High Yielding City Centre Freehold Cafe/Bar Investment
Let to tenant trading as Open Mind Bar
Renewed lease from 8th November 2017, expiring on 27th August 2024
Property significantly refurbished in 2014
Prominent position on Carlisle 'bar circuit', opposite Carlisle Train Station
Nearby occupiers include Boots the Chemist, Tesco Metro, Greggs, B&M and various banks
Historic University City and Gateway to the Lake District
Lot 31
Auction 21st May 2020
Rent £23,000 per Annum Exclusive
Status Sold
Price £160,000
Sector Restaurant
Auction Venue Live Streamed Auction
Property Information
Location
Miles
12 miles north of The Lake District
59 miles west of Newcastle upon Tyne
Roads
A7, A69, M6
Rail
Carlisle
Air
Newcastle Airport
Situation
Carlisle is an attractive Cathedral City approximately 59 miles west of Newcastle upon Tyne. The property is located on the east side of English Street, at it's entrance to Lowther Arcade, in a prominent location on one of the Carlisle 'bar circuits', and is less than 0.1 mile from Carlisle Station. Other than a number of other bars and licensed operators, nearby occupiers include Boots the Chemist, Tesco Metro, Greggs and B&M.
Tenure
Freehold.
Location
Miles
12 miles north of The Lake District
59 miles west of Newcastle upon Tyne
Roads
A7, A69, M6
Rail
Carlisle
Air
Newcastle Airport
Situation
Carlisle is an attractive Cathedral City approximately 59 miles west of Newcastle upon Tyne. The property is located on the east side of English Street, at it's entrance to Lowther Arcade, in a prominent location on one of the Carlisle 'bar circuits', and is less than 0.1 mile from Carlisle Station. Other than a number of other bars and licensed operators, nearby occupiers include Boots the Chemist, Tesco Metro, Greggs and B&M.
Tenure
Freehold.
Description
The property comprises a four storey building arranged as a ground floor cafe/bar, a basement beer cellar, with further trading/bar accommodation on the first floor and ancillary accommodation on the second floor. There is additional storage in the loft area, which is accessed via a hatch. The property benefits from having a 3 am premises licence.
VAT
VAT is not applicable to this lot.
EPC
Available from the legal pack at acuitus.co.uk.
Description
The property comprises a four storey building arranged as a ground floor cafe/bar, a basement beer cellar, with further trading/bar accommodation on the first floor and ancillary accommodation on the second floor. There is additional storage in the loft area, which is accessed via a hatch. The property benefits from having a 3 am premises licence.
VAT
VAT is not applicable to this lot.
EPC
Available from the legal pack at acuitus.co.uk.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Reviews
Ground Basement First Second Loft
Bar Beer Cellar Bar/Ancillary Ancillary Storage
69.12 sq m - 58.00 sq m 32.34 sq m -
(744 sq ft) (-) (624 sq ft) (348 sq ft) (-)
S. KORZEWNIK (t/a Open Mind Bar)
Approximately 6.5 years from 08/11/2017 until 27/08/2024 on a full repairing and insuring lease
£23,000
08/11/2020 08/11/2023
Total
159.46 sq m
(1,716 sq ft)
£23,000
NB: The bar is currently not open for trade under the current Government guidelines. However, the tenant has confirmed that they would like to return trading as soon as the current restrictions are lifted. The tenant is up to date in respect of their rental payments having paid rent for the period from 28th February to 28th May (the tenant pays quarterly in February, May, August and November). The landlord has agreed with the tenant a 6 month rental holiday from 28th May or until such time as the tenant re-opens for trade - please see legal pack.
If you are the successful bidder, Acuitus requires a separate payment of £1,250+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.
