Leisure/hospitality to let in Granby Street, Leicester LE1

£25,000 pa (£481 pw)
Leisure/hospitality to let
Interested in this property? Call +44 116 448 9059 * or Request Details

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Property description

This is an excellent opportunity to purchase a successful and popular business in one of Leicester's iconic, Grade II Listed buildings within a recognised bar and restaurant area. 1901 - The Turkey Cafe is noted for its cocktails, food and attractive decor and outside seating and has excellent Trip Advisor and social media ratings. The cafe/bar trades over three levels and is held under a lease for 15 years from 2014 at a current rent of £25,000 per annum with an asking price of £100,000 for the business.

Situation

The property is situated on Granby Street within Leicester City Centre, a busy and popular thoroughfare linking Leicester mainline railway station with the main retail core. The street is known for its wide range of bars, restaurants and cafes and independent retailers. Nearby occupiers include Tesco Express, Subway, Caffe Nero and Natwest with a large, new Sports Direct store due to open this Autumn.

Location

In the 2011 Census, the population of the Leicester City Council area was approximately 330,000, the highest in the East Midlands, with approximately 510,000 in the wider Leicester urban area. It is, therefore, the tenth largest city in the UK and England’s 11th largest urban area.

Leicester is situated adjacent to the M1 at its intersection with the M69 and road communications are very good. The Midland Mainline Railway serves the city and the journey time to London St. Pancras is just over an hour. Furthermore, East Midlands Airport is approximately half an hour’s drive away.

Leicester is a cosmopolitan city with the largest ethnic population in the country with the majority of Asian origin.

There are two large universities, the University of Leicester and Leicester De Montfort with a combined population of approximately 40,000

Major employers include the two universities, Pepsico, Next Plc, Santander, Samworth Brothers, Crown Crest Group, Shoe Zone Group and Topps Tiles.

Leicester has a broad industrial and commercial base with nearly 25% of the population working in the manufacturing sector compared with a national average of 15%.

Description

The leasehold business, 1901 - The Turkey Cafe, is established in this iconic, Grade II Listed building and arranged over a number of floors.

The well-known property has a range of styles including a Moorish frontage, the building's name in Arts and Crafts lettering, an art nouveau stained glass window and the memorable turkey in ceramic tiles above the parapet.

Accommodation

The front seating and newly-installed solid oak bi-folding doors lead to the main bar from which there is access, firstly, to the kitchen and cellar. Steps up from the bar lead to an attractive rear area which includes a further bar and seating areas. Return steps lead up to a separate, panelled function room and another public area with ladies and gents wc's off.

The Business

The business trades as 1901 - The Turkey Cafe and is a very popular eatery and drinking venue with an 80%/20% wet/dry trade split. On Trip Advisor, 89% of customers have rated the cafe "Excellent" or "Very good" and its Facebook rating is 4.8 out of 5.

Takings are generally £5-7,000 per week with the following opening hours:

Tues/Wed/Thurs 17:00 to 24:00
Fri 17:00 to 02:00
Sat 12:00 to 02:00

There is clearly an opportunity to extend these hours and to provide morning coffees, breakfast, brunches and lunches. Food is generally provided in the early evenings and includes afternoon teas, cheese and meat platters and bar snacks.

Details of staffing levels and copies of accounts can be provided to interested parties who have viewed and provided proof of identity.

Price

£100,000 for the goodwill, fixtures and fittings plus stock at valuation.

Services

The property is connected to main electricity, water and drainage services.

The accommodation is heated and cooled by hot and cold air-conditioning units.

Planning

The property has the benefit of Planning Permission for A3 Restaurant and Cafe use and is Grade II Listed.

Interested parties are advised to make their own enquiries at Leicester City Council.

Business Rates

The property is described in the 2017 Rating List as Cafe and Premises with a Rateable Value of £11,000.

Under current regulations, no business rates are payable.

Lease

The premises are held on effectively internal repairing and insuring terms for 15 years from 2014 with rent reviews and tenant-only break clauses at 3-yearly intervals. The repairing liability is limited by a schedule of condition.

Rent

£25,000 per annum.

Energy Performance Certificate

An Energy Performance Certificate is not required due to the Listed Building status.

Legal Costs

Each party will be responsible for their own costs in respect of the transaction together with 50% of the Landlord's costs in respect of the assignment.

Value Added Tax

VAT is not payable on the rent.

Possession

Vacant possession will be granted on completion of legal formalities.

Viewings

For further information or to arrange a viewing please contact Kevin Skipworth of Andrew Granger & Co, Leicester office on or via email at

please be aware that the staff are unaware of the proposed sale.

Property info

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For more information about this property, please contact
Andrew Granger & Co, LE1 on +44 116 448 9059 * (local rate)

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Disclaimer

Property descriptions and related information displayed on this page, with the exclusion of Running Costs data, are marketing materials provided by Andrew Granger & Co, and do not constitute property particulars. Please contact Andrew Granger & Co for full details and further information. The Running Costs data displayed on this page are provided by PrimeLocation to give an indication of potential running costs based on various data sources. PrimeLocation does not warrant or accept any responsibility for the accuracy or completeness of the property descriptions, related information or Running Costs data provided here.

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