

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