Investment for sale - Cleveland Inn, 37 Cleveland Street, Normanby, Middlesbrough, TS6 0LX

<strong>Description</strong><br>The property comprises the ground, basement and first floor of a two storey mid terraced building with partially rendered brick elevations beneath a pitched roof.<br><br><strong>ACCOMMODATION</strong><br>Ground: The ground floor provides an open plan trading area with central bar servery and seating on loose tables, chairs and bench seating for 60 customers. There is a separate champagne bar to the side with bar servery and seating for 20 customers. Ancillary areas include customer WC's and stores.<br /> <br /> First Floor: The first floor comprises the managers living accommodation.<br /> <br /> Basement: The basement provides cellar and stores.<br /> <br /> External: There is an enclosed customer area to the rear.<br><br><strong>Tenure</strong><br>The property is held freehold (Title Number CE119919).<br><br><strong>Tenancy</strong><br>The entire property is let to The Cobblers and Cleveland Inn Ltd on a 20 year lease from 25 May 2018 at a rent of £44,113 per annum with a concession to £22,056 per annum which is subject to five yearly open market reviews and annual uncapped RPI (except in the open market review year). A rent deposit of £5,342 is held by the landlord.<br><br><strong>Planning</strong><br>The property is not listed or situated within a conservation area.<br><br><strong>VAT</strong><br>It is envisaged that the property will be sold as a TOGC so the transaction should therefore be exempt from VAT on the basis the purchasing entity is VAT registered.<br><br><strong>EPC</strong><br>D-91<br><br><strong>Terms</strong><br>We are instructed to invite offers in excess of £200,000 (10.9% NIY based upon concession rent) assuming the usual purchasers costs.<br><br><strong>Fixtures & Fittings</strong><br>The fixtures and fittings are currently owned by the occupational tenant.<br><br><strong>Money Laundering</strong><br>Money Laundering Regulations require Savills to conduct checks upon all prospective purchasers. Prospective purchasers will need to provide proof of identity and residence.<br><br><strong>Similar Opportunites</strong><br>If you have an ongoing requirement for similar investment opportunities then please visit the following website for a selection of properties we are currently marketing: https://sites.savills.com/tavernportfolio<br><br><strong>Viewings</strong><br>All viewings must be made by prior appointment and under no circumstances should any direct approach be made to any of the occupational tenants staff.<br /> <br /> For further information and all viewing requests please contact the sole selling agents Savills.<br><br>