Babar Elephant, Morecambe RoadLA1 5JB

Description
The Property comprises a two storey detached restaurant of stone elevations beneath a pitched tile covered roof. Beer patio, garden and car park for 70 vehicles.

Viewings
All viewings must be arranged strictly by appointment with the sole selling agents Savills.

Terms
We are instructed to invite offers in excess of £625,000 (8.54% Gross Initial Yield). The business will continue to trade unaffected from the premises during the marketing of the Property and post completion of the sale.

Accommodation
Entrance reception leading to a lobby area for takeaway sales beyond which is a small lounge bar area. The main restaurant is extensive offering around 90 covers on the ground floor and with a further area at mezzanine level which can also be separated for functions as it has its own bar servery. The catering kitchen and beer cellar are both located on the ground floor.

Tenure
The Property is held freehold. The entire Property is let on a 10 year lease to Concept Bars & Restaurant Ltd (t/a Babar Elephant) commencing 1st February 2018. Current rental of £53,404 per annum, subject to annual RPI linked rental increases (cap & collar 4% and 1%) and five yearly open market reviews.

VAT
It is envisaged that the Property will be sold as a TOGC so the transaction should therefore be
exempt from VAT.

Planning
Our enquiries of the local authority have revealed that the Property is not listed nor within a Conservation Area.