Lotus Thai, Cambridge

Leasehold for Sale

Leasehold: Upon enquiry

Under
Offer
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Prime city centre fully fitted licensed property (A3)

Key Points

  • n/a - (n/a)
  • Prime city centre fully fitted licensed property
  • Ground floor and basement trading with extensive 1st floor commercial kitchens
  • Private landlord. Residential upper parts occupied by 'sitting tenant'
  • Lease within the provision of the Landlord & Tenant Act (1954)
  • Late premises licence
  • Leasehold offers invited in excess of £85,000
  • EPC: N/A (The property is Grade II Listed)

Location

Green Street is at the heart of Cambridge linking Trinity and Sidney Street close to Market Square and is an established leisure pitch with Bills, Harriet's Café and Tea Room and newly opened Salt Pig, along with TK Max, Jigsaw and Petit Bateau.

Property

The character property is accessed from a central lobby entrance into a ground floor trade area with a mix of fixed and loose seating for around 25-30 covers along with bar servery and customer WC's. The ground floor provides 2 large plate glass windows providing an open and light trading spaceTo the rear is a staircase to a basement trading restaurant with a further fitted bar servery and additional seating for a further 40+ covers.

The 1st floor provides an extensive commercial trade kitchen with extraction. An additional wash up and prep area, serves the ground and basement via a dumb waiter and is fully fitted and well equipped.

The 2nd & 3rd floors are accessed internally and provide a substantial self contained flat. The current occupant is a 'sitting tenant' and pays an annual rent to the tenant. (NB- This area has not been inspected internally and vacant possession cannot be provided)

Tenure

The property is held on a 12 year lease, from 28th September 2007 at a current passing rent of £33,000 pax, subject to 4 yearly rent reviews.

The property benefits from A3 Use Class (Restaurants & Cafe) with the lease also permitting A1 or A5 use (subject to the necessary consents), with the upper parts for residential purposes for single family occupation.

The Assignor would be amenable to an offer subject to a lease renewal as part of the assignment process.

Licensing

On weekdays 10:00 to 00:00 and on Sundays 12:00 to 23:30 with extensions ancillary to meals.

Trading Information

Trading information can be made available to genuinely interested parties following formal viewings. Discreet customer inspections can be made initially without an appointment although no approach should be made to staff.

Premium

The vendor is inviting offers in excess of £85,000 for the leasehold interest of the business (exc VAT if applicable) including the remaining lease term, goodwill and trade inventory.

The business is elected for VAT but we expect the sale to transfer as a VAT-exempt Transfer of a Going Concern. Stock at valuation will be payable in addition on completion.  

Rates & Charges

Business Rates
£15,776.00 per annum (based on a Rateable Value of £32,000)
Council Tax
Available on enquiry

24 Green Street
Cambridge
Cambridgeshire
CB2 3JX