Recently renovated triple fronted café benefitting from air conditioning, electric shutters, fitted kitchen area, toilet and small office. An assignment of the existing lease is offered. An ingoing premium of £35,000 is sought to include a full inventory.
Situated fronting Baldwin Street within 'Newminster House' with a connecting internal door to the office reception. The property is situated on the junction of St Stephen Street.
The residue of a 15 year Fully Repairing and Insuring lease (by way of service charge) which commenced approximately November 2016. We are informed the rent is currently set at £7,500p.a rising to £10,000pa in years 2 and 3, and £15,000pa in year 4. We are informed there is a rent review in year 4 although the rent is capped at a maximum of £15,000pa and can reduce should the market dictates.
There is a quarterly service charge payable which includes the buildings insurance and bin storage/collections. This fee is £1,000 per quarter.
The current business opens from 7am - 3pm, Mon-Fri with scope to increase the hours and open on the weekends.
We are informed the property benefits from A1 consent and is currently run as a Sandwich Shop. We are informed by our client that a full A3 application has been submitted and plans for extraction have been drafted.
There is a requirement to continue offering a day time café service to the office residents of the neighbouring building.
The rateable value as per the VOA website is £16,500. Parties are advised to contact the local authority to confirm rates payable.
As an actively trading business, viewings are strictly by appointment with Maggs & Allen.
We are informed VAT is applicable on top of the rent (but not the premium).
The ingoing tenant will be charged an application fee of £200 plus VAT (£240 inc VAT) towards the costs incurred in undertaking appropriate credit and reference checks.
As per the Control of Asbestos Regulations 2012, the owner or tenant of the property, or anyone else who has control over it and/or responsibility for maintaining it, must comply with the regulations which may include the detection of and/or management of any asbestos or asbestos related compounds contained at the property. Maggs & Allen has not tested or inspected for Asbestos and therefore recommend all interested parties to make their own enquiries.
Maggs & Allen use all reasonable endeavors to supply accurate property information in line with the Consumer Protection from Unfair Trading Regulations 2008. These property details do not constitute any part of the offer or contract and all measurements are approximate.
It should not be assumed that this property has all the necessary Planning, Building Regulation or other consents. Any services, appliances and heating system(s) listed have not been checked or tested. Please note that in some instances the photographs may have been taken using a wide angle lens.
Any site and floor plans provided are for indicative purposes only and should not be relied upon.