Restaurant/cafe for sale in Front Street, Corbridge NE45

Location

The subject property is located on Front Street in the town centre of Corbridge. The property is surrounded by a mixture of houses and businesses including Corbridge Cookshop, Massey’s Tea Room, Corbridge Tandoori and Shorts of Corbridge. Corbridge is an affluent village in Northumberland, situated on the River Tyne and is 4 miles east of Hexham and 20 miles west of Newcastle upon Tyne city centre.

Description

The subject property comprises an end terrace stone built building which is currently occupied and fit out as a restaurant. The ground floor comprises a restaurant area and there are WC’s and office facilities to the first floor. There is a residential flat to the second floor with four bedrooms. The flat is only accessible through the restaurant and forms part of the overall demise which the sole tenant occupies.

Accommodation

Ground floor 136.6m² 1,470ft²
First floor 40.4m² 435ft²
Second floor 101.0m² 1,087ft²
Total 278.0m² 2,992ft²

Tenancy information

The property is currently let to a private individual, trading as Casa Rosso restaurant. The lease is for a term of 6 years and 11 months from 9th November 2019, at a rent of £40,000 per annum.

Rating assessment

The rateable value of the premises as at 1 April 2023 is £43,750 and the estimated rates payable for the current year is £21,831.25. This is based on the standard Small Business Rate of 49.9p in the pound, however, interested parties should confirm the current position with the Local Authority.

EPC rating

Awaiting EPC Rating.

Terms

The freehold of the property is available with a guide price of £475,000 (Four Hundred and Seventy Five Thousand Pounds). This equates to a net initial yield of 8.05% assuming purchaser’s costs at 4.59%

VAT

All rents, premiums and purchase prices quoted herein are exclusive of VAT. All offers are to be made to Bradley Hall upon this basis, and where silent, offers will be deemed net of VAT.

Legal costs

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

Anti-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.