Fenways, Loughborough

Leasehold for Sale

Price: Offers Invited

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Tremendous bar-restaurant opposite Leisure development in the centre of busy and popular town.

Key Points

  • 641 sq m Gross Internal Area - (6,900 sq ft)
  • Fantastic Bar-Restaurant in centre of thriving and popular town
  • Opposite the Baxter Gate Development with Cineworld, Nandos, Pizza Express, Revolution and Loungers all adjacent
  • Attractive Front & Rear terrace and car park (currently utilised as pay & display)
  • Free of Tie Lease

Location

Fenways is situated on Baxter Gate in the centre of Loughborough just off the A6, Jubilee Way/ Lemyngton Street. The Baxter Gate area offers several diverse bars and restaurants, with high street names such as Nandos, Pizza Express, Revolution Loungers, Bella Italia and Starbucks, anchored by the 8-screen Cineworld. Loughborough is the second largest settlement in Leicestershire and home to the renowned Loughborough University, with a population of 59,317, a student population of c.25,000, and a primary catchment area of 144,000. The town is approximately 10 miles to the north of Leicester and 12 miles south of Nottingham, and boasts excellent communication links being within short distances of Nottingham, East Midlands Airport, Leicester and Derby. The M1 Motorway is easily accessible, with Junction 23 lying just to the west of the town.

Property

Fenways is a two-storey end terraced property of brick construction beneath pitched and flat roofs. The front elevation features attractive full height glazing either side of the central customer entrance. The trading areas briefly comprise an entrance lobby leading to the ground floor trading restaurant/bar area with large bar servery positioned centrally against the north east elevation.  The bar has an ‘open’ commercial catering kitchen and wash up area to the rear and access to the ‘Inside-Out’ area, an eclectically decorated area with its own bar servery and easy chair seating.  The Inside Out significantly increases the trading area and is also utilised for private function hire.

The first floor has it's own access, servery, W.C.s and outdoor terrace and can be used as additional trading area ancillary to the ground floor, or utilised as a separate operation entirely.

To the exterior, Fenways benefits from a paved outdoor drinking terrace to the front measuring 81 sq m, providing seating for approximately 20. To the rear, the property has an enclosed paved patio with seating for c.30 and a car park which is managed by a 3rd Party pay & display operator, which generates c.£20,000 (net) per annum.   

Business

The property underwent an extensive refurbishment before reopening in April 2017. The refurbishment completely transformed the property to provide an extremely well-appointed bar/restaurant.

We are advised the turnover is split approximately 60% food, 40% wet, and the business produces GPs of 67% on food and liquor. Trading information will be made available to genuine parties who have previously viewed the premises.

Tenure 

We have been advised the property is held on a Lease for a term of 10 years from 14th October 2016. The lease is a standard commercial, Free of Tie agreement, with the current rent £50,000 p.a. excluding VAT, payable monthly in advance.  The lease contains a tenant-only break option in 2021.

Rent reviews are at 3 yearly intervals, falling due in 2019, 2022 and 2025.   Reviews are to the market rent (shell state).

Fixtures & Fittings

We understand that the majority of fixtures and fittings are owned by our clients and will be included in the sale.

Rates & Charges

Business Rates
£35,742.00 per annum (based on a Rateable Value of £72,500)
Council Tax
Available on enquiry

18 Baxter Gate
Loughborough
Leicestershire
LE11 1TG