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Former Licensed Bar With Residential Above, 23 High Street, Long Eaton, Nottingham, NG10 1HY

1,500 Sq Ft / Leisure / Pubs/Bars/Clubs

For Sale - £300,000.00

Under Offer - Last updated: 16 March 2021

The property comprises substantial premises with accommodation arranged on basement, ground and two upper floors, having been previously occupied for leisure purposes as a public house.

The accommodation consists of basement storage accommodation, a large ground floor area together with first and second floor accommodation.

The rear of the property is approached by an access yard off Clifford Street. Please note that there are cross-rights of way over the yard in favour of the adjacent property known as The Factory Night Club.

The property is suitable for redevelopment to provide 5/6 apartments referred to later on, together with retail/leisure use on the ground floor or alternatively potential for further office/residential use.

Location

Long Eaton is a busy market town located 8 miles south-west of Nottingham and 9 miles east of Derby.

It has excellent transport links located close to the A52 Nottingham to Derby trunk road and J25 of the M1 Motorway. The town supports a retail catchment population of circa 40,000 and a catchment of 210,000 within a 20 mile drive time.

The main shopping centre facilities for the town are centred upon the Market Place and High Street. This property is located in a secondary position at the eastern end of the High Street close to the junction with Cross Street and Main Street. Nearby occupiers include Armstrong Mill, British Heart Foundation and Argos. Cross Street is also anchored by a major Tesco Superstore which operates 24 hours per day.

The surrounding properties are occupied mainly for retail and residential use.

The property has a main frontage to High Street and rear access from Clifford Street.

Accommodation

Ground Floor

Public House - 139.35 sq m (1,500 sq ft)

First Floor

Apartment - 24.02 sq m (259 sq ft)

Apartment - 41.54 sq m (447 sq ft)

Apartment - 37.73 sq m (406 sq ft)

Second Floor

Apartment - 48.01 sq m (517 sq ft)

Apartment - 37.95 sq m (408 sq ft)

Total - 328.60 (3,537 sq ft) 

Indicative plans show that it is possible to convert the first and second floor accommodation into 5/6 apartments.

The current plans indicate 3 no. 1 bedroom apartments on the first floor and 2 no. 2 bedroom apartments on the second floor. Pro rata a developer will see a better return for 1 bedroom apartments which should let upwards of £450 per calendar month.

Consequently in our opinion there is the potential to provide 6 no. 1 bedroom apartments.

Terms

Legal Costs - Each side are to be responsible for their own legal costs.

Price - Offers are invited at: £300,000 (Three hundred thousand pounds)

VAT - The property is elected for VAT. The property will not be sold as a going concern and potential purchasers will need to reclaim the VAT from HMRC three months after completion.

EPCs - Available upon request.

Identity Checks - In order to comply with Anti-Money Laundering Legislation, the successful purchaser will be required to provide certain identification documents. The required documents will be confirmed to and requested from the successful purchaser at the appropriate time.

Plans - Draft plans are available upon request.

Planning - The property is sold without the benefit of Planning Consent for conversion into residential use.

Prospective purchasers should make their own enquiries of the Erewash Borough Council Planning Department (Tel: 0115 907 2244, Email: planning@erewash.gov.uk) Tenure Freehold.

Specification

  • Former licensed bar and premises with development potential to provide 5 - 6 apartments at first and second floor levels
  • Ground Floor Public House area – 1,500 ft²
  • Offers invited at £300,000 

Property Quote Price(s)

DescriptionSale typeGuide pricePrice type
  For Sale Freehold £300,000.00 NA

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Contact agents

Noel Roper

FHP Property Consultants

0115 882 1132



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