Italian Restaurant, 74 Market St, Bacup, Rossendale

*** This property is for sale by Modern Method of Auction powered by iamsold LTD - Starting Bid: £380,000 Reservation Fee ***

A SUPERB FAMILY RUN ITALIAN RESTAURANT OFFERING A FAMILY-FRIENDLY, AUTHENTIC, ITALIAN EXPERIENCE. THE BUILDING COULD BE USED FOR ANY BUSINESS, AND COULD EVEN BE CONVERTED INTO APARTMENTS, SUBJECT TO THE RELEVANT PLANNING PERMISSIONS. SAT ON A PROMINENT POSITION IN BACUP, ROSSENDALE

Marios has been trading for over 20 years, has an excellent reputation and can hold approximately 65-70 customers. The business currently generates circa £250k per annum revenue at a 74% profit margin. Everything you see in the listing is included in the sale, ovens, refrigerators, bar, tables and seats are all included in the sale. The property is situated on the edge of Bacup town centre on Market Street, which is the main road into Bacup from Rawtenstall. The property benefits from a large amount of passing traffic and has a Morrisons supermarket to the rear.

BUILDING DESCRIPTION
The property comprises a stone built end terrace with a flagged roof and single storey annex. The property is well presented externally and benefits from gas fired central heating and UPVC double-glazed windows throughout. The restaurant accommodation is arranged at ground floor level, along with a reception and bar waiting areas.

The first floor comprises a separate 3-bedroom apartment / living accommodation. There is also a large cellar storage with staff change and wash / bathroom facilities.

WORKS CARRIED OUT
Toilet Renovation - 2016
Kitchen Renovation - 2016
Restaurant Renovation - 2017
Bar Renovation - 2018
Fully-fitted commercial kitchen, including gas pizza oven, and pot wash system.
All fridges, freezers, ovens, equipment and contents of restaurant included in the sale.

ACCOMMODATION
The property is set over three levels, as follows:

* CELLAR
Many storage rooms here, including:
Bottle store
Boiler room
Laundry 1,103 sq. ft. 103.39 sq. m.
Staff changing room and WC.

* GROUND FLOOR
Entrance hall
Restaurant area 1,309 sq. ft. 96.50 sq. m.
Bar area 161 sq. ft. 15 sq. m.
Kitchen 130 sq. ft. 12.10 sq. m.
Food preparation area 248 sq. ft. 23 sq. m.

* APARTMENT
Spacious 3-bed apartment, plenty of storage areas.

Bedroom 1 11.09 x 10.67 118.24 sq. ft.
Bedroom 2 15.31 x 12.68 195.26 sq. ft.
Bedroom 3 14.24 x 12.88 184.76 sq. ft.
Kitchen 4.88 x 9.29 45.33 sq. ft.
Lounge 14.92 x 14.04
Good-sized lounge with views out to the front of the property.

Bathroom 10.64 x 6.20 65.92 sq. ft.
Comprising shower, hand basin and WC

SITE AREA
We have calculated the site area to be approximately, 2,000 sq. ft.

PARKING
Verbal agreement with land-owner to the rear, to use car parking space for customers/staff.

SERVICES
We understand the property benefits from all mains services, including gas fired central heating.

BUSINESS RATES
We are informed by the Local Rating Authority that the property has a Rateable Value of £13,250 and Rates Payable of approximately £5,000.

LEGAL COSTS
Each party is to be responsible for their own legal costs incurred in the transaction.

VAT
All prices quoted are exclusive of, but may be subject to, VAT at the prevailing rate.

VIEWING
Strictly by appointment with the Agents.

LOCATION
Bacup is a historic town nestled in the Rossendale Valley of Lancashire, England. Known for its rich industrial heritage, Bacup flourished during the 19th century as a bustling center for textile manufacturing. The town is characterized by its distinctive stone-built terraces, picturesque landscapes, and a strong sense of community. Today, Bacup retains much of its traditional charm, with landmarks like the Bacup Natural History Society Museum and the iconic 14th-century St. John's Church attracting visitors. Its vibrant local culture, including annual events like the Bacup Easter Saturday Folk Parade, highlights the town's enduring spirit and deep-rooted traditions.

Auctioneer Comments
This property is for sale by the Modern Method of Auction. Should you view, offer or bid on the property, your information will be shared with the Auctioneer, iamsold Limited This method of auction requires both parties to complete the transaction within 56 days of the draft contract for sale being received by the buyers solicitor (for standard Grade 1 properties). This additional time allows buyers to proceed with mortgage finance (subject to lending criteria, affordability and survey). The buyer is required to sign a reservation agreement and make payment of a non-refundable Reservation Fee. This being 4.2% of the purchase price including VAT, subject to a minimum of £6,000.00 including VAT. The Reservation Fee is paid in addition to purchase price and will be considered as part of the chargeable consideration for the property in the calculation for stamp duty liability. Buyers will be required to go through an identification verification process with iamsold and provide proof of how the purchase would be funded. This property has a Buyer Information Pack which is a collection of documents in relation to the property. The documents may not tell you everything you need to know about the property, so you are required to complete your own due diligence before bidding. A sample copy of the Reservation Agreement and terms and conditions are also contained within this pack. The buyer will also make payment of £300 including VAT towards the preparation cost of the pack, where it has been provided by iamsold. The property is subject to an undisclosed Reserve Price with both the Reserve Price and Starting Bid being subject to change.

Referral Arrangements
The Partner Agent and Auctioneer may recommend the services of third parties to you. Whilst these services are recommended as it is believed they will be of benefit; you are under no obligation to use any of these services and you should always consider your options before services are accepted. Where services are accepted the Auctioneer or Partner Agent may receive payment for the recommendation and you will be informed of any referral arrangement and payment prior to any services being taken by you.