High Street, Brecon - £257,000
In a great location in the centre of Brecon is this well-known bar & café with two bed flat above. A great investment opportunity.
Brecon is a traditional market town and situated on the High Street in a prominent location is this bar & café with two bed flat above. With an attractive frontage it has glazed bi-fold doors on the ground floor allowing the trading area to flow into the street where the property is licensed to place six tables; perfect for the summertime.
The ground floor hosts the main bar and a prep room/kitchen. A spiral stairs takes you to the first floor which has its own bar and downstairs to the basement toilets where there is also a lockable wine and spirits store. The bar areas are fully equipped and are finished to a contemporary style with down lighting to enhance its modern ambience and a projector TV. Outside at the rear is a small yard with metal stairs to the owners flat which is spread over two floors and comprises of a kitchen, bathroom, living room and two attic double bedrooms.
The trade areas are on two floors which extends to 1800 square feet and the current owner has concentrated on the late night venue business although it has potential as a traditional café/bar. The vendor has owned the business for 21 years and The Lounge has become an essential and established venue in the town. Accounts for the year ended 31 March 2022 show takings of £170,677. The trade is dominated by the supply of drink with little food being provided and purchasers may feel this is an area that can be developed. Under the term of the premises licence the business is permitted to retail alcohol between the hours of 10:00am and 2:00am Sunday to Wednesday and 10:00am and 3:00am Thursday to Saturday.
Brecon is a traditional market town, the centre of the Brecon Beacons National park. It has a population of approximately 8,000 and has a bustling town centre with a variety of independent shops and amenities including a market, cinema, theatre, leisure centre and golf course. Being an area of outstanding natural beauty it is a very popular tourist destination perfect for outdoor pursuits such as hiking, biking and canoeing. With good access links, Cardiff, Swansea and Hereford are all an hour’s drive and the nearest train station is in Abergavenny which is 20 miles away.
Incoming - £12,000 TO INCLUDE FIXTURES AND FITTINGS AND GOODWILL. STOCK AT VALAUTION IN ADDITION
Term - 6 years
Landlord & Tenant Act 1954- Inside Part II of the Landlord & Tenant Act 1954
Assignability- Fully Assignable
Deposit - A deposit equivalent to three months’ rent in advance
Rent - £15,000 & VAT per annum, paid monthly in advance
Rent Review- Subject to rent reviews every third year of the term
Repair Liability - Full repairing and insuring lease agreement
Tie -Free of all trade ties
Insurance - The Landlord will ensure the building, the cost of which will be charged to the Tenant by way of an Insurance Rent
VAT- As this will be a transfer of the going concern VAT will not be payable on the Premium but will be payable on subsequent rental payments.
Services: All mains services. Please note we have not tested the appliances, central heating or services.
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