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UNDER OFFER

Babar Elephant, Morecambe Road, Lancaster, LA1 5JB

Offers in Excess of
£625,000

£17.94 per sq. ft.

Business rates & charges may apply

Savills, Manchester - Licensed Leisure
SIZE AVAILABLE

34,848-43,560 sq. ft.

(3,237-4,047 sq. m.)

SECTOR

Restaurant for sale

Key features

  • Freehold Restaurant Investment
  • Ground Floor Restaurant
  • Mezzanine Dining
  • First Floor Staff Accommodation
  • 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)

Property description

Tenure: Freehold

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.

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.

Brochures

Babar Elephant, Morecambe Road, Lancaster, LA1 5JB

NEAREST STATIONS

Distances are straight line measurements from the centre of the postcode
  • Lancaster Station0.8 miles
  • Bare Lane Station1.4 miles
  • Morecambe Station2.2 miles

Notes

These notes are private, only you can see them.

Disclaimer - Property reference 24314-1. 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 Savills, Manchester - Licensed Leisure. 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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