75 English Street Carlisle Cumbria CA3 8LU

75 English Street
Carlisle
Cumbria
CA3 8LU

High Yielding City Centre Freehold Cafe/Bar Investment

Let to tenant trading as Open Mind Bar
Renewed lease from 8th November 2017, expiring on 27th August 2024
Property significantly refurbished in 2014
Prominent position on Carlisle 'bar circuit', opposite Carlisle Train Station
Nearby occupiers include Boots the Chemist, Tesco Metro, Greggs, B&M and various banks
Historic University City and Gateway to the Lake District

Lot
31
Auction
21st May 2020
Rent
£23,000 per Annum Exclusive
Status
Sold
Price
£160,000
Auction Venue
Live Streamed Auction

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High Yielding City Centre Freehold Cafe/Bar Investment

Let to tenant trading as Open Mind Bar
Renewed lease from 8th November 2017, expiring on 27th August 2024
Property significantly refurbished in 2014
Prominent position on Carlisle 'bar circuit', opposite Carlisle Train Station
Nearby occupiers include Boots the Chemist, Tesco Metro, Greggs, B&M and various banks
Historic University City and Gateway to the Lake District

Lot 31
Auction 21st May 2020
Rent £23,000 per Annum Exclusive
Status Sold
Price £160,000
Sector
Restaurant
Auction Venue
Live Streamed Auction

Property Information

Location

Miles: 12 miles north of The Lake District; 59 miles west of Newcastle upon Tyne
Roads: A7, A69, M6
Rail: Carlisle
Air: Newcastle Airport

Situation

Carlisle is an attractive Cathedral City approximately 59 miles west of Newcastle upon Tyne. The property is located on the east side of English Street, at it's entrance to Lowther Arcade, in a prominent location on one of the Carlisle 'bar circuits', and is less than 0.1 mile from Carlisle Station. Other than a number of other bars and licensed operators, nearby occupiers include Boots the Chemist, Tesco Metro, Greggs and B&M.

Tenure

Freehold.

Location

Miles: 12 miles north of The Lake District; 59 miles west of Newcastle upon Tyne
Roads: A7, A69, M6
Rail: Carlisle
Air: Newcastle Airport

Situation

Tenure

Freehold.

Description

The property comprises a four storey building arranged as a ground floor cafe/bar, a basement beer cellar, with further trading/bar accommodation on the first floor and ancillary accommodation on the second floor. There is additional storage in the loft area, which is accessed via a hatch. The property benefits from having a 3 am premises licence.

VAT

VAT is not applicable to this lot.

EPC

Available from the legal pack at acuitus.co.uk.

Description

VAT

VAT is not applicable to this lot.

EPC

Available from the legal pack at acuitus.co.uk.

Tenancy & Accommodation

Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Reviews
Ground Basement First Second Loft	Bar Beer Cellar Bar/Ancillary Ancillary Storage	69.12 sq m - 58.00 sq m 32.34 sq m -	(744 sq ft) (-) (624 sq ft) (348 sq ft) (-)	S. KORZEWNIK (t/a Open Mind Bar)	Approximately 6.5 years from 08/11/2017 until 27/08/2024 on a full repairing and insuring lease	£23,000	08/11/2020 08/11/2023
Total		159.46 sq m	(1,716 sq ft)			£23,000

NB: The bar is currently not open for trade under the current Government guidelines. However, the tenant has confirmed that they would like to return trading as soon as the current restrictions are lifted. The tenant is up to date in respect of their rental payments having paid rent for the period from 28th February to 28th May (the tenant pays quarterly in February, May, August and November).
The landlord has agreed with the tenant a 6 month rental holiday from 28th May or until such time as the tenant re-opens for trade - please see legal pack.

If you are the successful bidder, Acuitus requires a separate payment of £1,500+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.