Pub
The Marquis of Granby is a freehold mid-eighteenth and late eighteenth century building, constructed of coursed limestone rubble with ashlar dressings and a pantile and slate roof. Grade II listed. The property is a trading public house which serves food.
The property has x3 bedrooms for Bed and Breakfast. It is currently tenanted (10 years with 9 remaining), the monthly rent is £1,000 (£12,000 pa). The Bed and Breakfast room rate card is £70 per night, income from Bed and Breakfast room lets is split with the Landlord getting £30 per room booking, tenant £30 and servicing £10.
In terms of value calculations, room lets have assumed 60% occupancy. Investors typically seek circa 12% gross yield for this type of asset and location.
Wellingore is a village and civil parish in the North Kesteven district of Lincolnshire, England. The population of the civil parish at the 2011 census was 356. It is situated on the A607 road, approximately 12 miles (19 km) south from Lincoln.
Business rateable value is £9500 -paid by the tenants.
Vat is applicable on this lot.
Accommodation details as follows:
Feature fireplace, bar tables and seating, original long pews, 3 sliding sash windows. Double patio doors leading outside to beer garden and seating areas. Door access to ladies and gents.
Eighteen covers, feature fireplace, 2 sliding sash windows, facing corner bar, door to lobby and front door access.
Main dining and function room, 40 covers. 2 feature circular windows, contemporary lighting
Doors to trade kitchen, toilets and rear access.
Well appointed commercial kitchen with gas appliances, stainless steel extractor hood and work surfaces.
Male and female toilets - access to rear door bar and dining areas.
stairs behind bar leading to:
Hot water cylinder cupboard. Bath with shower over, WC and hand basin.
Twin aspect East and South facing.
Sash window to front.
Containing desk, safe and shelving.
Contains gas central heating boiler, sink, range of worktops and cupboards.
Sash window to front.
Potential for bed and breakfast use. Window to passageway
Velux window to north aspect. Potential for bed and breakfast use.
Newly refurbished, new beds and bedding, new carpets electric shower cubicle, tiled floor.
Newly refurbished, new beds and bedding, new carpets electric shower cubicle, tiled floor.
This is the master bed and breakfast, with separation from the well appointed bedroom and en suite, sash window to front.
These sales details are awaiting vendor approval.
Prospective buyers please note that the property is subject to a listed building enforcement notice. We are informed this is due to the condition of the chimney. Your attention is drawn to condition 17 within the special conditions contained within the legal pack. Prospective buyers will take the property subject to this notice, and will be responsible for any remedial works to bring the property up to standard. The Seller has agreed to make a contribution towards costs as per condition 17 within the special conditions. You must make all necessary independent enquiries prior to placing your bid, as this will be binding.
Freehold. Subject to tenancy.
Auction Details
The sale of this property will take place on the stated date by way of Auction Event and is being sold as Unconditional with Fixed Fee.
Binding contracts of sale will be exchanged at the point of sale.
All sales are subject to SDL Property Auctions Buyers Terms. Properties located in Scotland will be subject to applicable Scottish law.
Auction Deposit and Fees
The following deposits and non- refundable auctioneers fee apply:
• 10% deposit (subject to a minimum of £5,000)
• Buyers Fee of £1,500 inc. VAT
The Buyers Fee does not contribute to the purchase price, however it will be taken into account when calculating the Stamp Duty Land Tax for the property (known as Land and Buildings Transaction Tax for properties located in Scotland), because it forms part of the chargeable consideration for the property.
There may be additional fees listed in the Special Conditions of Sale, which will be available to view within the Legal Pack. You must read the Legal Pack carefully before bidding.
Additional Information
For full details about all auction methods and sale types please refer to the Auction Conduct Guide which can be viewed on the SDL Property Auctions home page.
This guide includes details on the auction registration process, your payment obligations and how to view the Legal Pack (and any applicable Home Report for residential Scottish properties).
Guide Price & Reserve Price
Each property sold is subject to a Reserve Price. The Reserve Price will be within + or - 10% of the Guide Price. The Guide Price is issued solely as a guide so that a buyer can consider whether or not to pursue their interest. A full definition can be found within the Buyers Terms.
