Freehold option available £380,000 +SAV
Hilton Smythe is delighted to offer to the market this substantial sized investment opportunity, in Morecambe, Lancashire. The property was formally used as a restaurant business which was established in 1970 and had been in our client's careful ownership since 1987. Only now is the investment being offered to the market due to our client's wish for a well deserved retirement.
The business generated a turnover in the region of £100,000 per annum, with a gross profit of approximately 57%. The turnover was generated by offering freshly prepared Spanish, Italian and English dishes, as well as a varied selection of beverages. The commercial kitchen had a 5* food and hygiene rated.
The premises currently boasts a spacious 60 cover restaurant and a well-equipped commercial kitchen. There is also a 4-5 bedroom owners' accommodation with a lounge, kitchen and bathroom.
We feel this is an excellent opportunity for a new owner, maybe a husband and wife team, to take this large investment opportunity and turn it into something highly successful. Early viewing must come highly recommended to avoid disappointment.
TENUREWe are advised Leasehold:
New lease to be negotiated.
Freehold option available at £380,000 + SAV.
The property occupies four-storey premises on Skipton Street in Morecambe, Lancashire. The property is surrounded by a wealth of complementary businesses, such as hotels and guest houses, from which draws much trade. The property benefits from ample on-street parking facilities to the front of the premises. The property is located in a highly desirable town location and further benefits from a high volume of footfall and passing trade.
Morecambe is a very busy seaside resort and one of the town's most famous landmarks is a statue commemorating one of its most famous sons, Eric Morecambe, which was created by sculptor Graham Ibbeson. It is also the home of the Victoria Pavillion or Morecambe Winter Gardens, which was once a venue for swimming baths, a grand theatre, a restaurant and a ballroom.
The property is just a minutes' walk to the sea front and is within easy walking distance of Morecambe town centre. The area is well served by the public transport system with several bus stops within easy walking distance of the property. The railway station is also within easy walking distance. The area is also well served by the A-road system, with the property being situated just off the A5105, which links to the vast A-road and motorway networks. Lancaster city centre is approximately 4 miles away and Preston is 24½ miles away.
Four-storey terraced property in a popular seaside location, briefly comprising:
Off street entrance.
Window displays to both sides of the property.
Welcoming reception lounge with armchairs and tables.
Well stocked and equipped bar area.
Steps leading to open plan restaurant area for up to 60 x covers.
Timber clad walls.
Wooden design features to ceiling area.
Display window providing a warm scenic atmosphere.
Lower ground level:
Access via stairs from bar area.
Ladies and gents WCs.
Storage rooms/beer bottle cellar.
Fully equipped industrial size kitchen.
First floor with:
Entrance via stairs from bar lounge area.
Spacious lounge area.
Fully fitted domestic kitchen/dining room with fitted units and modern appliances.
Second floor with:
Attractive master bedroom.
Family bathroom with bath, shower, WC and wash hand basin.
Third floor with:
2 x double bedrooms.
Private office area (which could be converted to a 5th bedroom).
Outbuilding to rear of property.
Parking facilities for two vehicles.
On-street parking to front of premises.
Tables and chairs, 4 x lounge chairs, wall art, wine refrigerators, 2 x electronic cash registers, 2 x bar pumps, music system, coffee machine, credit/debit card machine, sink units, telephone system, linen, cutlery, crockery, glasses, double refrigerator, 2 x stainless steel refrigerators, refrigerator/freezer, dishwasher, 4 x stainless steel tables, 10 ring Garland cooker, 3 x burner grill, Master jet fryer, frying baskets, work top fryer, 6 x ring Garland cooker, industrial microwave oven, 2 x double sink units, potato peeler, chipper, mixer, pots/pans, shelving, racking cellar freezer, dumb waiter and CCTV.