Investment / Restaurant Property - Lancaster For Sale in Lancaster- Business 4 Sale .co.uk

Business Summary

LOCATION
This attractive property is ideally located between the train station and town centre, and occupies a good busy main road trading position amongst shops, businesses and offices. Lancaster itself has a population of c134,000, and an excellent catchment area, and supports a successful commercial mix of major national retailers and specialist individual shops. It is attracting a significant amount of inward commercial investment, including city centre residential developments and is ideally positioned, being close to the M6 motorway, on the West Coast main line railway, within easy reach of The Lake District and all its attractions, and even closer to the natural beauty of Morecambe Bay.

THE PROPERTY
This character terraced property combines commercial premises with self contained three-bedroom accommodation. The property has gas central heating throughout and briefly comprises spacious ground floor restaurant premises. Three-bedroom apartment on the first floor. The apartment comprises three bedrooms, study / office, bathroom, open plan lounge / dining / kitchen area, rear porch and sun terrace to the rear of the property. Shared outbuilding. The three-bedroom apartment is currently let on an AST agreement for £575pcm.

COMMERCIAL PREMISES
Incorporating three units in one, the spacious premises have large frontage with prominent external signage and graphics. The fully licensed restaurant premises, approx.1270sq.ft. are currently tenanted on a 3yr lease from June 2008 with a rental income of £14,000 per annum. A new lease is being offered from June 2011 on the same terms.

The 40-cover restaurant comprises two dining areas with beamed ceilings and feature stone walls. Ladies and Gents WC. Bar lounge room with fitted bar and window seats. Fully fitted stainless steel commercial kitchen. Rear hall to second Ladies and Gents WC. Small store room.

PRIVATE ACCOMMODATION
Accessed via front door leading to path and steps up to rear sun terrace with access to the first floor flat through:

ENTRANCE VESTIBULE / PORCH
Approx. 6ft x 5ft. having DG uPVC windows. Double part glazed doors to:

LOUNGE / KITCHEN / DINING AREA
Spacious and light open plan living area approx. 22ft x 17ft having two sash windows to front elevation with deep sills. The lounge / dining area has carpeted flooring. CH radiators. Brick fireplace with wooden surround and stone hearth and feature wood burning stove. TV and Telephone points. Fitted storage cupboards. Central light fittings.

The newly fitted raised kitchen area has part tiled walls, tiled flooring and inset spotlights. Fully fitted white wall and base units with complimentary work surfaces and s/s sink unit. Integral appliances including s/s Ignis electric oven and hob with s/s extraction hood. Washing machine. Indesit Fridge and Freezer. DG window overlooking rear sun terrace.

STUDY / OFFICE
Approx. 14ft 3" x 10ft 2" having feature stained glass window to front. CH radiator. Spotlights and access to loft. Hallway leading to:

BEDROOM ONE
Approx. 10ft 4" x 7ft 4" having stripped wood flooring. CH radiator. DG window to rear.

BEDROOM TWO
Approx. 12ft 6" x 8ft 4" affording plenty of light and having carpeted flooring. CH radiator. Large DG window with deep sill, overlooking rear sun terrace.

BEDROOM THREE
Approx. 16ft 8" x 12ft 9" to fitted wardrobes. A large double room having dual aspect with two sash windows to front. Range of fitted storage units. Carpeted flooring. TV point. Two CH radiators. Access to loft.

BATHROOM
Approx. 7ft 9" x 5ft 8". Totally refitted with part tiled walls and tiled flooring. Newly fitted white two piece suit with modern chrome effect fitments. Mira electric shower over bath. Attractive glass unit and circular wash basin. Heated towel rail. DG frosted window to rear with deep sill. Spotlights.

EXTERNALLY
Enclosed rear sun terrace with railings and brightly painted walls for a Mediterranean feel. Accessed via steps from the pathway from the front of the premises. The patio area has plenty of space for planted pots and baskets. The sun terrace is an ideal place for entertaining in the summer months with space for a BBQ and seating.

TENURE
Freehold

SERVICES
We understand from the vendor that all main services are connected to the property.
COUNCIL TAX
The domestic accommodation falls into Band A for council tax purposes.

RATES
The rateable value of the commercial premises is £4,150. The current tenant pays all rates for the restaurant premises.

FREEHOLD PRICE
OIRO £150,000 for the Ground floor commercial premises including fixtures and fittings of the restaurant (subject to inventory). Option to purchase Freehold S/C 3 bed flat for £120,000.

COMMENTS
A fabulous opportunity to purchase this substantial commercial property with spacious living accommodation in the heart of Lancaster City. This excellent investment property provides a good income.

FINANCE
Finance for this business is available through Adams and Co(Finance). Please call this office for more details. Please remember that all loans are subject to status and survey.

LEGAL FEES:
Vendors and Buyers each to meet their own legal costs.

Additional Services
When purchasing a business (particularly for the first time) there are many important issues to consider and organise. With over 50 years experience of the Business Transfer market we at Adams and Co are ideally placed to help purchasers. We are able to arrange competitive finance, insurance, and stock-takers, if required. Please telephone for further information.

THE PROPERTY MISDESCRIPTIONS ACT 1991
Adams and Co have not tested any apparatus, equipment, fixtures and fittings, or services and so cannot verify they are in working order or fit for the purpose. Buyers are advised to obtain verification from their Solicitor or Surveyor. Purchasers must satisfy themselves as to their actual condition prior to purchase. References to the Tenure of a Property are based on information supplied to Adams and Co by the vendor. Adams and Co have not had sight of the title documents. Buyers are advised to obtain verification from their solicitor. All measurements are approximate and intended for general guidance only and should therefore be considered to be 'nominal'.

Property Information

	Property:	Freehold

	Living Accommodation:	No

Other Details

	Is this a home-based business?	No
	Can this business be relocated?	No
	Is this business part of a franchise?	No

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