Lincolnshire Coast - Multi Faceted Seaside Cafe

FREEHOLD Asking Price £350,000 or;
LEASEHOLD Premium £55,000. To include fixtures, fittings and goodwill. Stock at valuation in addition.

The Landlord will consider the creation of a new lease agreement on the following terms:
TERM: New 7 year lease (term negotiable)
LANDLORD & TENANT ACT 1954: Inside Part II Landlord & Tenant Act 1954
ASSIGNABILITY: Fully assignable
RENT: Annual rent £22,000, paid monthly in advance
RENT REVIEW: Dependent upon agreed term
REPAIR LIABILITY: Full repairing and insuring lease agreement
TIE: Free of all trade ties
INSURANCE: The Landlord will insure the building, the cost of which will be charged to the Tenant by way of an Insurance Rent
DEPOSIT: Equivalent to 3 months' rent

All negotiation subject to covenant strength. An incoming party will be required to demonstrate sufficient funds to sustain their business model, and will need to demonstrate ingoing capital to cover the premium, rental deposits, stock and working capital as a minimum. Solar panel payments to be kept by the freeholders, with the lessee befitting from the discounted utility costs.

VAT will not be payable on the agreed sale price, premium or rental payments. No direct approach to be made to the business; please direct all communications through Sidney Phillips. Viewing strictly by appointment only.

The Fat Seagull occupies a two-storey, detached, fully double glazed, brick building under a pitched slate roof. It benefits from a sheltered front trade patio which draws both passing foot and road traffic to its enviable corner position.

TRADE AREAS
Entrance to the property via the front trade patio which is accessed from Sea Lane. Enter the property directly into the open plan ART GALLERY/GIFT SHOP/DELI/TRADE SPACE which has combined seating for 60, wooden flooring, deli counter and access to the Ladies', Gentlemen's and Disabled TOILETS. REAR HALL with stairs leading to the first floor accommodation, a walk in fridge, five storage rooms and fully fitted COMMERCIAL KITCHEN.

OWNERS ACCOMMODATION
Private accommodation comprising: FOUR DOUBLE BEDROOMS, KITCHEN with storeroom, LOUNGE, BATHROOM with shower cubicle.

EXTERNAL
Sheltered and decked L-shaped TRADE PATIO at the front of the property with seating for 60. Side CAR PARK with outlined parking spaces for 4 vehicles. Single GARAGE, CAR PORT and rear enclosed PRIVATE YARD.