Restaurant for sale

Eastgate, Lincoln, Lincolnshire, LN2

1,369 sq. ft. | POA

Property Description

Commercial information

  • 1,369 sq ft (127 sq m)
  • Use class orders: A3 Restaurants and Cafes

Key features

  • Restaurant Premises - Leasehold Interest For Sale
  • Sought after Uphill location
  • Yard to the rear - suitable for 'Alfresco' dining
  • Available By Way of Assignment - Premium Offers Invited

Full description

The property comprises a well-established restaurant premises laid out at ground, first and basement floor levels, with a yard to the rear that would be ideal as an outside seating area. The existing restaurant layout provides 70 seats over the ground and first floor trading areas.

TOWN AND COUNTRY PLANNING
The current use of the property falls within Class A3 (Restaurant and Café) of the Town and Country Use Classes Order 1987, as amended. The property is Listed, and is also situated within a Conservation Area. It is considered that the first floor has potential for conversion to residential accommodation, subject to the receipt of Planning Permission and Landlord's approval.

Eastgate is located within the popular Uphill 'Bailgate' area which is populated with a wide range of top end retailers and restaurants. The world famous Cathedral and Castle, the latter having seen significant investment to create a home for the Magna Carta over the past two years, are situated close by, meaning the area attracts significant tourist visitors as well as local shoppers. The latest tourist figures report over 3.5 million visitors a year to the City.

Lincoln is one of England's finest Cathedral Cities and is the administrative and major shopping centre within the County of Lincolnshire. It is ranked fourth in the East Midlands Experian Centre Rating, behind Nottingham, Derby and Leicester. It has a population and catchment of 543,367 and an established total catchment spend of £984.50 million.

TENURE
The property is available by way of Assignment of the existing lease. This lease was originally granted for a term of 10 years in November 1991 and extended for a further 20 years in 1999, expiring on 22 September 2019. The current passing rent is £14,400 per annum exclusive increasing to £15,600 in September 2017. The Landlords have indicated that they would be happy to grant a new lease to commence on expiry of the existing lease - subject to agreeing satisfactory terms. Further details on request.

PREMIUM
Premium offers are invited for this valuable leasehold interest reflecting the low passing rent until lease expiry in 3 years' time, in relation to Full Rental Value of the property and the superb Uphill location. The various fixtures and fittings in situ are also available separately at a price to be agreed.

VAT
We understand that VAT will not be charged in addition to the rent.

VIEWING
To view the premises and for any additional information please contact the sole agents.

More information from this agent

Nearest stations

  • Lincoln Central (0.6 mi)
  • Hykeham (3.8 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

Banks Long & Co Ltd, Lincoln

26 Westgate Lincoln LN1 3BD

01522 418032 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

Map & Street View

Nearest stations

  • Lincoln Central (0.6 mi)
  • Hykeham (3.8 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

Banks Long & Co Ltd, Lincoln

26 Westgate Lincoln LN1 3BD

01522 418032 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

Disclaimer - Property reference JRB3497. The information displayed about this property comprises a property advertisement. Rightmove.co.uk makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and Rightmove has no control over the content. This property advertisement does not constitute property particulars. The information is provided and maintained by Banks Long & Co Ltd, Lincoln. Please contact the selling agent or developer directly to obtain any information which may be available under the terms of The Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations 2007 or the Home Report if in relation to a residential property in Scotland.

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