Restaurant/cafe for sale

Location
Mexborough is a historic market town referenced in the Domesday Book. The town is situated between Rotherham and Doncaster and close to the M1 and M18. This property is located on the north side of the high street. It is situated closely next to national retailers such as Greggs, Tesco and Specsavers plus various local amenities.

Description

The property comprises double fronted retail accommodation on the ground floor and ancillary accommodation to the first floor.

Accommodation

Ground floor 224.08m2 2,412ft2
First floor 237.00m2 2,551ft2
Total 416.08m2 4,963ft2

The tenant

Heron Foods Ltd. Is an English retail chain founded in 1979 and based in Melton with 293 stores as of 1 July 2020 predominantly located in the North of England and the midlands area. Annual performance shown below:
Year End Turnover £434,592,000 £409,205,000 £372,077,000
Profit £ 9,155,000 £ 8,228,000 £ 5,640,000
Shareholder £ 64,886,000 £ 55,731,000 £ 47,503,000

Rating assessment

Description rv Estimated Rates Payable
Shop and Premises £23,750 £11,851.25

We are advised that the rateable value of the premises as at 1 April 2017 is £23,750 and we have estimated the actual rates payable for the current year above. This is based on the small business Rate of 49.9p in the pound. However, interested parties should confirm the current position with the Local Authority.

EPC rating

To be assessed.

The lease

The property is let to Heron Foods Ltd for a term of 15 years from 23rd December 2010 on a full repairing and insuring lease at an annual rent of £36,150.73 per annum with rental increases linked to cpi (subject to a minimum of 1.5% and a maximum of 3.5%) annually compounded. The tenant has an option to continue for a further 15 years upon expiry of the term.

Asking price

The property is available by way of a sale in excess of £375,000 reflecting a net initial yield of 9.27%. The property is held by way of virtual Freehold for 999 years from 25th March 2001.

VAT

VAT is applicable

Legal costs

Each party is to bear their own legal costs involved in the transaction.

Money laundering regulations

In accordance with the Anti-Money Laundering Regulations the Purchaser/Tenant will be required to provide two forms of identification and proof of the source of income.

Viewing

For general enquiries and viewing arrangements please contact Joseph i’Anson at Bradley Hall.

Tel: Email: