Restaurant for sale

Market Place, Tattershall LN4

Investment Consideration:
Gross Initial Yield: 7.09%
Rental Income: £51,400 p.a.
VAT is applicable to this property
Commercial premises let until February 2034. No breaks. Rent review in 2029
Comprises ground floor takeaway premises t/a Domino`s Pizza and 3 residential dwellings
Residential units include 1 x 1-bed, 1 x 2-bed flats and a 3-bed three-storey townhouse
Occupiers nearby including Co-Op Food, Age UK, Public House, Barber Shop and others.

Property Description:
The property comprises large ground floor takeaway premises t/a Domino`s Pizza and 3 residential dwellings (1 x 1-Bed, 1 x 2-Bed Flats and a 3-Bed Townhouse). The property benefits from communal yard at rear and customer seating at front, providing the following accommodation and dimensions:
Ground Floor Takeaway: 112 sq m (1,205 sq ft)
Open plan seating, kitchen, office, storage, customer and staff wc`s
Flat 11A: 70 sq m (753 sq ft)
2 bedrooms, kitchen/living room, bathroom
Flat 11B: 50 sq m (538 sq ft)
1 bedrooms, kitchen/living room, bathroom
House 11C: 100 sq m (1,076 sq ft)
3 bedrooms, kitchen/living room, 2 bathrooms
Total Commercial gia: 112 sq m (1,205 sq ft)
Total Residential gia: 220 sq m (2,376 sq ft)

Tenancy:
The ground floor takeaway is at present let to dp Realty Limited for a term of 10 Years from 2nd February 2024 at a current rent of £25,000 per annum and the lease contains full repairing and insuring covenants. Rent review on 02.02.29 open market upward only. No breaks.
Flat 11A is at present on a Periodic Tenancy to an Individual at a current rent of £9,000 p.a. Deposit held of £865.39.
Flat 11B is at present on a Periodic Tenancy to an Individual at a current rent of £7,800 p.a. Deposit held of £750.
House 11A is at present on a Periodic Tenancy to an Individual at a current rent of £9,600 p.a. Deposit held of £923.

Location:
Tattershall is a village and civil parish in the East Lindsey district of Lincolnshire. It is situated on the A153 Horncastle to Sleaford road. The property is situated in the heart of the village, with occupiers nearby including Co-Op Food, Age UK, Public House and others.