Freehold Commercial Investment Function Room Hire For Sale

Business description

Advent Business Sales is pleased to have been instructed to offer to the market this excellent investment property with attached in house buffet service business.

Although the premises in part, dates back over 60 years, various extensions and additions have resulted in the building having 4 different titles at the land registry office.

The present vendors purchased the premises in 2006 and divided them up to be suitable for letting purposes and for function room hire.

The vendors have now reluctantly decided to sell the premises as they are planning to emigrate.

The current income for the 6 separate areas amount to £3608 per calendar month, payable monthly in advance.

The two function rooms are booked on average 4 days per week by quality customers such as Bedford Borough and County Councils, the police and local security firms. This equates to a monthly income of £3600 on average.

In addition to these incomes, the business provides a buffet service for those using the function rooms, for which the average cost is £2000 per month. Gross profit on the buffet service is approximately £1,300 per month.

The whole site therefore contributes a gross income of £8500 a month or £102,000 per annum.

The business only has the need to employ one full time employee to prepare and serve the buffets.
REF: 8856MK

Property information

Property:

Freehold

Lease terms:

TENURE: Freehold

We are advised that the annual business rates are currently: £4000

Living accommodation:

• Modern two storey premises of traditional construction. • Split into 6 letting areas with 2 large function rooms. • Shared facilities at regular intervals around the building. • A shared reception area. • Large car park with approximately 30 spaces.

Location:

The Property is ideally located in a commercial area in Bedfordshire. It is only a few minutes walk from the town centre and the bus station and only approximately 10 minutes from the railway station.

They have their own car park, which can accommodate approximately 30 vehicles, there is also a very large pay and display car park within 100 yards.

The town is almost equidistant from the M1 and the A1, with the A6 running almost by the premises front door.
Nearby towns include Northampton, Milton Keynes, Rushden and Hitchin.

Other information

Expansion potential:

Whilst the premises provide excellent returns, there is still scope to increase profits further by:
1. Increasing the rents when their current leases expire in another 2 years, they will by then not have increased in 4 years
2. Advertise the function rooms as available at Christmas for parties and disco’s
3. The leases provide that a charge be made of £1.00 per square foot to occupiers to cover the cost of a receptionist, this has never yet been charged
4. There is the possibility of a large piece of land to the rear of the premises being developed. The most likely route if this was to transpire, would be by demolishing the vendors building.

Trading hours:

Mon – Fri: 8.00am – 6.00pm Sat - Sun closed

Financing available:

Please let us know if you require finance for the purchase of a business.

Related documents:

• 
• Document

• Sales paticulars