Castle Street, Hinckley
- Prominent town centre location
- Ground and first floor restaurant and bar areas
- Passing rent £20,000 per annum
- EPC 'B' Rating
- NIA - 2,518 sq ft (233.9 sq m)
Investment, Leisure, Retail
For Sale: £275,000
2,518 Sq Ft (233.92 Sq M)
Description
INVESTMENT PROPERTY FOR SALE - BUSINESS UNAFFECTED. The subject property comprises mid-terrace restaurant premises, arranged over three floors, prominently situated on the pedestrianised Castle Street in Hinckley town centre.
Internally, the property comprises a ground floor bar and seating area, with a dining area and the main kitchen and stores to the rear. At first floor, there are further dining and bar areas with an attractive sun terrace to the rear. At second floor, there are male and female toilets, a store room and an office.
Externally, there is a small yard with a bin store.
Location
The subject property is located in a prominent position on the pedestrianised section of Castle Street in Hinckley town centre, close to the junction with the non-pedestrianised section of the street. Adjacent occupiers include Marmalade Meringue gift shop, Jaspers of Hinckley home furniture shop, Aspire Interiors and the Country Crust café. Both on-street and pay and display car parking is available nearby.
Hinckley is a market town with a population in the order of 55,000 (Local Authority 112,000) lying approximately 13 miles to the south west of Leicester. The town enjoys good motorway communications with Junction 1 of the M69 Motorway being located on the south eastern fringe of the conurbation approximately 2 miles from the town centre. Hinckley railway station provides regular commuter services to Birmingham New Street and Leicester.
Accommodation
| Size | Description | |
|---|---|---|
| Ground | 659 Sq Ft (61.22 Sq M) | Bar & Dining Area |
| Ground | 842 Sq Ft (78.22 Sq M) | Kitchen & Stores |
| First | 883 Sq Ft (82.03 Sq M) | Bar & Dining Area |
| Second | 61 Sq Ft (5.67 Sq M) | Office |
| Second | 73 Sq Ft (6.78 Sq M) | Store |
Services
We understand that mains gas, electricity, water and drainage are connected to the subject property.
Tenure
The Freehold interest in the subject property is available, subject to the lease in effect, at an asking price of £275,000, reflecting a Net Initial Yield of 7% based on the passing rent.
The lease is for a period of 20 years from 10 May 2024 at a passing rent of £20,000 per annum exclusive. There is a 3 yearly rent review pattern to the greater of passing rent and open market rental value, along with 3 yearly tenant break options. The lease is drawn on full repairing and insuring (FRI) terms.
Legal Costs
Each party to bear their own legal costs.
Energy Performance Certificate
EPC Rating - B(49)