Prime Leicester City Centre Cafe Bar Complex For Sale

Business description

UNIQUE OPPORUNITY TO ACQUIRE PRIME BANK CONVERSION WITHIN LICENSED RETAIL CIRCUIT OF CITY OF LEICESTER

> 13,000 sq ft over 3 floors currently trading in the style of an Unbranded Café Bar inc Flats
> Authorised Licensable Activity 10am till 3:30am x 7 (2:30am Alcohol)
> By way of planned redevelopment Floors # 1&2 Licensed Retail - # 3 x Residential Apartments (6)
> Former Barclays Bank fronting Hotel Street adjacent open market
> Freehold available as an option when acquired lease (conditions negotiable)
> Licensed of 760

A RARE CHANCE TO ACQUIRE THIS SITE WITH A RAFT OF POTENTIAL USAGE OPPORTUNITIES FOR WHICH WE ARE INSTRUCED TO SEEK OFFERS ON £845,000 FREEHOLD or £140,000 NEW FREE OF TIE LEASE


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LOCATION (LE1 5AT)
This unique opportunity lies in Heart of the City of Leicester’s licensed retail circuit on HOTEL STREET within close proximity of Leicester’s Open Air Market. From the A594, Vaughan Way, turn left at St Nicholas Circle with the Holiday Inn and follow into Hotel Street. Within the properties locale lies St Martins Square, the new Billion Pound High Cross Retail Mall, Leicester College and De-Montford University, Leicester Royal Infirmary, Leicester Cathedral and many “branded” bar and restaurant operations feeding upon the huge “footfall” of potential customers. There is an abundance of on-street parking and public car parks within the city and the BR Station is a walk-able ½ mile distance.


PROPERTY DESCRIPTION
A most impressive substantial former retail bank within a row of 3 story properties, of well engineered brick construction having entrances to the front and rear of the property. Currently the property is used on its basement and ground floors as a Café Bar style of operation with an Atrium providing an upper trading floor. To the top story there are residential flats. Each of the # 3 floors have circa 4,450 sq ft (13,000 sq ft in total) of combined use (retail, residential and auxiliary). Plans are in place to develop the property with improved licensed areas and town centre apartment (6). Draft plans are available and favourable discussions have taken place the Local Authorities.


OWNERS ACCOMMODATION & LETTINGS
The current operator lives “off venue” however there is a flexibility in the present arrangements and within the proposed future development


PREMISES LICENSES
The premises license allows for Licensable Activities from 10am through till 3:30 am all week (sale of alcohol ON or OFF premises 10am till 2:30 am). A personal licence will be required (the existing manager who is well know and respected by Police and Local Licensing committee) would be open to discussions to stay on. The premises are licensed for 760 guests.

TENURE
We are instructed to offer the property and business for sale as TOTALLY FREEHOLD or by way of a negotiable Free of Tie Lease with a purchase option of the Freehold at a pre-set price (this is not conditional within the new lease). Our instructing Freeholder will be looking for a rent of £80,000 in year 2 and by negotiation in the 1st year depending on the strength of the covenant.


THE BUSINESS
Our client has instructed us not to divulge current sales figures until post official viewing of the property however it is enough to say that they are “substantial” and attract huge Free Trade Discounts. Without doubt the business would benefit from “branding” or a re-focus by a private “entrepreneur”.


THIS IS A RARE OPPORTUNITY TO ACQUIRE A HIGHLY DESIRABLE FREEHOLD OR LEASED FREEHOUSE – A MUST FOR A VIEWING EARLY

Property information

Property:

Leasehold