Retail premises for sale in High Street, Lowestoft NR32

For sale by auction on Wednesday, 24 Jul 2024 at 11:00

Venue: Livestream Auction

The Carousel public house with two recently refurbished two bedroom flats above. Currently let producing £32,400 pa

The Carousel public house is situated in a prominent position on the corner of the High Street in the Suffolk coastal town of Lowestoft. Formerly known as The Wheatsheaf this popular pub occupies a stunning historic building. This substantial building is located in a conservation area and has been funded by grants for major works on the exterior of the building. The owner has also in the past two years made major improvements to the interior of the building costing £125,000 to include rewiring, new fire alarms, plumbing renewed and the roof has had repairs. Two generous flats have been completely refurbished and are currently yielding £1,200 pcm on a fixed term lease agreement with 3 years remaining and have self-contained electric supplies. The pub is yielding £1,500 pcm and has a lease of until 12/11/2028 which commenced recently. This is a great ready made investment property. Viewings can be arranged.

Nb: The basement does have planning permission for conversion to a further flat.

Pub
Porch, bar area, pool table area, seating area with outside terrace, stairs to male and female toilets, meter room, cellar, function room with pp to be converted to a further flat if required.

Flat 1
Accessed via a communal hall with stairs to entrance. Hall, sitting room, two bedrooms, kitchen and shower room

Flat 2
Accessed via a communal hall with stairs to entrance. Hall, sitting room, two bedrooms, kitchen and shower room

Exterior
Parking to the rear

Council Tax Band
A, A

Business Rates
Current rateable value £4,600

EPC Rating: Flats = E, E, Pub = D

Additional Fees
Buyers Premium: £960 inc VAT payable on exchange of contracts.

Administration Charge - 0.3% inc VAT of the purchase price, subject to a minimum of £1200 inc VAT, payable on exchange of contracts.

Please see the legal pack for any disbursements listed that may become payable by the purchaser on completion.

Price Information
* Guides are provided as an indication of each seller's minimum expectation. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Each property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.

Additional Fees Information
Please be aware there may be additional fees payable on top of the final sale price. This includes and are not limited to administration charges and buyer's premium fees payable on exchange, and disbursements payable on completion. Please ensure you check the property information page for a list of any relevant additional fees as well as reading the legal pack for any disbursements.