Location
Located in a Derbyshire town centre.Ground Floor
The bar and restaurant area to the ground floor is over 2,000 sq ft and was completely renovated and re-designed in 2019/20. It provides a wide range of different seating areas, a pool table space, dart board areas and a DJ booth to cater for live music events. A significant part of the ground floor trading area is external although very much equipped for the British weather. There is an additional bar, heated canopy umbrellas, flat screen TV’s and seating areas. There is also a well-equipped commercial kitchen, access to a good-sized cellar and WC’s.Other Floors
To the first floor there are six modern and separate self-contained flats. Each are equally well presented with one bedroom, dining kitchens, modern bathrooms and are fully furnished. They are divided into two entrances and there is an individual allocated parking space for each.Tenancies
The ground floor is currently owner occupied and will be on a new 15 year lease with 5 year tenant breaks with a passing rent of £46,800 pa.
The Flats are let at £650 per 28 days inclusive of electricity and Sky TV. They are exclusive of council tax. This equals £50,700 pa.
The ground floor bar is currently owner occupied and will be put on a new 10 year lease with 5 year break and review at a commencing rental of £52,000 per annum. The lease will have a personal guarantor for the first five years of the term.
The other income derives from the car park.
In total, the income equals £120,000 pa equalling a 8.5% yield. We understand that VAT is not payable.The Opportunity
A great investment opportunity for the astute buyer. This large detached freehold building which dates to 1871 is a focal point in the local community and has been extensively extended and refurbished to maximise its capacity and potential. Its mixed use yields significant income levels through a fully let bar and restaurant (£52,000 pa) and six separate flats (£650 per 28 days inclusive = £50,700pa). The attention to detail throughout the venue is to a significantly high standard and we would therefore recommend an internal inspection.Business Rates
The current rateable value is £22,500 as from 01 April 2023.
