This 'prominent' venue could be yours... for £250,000 or on a 20-year lease
PUBLISHED: 17:15 27 February 2019
A prominent hotel and bar which has been closed for two-and-a-half years could present new owners with "a great opportunity in an area of growth".
That is the claim of leisure property specialists Fleurets, who are marketing the freehold or a new lease on Bayfields in Lowestoft.
With Fleurets marketing the freehold or a new “20-year free of tie” lease on the property in Lowestoft High Street, on behalf of the Wellington Pub Company, an open viewing session is set to be held at the venue in March.
Described as a “substantial 19th century three storey end terraced building” the property is “ideally placed” on the corner of the town’s High Street.
Featuring a large main bar, first floor restaurant and 10 en-suite letting rooms for B&B use, a Fleurets spokesman said: “The Freehold asking price is £250,000 plus VAT.
“The new lease is being offered on a 20-year term, which would be free of tie and on a full repairing and insuring basis.
“So the tenant would be responsible for the entire building and site. The free of tie aspect means that the ingoing tenant is free to purchase their beer, wines, spirits and soft drinks from wherever they choose.
“The lease would have a guide rent of £18,000 per annum plus VAT.”
With Fleurets having marketed the lease since 2013, the spokesman added: “During that time the last temporary tenant has left resulting in a closed property. It has now been closed for about two-and-a-half years.
“We have been marketing the freehold since 2018.
“The property does attract a significant amount of interest however there is a great deal of work that needs to be addressed throughout the property and if a new lease was offered then our clients would consider offering certain concessions including a rent free period and possible stepped rent option over an agreed period.
“Those looking to take on a new lease will need to demonstrate that they have enough capital to cover all ongoing costs such as repairs, decoration, fixtures and fittings, deposit, solicitors costs, stock and working capital.”
An open viewing session will be held at the pub on Tuesday, March 12 from 12.30pm - 1.30pm.
Register your interest via www.fleurets.com or call the east office on 01223 402600.
‘An area of growth’
The Fleurets spokesman said: “The property in my opinion is ideally placed on the corner of the main high street and is a prominent three storey build with the benefit of offering a large main bar, first floor restaurant and 10 letting rooms for B&B use.
“It would be a great opportunity for an existing operator looking to secure themselves in the developing coastal town of Lowestoft.
“Alternatively there may be local interest, who may wish to look to convert the building to offices or retail outlets – pending planning permission – that would also provide further working space security for the town’s residents.
“Lowestoft itself is beginning to gain a resurgence in the hospitality sector and Fleurets have overseen a number of successful sales and lettings of pub, hotels and restaurants in and around Lowestoft over the years.
“It is constantly being identified as an area of growth that operators are rightly beginning to take notice of.”