LEICESTERSHIRE - BUSY TOWN CENTRE WET-LED PUB 9.7% INVESTMENT YIELD

The Grapes is situated in the Leicestershire market town of Melton Mowbray, located 19 miles north-east of Leicester, 15 miles east of Loughborough and 20 miles south-east of Nottingham. It lies on the River Eye and the River Wreake. The town is best known for its culinary speciality, the Melton Mowbray pork pie, and as the home of one of the six licensed makers of Stilton cheese. Melton Mowbray is promoted as Britain's ‘Rural Capital of Food’.

The nearest train station to the property can be found only a short walk away on Burton Street. The station runs on the Birmingham to Peterborough Line between the city of Leicester and the Rutland town of Oakham. Regular bus services facilitate travel to the nearby towns of Loughborough and Grantham as well as the cities of Leicester and Nottingham. The nearest airport is East Midlands Airport which is located 23.6 miles north-west. The town benefits from a variety of notable landmarks and amenities such as the Melton Carnegie Museum which documents the town’s history, the Twinlakes Theme Park (located 0.5 miles north-east) and the Waterfield Leisure Centre.

The Grapes, which is purported to date back to the 16th century, is situated within the town centre, adjacent to the busy Market Place. It occupies a Grade II listed, three-storey, corner terrace, part brick, part stone building underneath a pitched tile roof.

TRADE AREAS
ENTRANCE HALL providing access to the first floor and entry to the open plan MAIN BAR with combined seating for 60, part carpet, part wooden flooring, wooden main bar servery and access to both LADIES’ and GENTLEMEN’S TOILETS and a rear entrance hall. BASEMENT CELLAR comprising 3 distinct rooms and an external barrel drop.

OWNERS ACCOMMODATION
FIRST FLOOR
LOUNGE. KITCHEN/DINER with utility room/boiler cupboard.

SECOND/TOP FLOOR
TWO DOUBLE BEDROOMS. BATHROOM.

EXTERNAL
Pavement licence permitting a FRONT TRADE PATIO with bench seating for 12.

The Grapes trades under tenanted operation as a traditional, wet-led, town centre public house. The venue hosts a variety of events which include live music, bike nights and celebratory functions. A sizeable drinks selection is on offer with the premises being popular for its outdoor seating adjacent to Market Place.

Trade accounts are not available for assessment. No trade is sold or warranted.

THE BUSINESS IS UNAFFECTED BY THE SALE.

FREEHOLD £185,000

The sale of the property will not include trade fixtures and fittings which are in absolute ownership of the tenant, therefore an inventory of fixtures and fittings will not be provided.

The property is sold subject to and with the benefit of the existing lease.

TERM: 30 year lease, commencing December 2010.
LANDLORD & TENANT ACT 1954: Inside Part II Landlord & Tenant Act 1954.
ASSIGNABILITY: Fully assignable.
RENT: Annual rent £18,000 plus VAT, paid quarterly in advance.
RENT REVIEW: To take place every 5th anniversary of the commencement date, with minimum increases of 12.5% or at open market assessment not exceeding an increase of 20%.
REPAIR LIABILITY: Full repairing and insuring lease agreement.
TIE: Free of all trade ties.
INSURANCE: The Landlord will insure the building, the cost of which will be charged to the Tenant by way of an Insurance Rent.
LANDLORDS DEPOSIT: No deposit.

No direct approach to be made to the business; please direct all communications through Sidney Phillips. Viewing strictly by appointment only.

A full Premises Licence is held permitting the retail of alcohol:
Sunday to Thursday: 09.30 - 00:00
Friday & Saturday: 09:30 - 02:30

All mains services are connected. The property also benefits from both fire and burglar alarms.