The property comprises a substantial mid-terrace building constructed in traditional materials laid out over 2 floors.
The property is currently vacant but was previously used as a restaurant and is still partially fitted out for this purpose. The trading areas are spread out over the ground and first floors and in addition to this, there are 2 separate self contained residential units also situated on the first floor.
There is access to the rear of the property off Spring Gardens.
The property is situated in a prominent position fronting Queen Street, which is situated within the centre of Louth. The Market Place is located a short distance to the west and there are a wide variety of retail national multiples located in the vicinity including Caffé Nero, Greggs and Boots.
The surrounding area on Queen Street is predominately commercial in character with a good range of restaurant and retail uses occupying nearby units.
Louth is a prosperous market town close to the Lincolnshire Wolds with a resident population of circa 16,000 and a wide rurally based catchment. The Town has in recent years been voted by viewers of the BBC Countrywide programme as Market Town of the Year. It is located about 30 miles north east of Lincoln and 15 miles south of Grimsby.
TOWN AND COUNTRY PLANNING
We understand that the property has an established consent for restaurant/pub uses falling within Classes A4 and A3 of the Town and Country Planning (Use Classes) Order 1987 (as amended).
The upper floor parts have consent for residential use falling within Class C3 (Dwellinghouse) of the Town and Country Planning (Use Classes) Order 1987 (as amended).
The property is not listed, but is located within a Conservation Area.
The property is available To Let by way of a new lease for a minimum term of 7 years, subject to a rent review after 5 years, with the lease to include the 2 upper floor flats.
The lease is to be drawn on a Full Repairing and Insuring terms.
Alternatively, the owners may consider a disposal of freehold interest.
£25,000 per annum payable quarterly in advance
Price – on application
In the case of a letting, the new tenant will be responsible for the landlord’s reasonable legal costs incurred in documenting the transaction.
In the case of a sale each party will pay their own costs.