Freehold £350,000 and Leasehold Nil Premium
Key Features
Description
Substantial Indian Restaurant in Urban Location.
Purpose built property former public house. Open plan split level dining area(200). Large former public bar(in need of refurbishment). Four bed flat. Extensive parking (47). Currently closed.
Location
Fairwater stands on the south-western edge of the town of Cwmbran some 6 miles north of the city of Newport and the M4 motorway. It is a densely populated residential area and the Spice Inn is located at its very heart adjacent to a shopping centre.
The Spice Inn was formerly a public house and a community centre known as the ‘Fairwater House’ it was then converted to an Indian Restaurant with open plan dining areas able to cater for 200 persons. However, these areas together with the catering kitchen are no longer equipped.
Tenure & Price
FREEHOLD £350,000.
Please note this is a virtual freehold/ground lease. The property is held on a 999 year lease commencing 24 June 1969, subject to a peppercorn rent. The ground is owned by the local authority.
OR ALTERNATIVELY:
Our clients are prepared to consider applications for a new Twenty Year Full Repairing and Insuring Lease, WITH NO PREMIUM being payable.
The first twelve months to be rent free and thereafter a commencing rental of £25,000 per annum is applicable. The business will be free of any trading tie and this agreement will be protected by Part II of the 1954 Landlord & Tenant Act.
Under the terms of the lease the successful applicant will be required to lodge a security deposit equivalent to one quarter’s rent with the freeholder. No direct approach to be made to the business, with all communications directed through Sidney Phillips.
Viewing strictly by appointment only.
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