Commercial Property for sale

Steep Hill, Lincoln, Lincolnshire, LN2

£90,000
559 sq. ft.

Property Description

Commercial information

  • 559 sq ft (51 sq m)
  • Use class orders: A3 Restaurants and Cafes

Key features

  • MULTI AWARD WINNING TEA ROOM
  • TOP 3 RANKING ON TRIP ADVISOR
  • HELD ON A NEW 10 YEAR LEASE
  • TENANT FRIENDLY INTERNAL REPAIRING TERMS
  • LEASE FOR SALE

Full description

The property comprises a mid-terrace Grade II Listed building of considerable character laid out over 2 floors, to provide ground and first floor customer seating areas and staff areas on the remainder of the first floor.

The lease will be acquired fully fitted as per the existing layout - to include the kitchen and all of the other equipment currently within the property.

The property is situated within the heart of the historic uphill area of the City of Lincoln, on Steep Hill, close to both the Castle and Cathedral and a short walk south into the City Centre.

There are a wide range of high quality and long established shops and restaurants in the surrounding area.

This is a part of the City that attracts a mix of local shoppers and tourists due to the proximity of the Cathedral and Castle.

Lincoln is one of England's finest Cathedral Cities and is the administrative and major shopping centre within the County of Lincolnshire. It has a population and catchment of 543,367 and an established total catchment spend of £984.50 million

TOWN AND COUNTRY PLANNING
The current use of the building is as a café falling within Class A3 (Restaurant and Café) of the Town & Country Planning Use Classes Order (1987) as amended.

The building is Grade II Listed and is also located within a Conservation Area.

BUSINESS
An award winning Vintage Tea Room that was set up by the current owners in 2012. Since then it has established a reputation as a top quality Tea Room that is regularly ranked in the top 3 restaurants in the City on Trip Advisor.

Full accounts for the business are available once interested parties have inspected the property and met the owners.

TENURE
The property is available by way of the Assignment of a new 10 year lease. The lease is drawn on Internal Repairing and Insuring terms and contains a tenant only option to break after 5 years, with 6 months' notice.

The current rent payable under the lease is £15,000 per annum exclusive of VAT and business rates, payable quarterly in advance.

PRICE
£90,000 for the business goodwill, fixtures and fittings and the leasehold interest.

A full inventory of the fixtures and fittings to be included in the sale is also available on request.

VAT is not payable on the rent but will be on the purchase price at the prevailing rate.

LEGAL COSTS
Each party will pay their own costs in connection with the sale of the business.

The purchaser will be required to pay the Landlord's costs in documenting the Assignment of the lease.

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


More information from this agent

Nearest stations

  • Lincoln Central (0.5 mi)
  • Hykeham (3.6 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 (0.5 mi)
  • Hykeham (3.6 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 JRB6130. 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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