No bars, no signal predictedOne bar, reliable signal unlikelyTwo bars, may experience problems with connectivityThree bars, likely to have good coverage and receive a data rate to support basic web servicesFull bars, likely to have good coverage indoors and to receive an enhanced data rate to support multimedia services
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£55,000
Added > 14 days

Restaurant for sale

Upgate, Louth
Save
Restaurant
0 bed
0 bath

Property description & features

  • Tenure: Leasehold
  • Good size seating area
  • Toilets
  • First floor storage rooms
  • Includes fixtures, fittings & goodwill
  • EPC Rating TBC

An excellent opportunity to acquire the lease and business of a vibrant licenced Italian restaurant in the town centre. The property is situated on a busy 'A' road and has potential to greatly increase trade by extending trading hours as well as making use of the first floor accommodation, which is currently used for storage.

Rooms

Location
The town of Louth is a traditional market town with a population of around 17,000 and boasts many fine Victorian and Georgian buildings, an open market three times a week, independent retailers and the impressive medieval parish church of St. James. The property is located within close proximity of the town's retail centre and enjoys a prominent position on the 'A16' road which is the main route leading from north to south of the town.

Accommodation
The property has the following accommodation

Ground Floor
Restaurant

Seating Area 3.82m x 12.39m (12ft 6in x 40ft 7in) (40'8" x 12'6") - Providing around 32 covers.

Toilets
Ladies, gentlemen and disabled toilet facilities.

Bar
Which includes coffee machine, double fridge and freezer, glasses, cups and saucers.

Kitchen & Preparation Room

Kitchen - 3.50m x 3.53m (11ft 5in x 11ft 6in) 3.53m x 3.50m extending to 4.70m (11'7" x 11'6" ex tending to 15'5")
With preparation tables, pizza oven, cooker, microwave, two fryers, glass washer, two fridges, serving bowls and plates etc.

First Floor
Not currently in use but with potential to create additional seating area.

Storeroom/Additional Seating Area
9.34m x 3.98m extending to 5.27m (30'8" x 13'1" ex tending to 17'3")

Storeroom 2
4.52m x 2.63m (14'10" x 8'8")

Storeroom 3
5.04m x max x 3.46m (16'6" x max x 11'4") - With shower room off.

Storeroom 4
4.58m x 3.25m (15'0" x 10'8") - With two fridges and two freezers.

Services
Understood to have mains water, drainage, electricity and gas. Gas central heating, fire and security alarm.

Rateable Value
According to the Government's website, the property has a rateable value of £7600 under 2017 rating list.

Lease Terms
The property is let on a 10 year lease from 25th November 2015 with a current rent of £13,200 per annum. The business is offered by way of an assignment of this lease including the current tenant's equipment at an asking price of £65,000 with stock offered separately at an agreed price at date of transfer.

Vat
Please note that VAT may be chargeable on top of the purchase price.

Business Operation
Accounts can be made available to bona fide enquirers who have viewed the property and with our client's express permission.

Viewing Arrangements
Viewing strictly by appointment only through our Louth office. Louth office open: Monday - Friday 9 am - 5 pm. Saturday - 9 am - 1 pm.

Please Note
Prospective purchasers are advised to discuss any particular points likely to affect their interest in the property with one of our property consultants who have seen the property in order that you do not make a wasted journey.

Thinking Of Selling?
Getting the best price requires market knowledge and marketing expertise. If you are thinking of selling and want to benefit from over 150 years of successful property marketing, we can arrange for one of our valuers to give you a free market appraisal and advice on the most suitable marketing package for your property.

Property information from this agent

Places of interest

    John Taylors is an award winning family owned firm of Chartered Surveyors, Estate Agents, Auctioneers, Letting Agents and members of the Guild of Professional Estate Agents. Our friendly team are keen to offer advice on buying, selling & renting property & with a history dating back to 1859 we have a vast knowledge of property from the Lincolnshire Wolds to the coast.

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    *DISCLAIMER

    Property reference L761007. The information displayed about this property comprises a property advertisement. OnTheMarket.com makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and OnTheMarket.com has no control over the content provided by the agent or developer. This property advertisement does not constitute property particulars. The information is provided and maintained by John Taylors - Louth.

    OnTheMarket may have applied supplementary data to this property listing, including:

    Broadband availability and predicted speed: obtained from Ofcom on March 10, 2022

    Broadband speed is measured in megabits per second, with the number returned showing how fast the connection is. Each reading is based on the highest predicted speed of any major broadband network for services that deliver the download speeds. The following are the different readings that we may display:

    Basic: Up to 30 Mbit/s
    Super-fast: Between 30 Mbit/s and 300 Mbit/s
    Ultra-fast: Over 300 Mbit/s

    The data is updated three times a year. The checker results are predictions and should not be regarded as guaranteed. For more information, see: https://checker.ofcom.org.uk/en-gb/about-checker#Answer_0_2

    Mobile phone signal availability and predicted strength

    Mobile signal predictions are provided by the four UK mobile network operators: EE, O2, Three and Vodafone. Predictions can vary significantly from the coverage you may actually experience as a result of local factors (especially terrain). Ofcom has tested the actual coverage provided in various locations around the UK to help ensure that these predictions are reasonable. The values shown against a property can be broken down as follows:

    Clear: No bars, no signal predicted
    Red: One bar, reliable signal unlikely
    Amber: Two bars, may experience problems with connectivity
    Green: Three bars, likely to have good coverage and receive a data rate to support basic web services
    Enhanced: Full bars, likely to have good coverage indoors and to receive an enhanced data rate to support multimedia services

    Energy Performance data and Internal floor area

    Any supplementary data should not be relied upon as forming part of any property particulars and OnTheMarket cannot be held responsible for any incorrectness in this data. See here for more information.

    *Call rate information

    Calls to 0843 numbers will be charged at 4p/min from BT landlines. Calls from other networks may vary, and calls from mobiles and outside the UK will be higher. Calls to local numbers beginning with 01, 02 and 03 numbers will incur standard geographic charges from landlines and mobiles.