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Leisure Facility for sale

Market Street, Cleethorpes, Lincolnshire

Guide Price £650,000

Property Description

Full description

Modern bar, restaurant and 7 bedroom boutique hotel - Let upon a 10 year FRI lease from 20 May 2016 - Currently producing £60,000 per annum - Prominently situated within the market place adjacent to seafront and Cleethorpes Pier - A purchase at the guide price will reflect a net initial yield of 8.8%

Location - Cleethorpes, with a population of circa 40,000 (2011 Census) is a seaside resort and vibrant cultural hub, physically linked to
the neighbouring town of Grimsby and located approximately 25 miles east of Scunthorpe, 31 miles north east of Lincoln and 32 miles north west of Skegness. The town lies on the Greenwich meridian and its average annual rainfall is amongst the lowest in the British Isles.

The subject property is situated on the southern side of Market Street approximately 150 metres to the west of its roundabout
junction with Alexandra Road (A1098) and Sea Road (leading to Cleethorpes Pier).

Description - The property comprises a three storey end of terrace building currently arranged as a bar and restaurant at ground floor
level with seven hotel suites at first and second floor levels. The ground floor benefits from an outside patio area which is
currently arranged as an outside bar and seating.

Accommodation - At the time of preparation of these preliminary particulars (September 2017) we have not yet carried out a measured
survey of the property.

Ground Bar & Restaurant, Kitchen, Office, Cellar & WCs
First Suites 1, 2, 3 & 4
Second Suites 5, 6 & 7

Planning - The current use of the property falls within Classes A3 (Restaurants & Cafés), A4 (Drinking Establishments) and C1
(Hotel) of the Town and Country Planning (Use Classes) Order 1987 (as amended). The property falls within the Central
Cleethorpes Seafront Conservation Area. Interested parties are advised to contact North East Lincolnshire Council on 01472
326289 with any planning related queries.

Tenure - Freehold subject to an existing full repairing and insuring lease for a term of 10 years from 20 May 2016 at a current rent
of £60,000 per annum. The lease provides for the rent to be reviewed on 1 January 2019 and every third anniversary of that
date. The tenant has been in occupation since 2006.

Guide Price - £650,000. A purchase at this level will reflect a net initial yield of 8.8% having deducted standard purchasers costs of 5.2%. Offers are invited for consideration.

Vat - The guide price quoted in these particulars is exclusive of VAT. At the time of preparation of these particulars we understand that the vendor has not elected to charge VAT.

Energy Performance Asset Rating - C63. The front page of Energy Performance Certificates (EPC) can be found at the end of these particulars. The full EPC and
recommendation report are available to interested parties upon request.

Legal Costs - Each party is to be responsible for their own legal costs.

Viewing - For further information or to arrange a viewing please contact sole agents JHWalter:

Andrew France BSc (Hons) MRICS
01522 504319 07795 657792

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More information from this agent

Energy Performance Certificates (EPCs)

Map & Street View

Disclaimer - Property reference 27260503. The information displayed about this property comprises a property advertisement. 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 JHWalter, 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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