Restaurant for sale

£360,000 OIRO

Attention investors! This spacious building on a great size plot has come to the market for sale and offers so much potential. It is located in the heart of Preston close to excellent transport links and amenities and can be used for a wide variety of purposes depending on your requirements and future investment plans. Call to arrange a viewing before it sells.

This is such a brilliant opportunity to purchase a spacious building with a great location that is offering so much potential and can be used for a wide variety of purposes. The building is over 3 floors which includes the basement. Externally there is car parking space behind the building and locally there are superb transport links and amenities.

The detached building building is located the near motorway, minutes walks to the train station, Chroleyhospital and other amenities. Being based on the main road, there is high foot traffic making it perfect to be converted into a HMO. The building was previously used as a restaurant making this an ideal investment opportunity which will attract multiple incomes.

This is a freehold property.

All prices are quoted exclusive of but will be subject to VAT at the standard rate.

EPCRating - E

It is rare that properties of this type come to the market for sale and when they do they sell quickly. We are expecting a huge amount of interest in it so call to arrange a viewing to avoid missing out on it.

Please contact KingswoodSales and Lettings.

City Centre Office: 01772 886 555

11 LuneStreet, Preston, PR1 2NL

FulwoodOffice: 01772 717 181

77 WatlingStreet Road, Preston, PR2 8EA

www.kingswoodproperties.co.uk

[email protected]

Disclaimer:

These particulars, whilst believed to be correct, do not form any part of an offer or contract. Intending purchasers should not rely on them as statements or representation of fact. No person in this firms employment has the authority to make or give any representation or warranty in respect of the property. All measurements quoted are approximate. Although these particulars are thought to be materially correct their accuracy cannot be guaranteed and they do not form part of any contract.

Bar Area 2.8 x 8 m (92 x 263 ft)

Restaurant Hall 4.5 x 5.1 m (149 x 169 ft)

Restaurant Hall 2 6.2 x 4.5 m (204 x 149 ft)

Kitchen 3.7 x 4.8 m (122 x 159 ft)

Store 1.5 x 3.8 m (411 x 126 ft)

Store 2 1.57 x 3.8 m (52 x 126 ft)

Kitchen Prep 3.3 x 2.6 m (1010 x 86 ft)

W/C 1.9 x 2.9 m (63 x 96 ft)

Room 1 3.7 x 4.6 m (122 x 151 ft)

Room 2 4.7 x 3.4 m (155 x 112 ft)

Room 3 4.6 x 3.2 m (151 x 106 ft)

Proposed Bathroom 1.6 x 3.4 m (53 x 112 ft)

Room 4 3.8 x 3.9 m (126 x 1210 ft)

Room 5 2.6 x 3.8 m (86 x 126 ft)

Room 6 4.2 x 2.5 m (139 x 82 ft)

Proposed En-Suite 2.2 x 2.5 m (73 x 82 ft)

Disclaimer
These particulars, whilst believed to be correct, do not form any part of an offer or contract. Intending purchasers should not rely on them as statements or representation of fact. No person in this firms employment has the authority to make or give any representation or warranty in respect of the property. All measurements quoted are approximate. Although these particulars are thought to be materially correct their accuracy cannot be guaranteed and they do not form part of any contract.

Mortgage Calculator

Your property may be repossessed if you do not keep up repayments on your mortgage.

Monthly Payment: £ 8,216.87

Monthly Payment: £ 8,216.87

Monthly Payment: £ 8,216.87

Amortization For Monthly Payment: £8,216.87 over 30 years ( Based on 3.20% Interest )

Return on Investment

£
£
£
£

Using your investment as a 25.00% deposit and £ 5,833 in costs for purchasing and getting ready to let.

Mortgage Required

£ 299700

Mortgage Loan to Value

%

Gross Yield

%

Annual ROI

%

Annual Rental Profit

£

Cumulative Rental Profit

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Cost of Purchase

£
  • Stamp Duty
    £

    Stamp Duty is a tax paid on completion via your solicitor, the calculation includes the 3% surcharge for second homes.

  • Refurbishment Budget
    £ 9000
  • Survey Costs
    £ 400
  • Mortgage Fees
    £ 1,000

    Your home may be repossessed if you do not keep up repayments on your mortgage.

  • Legal Fees
    £ 1,300

Adjust these figures

£

The refurbishment budget is set to 2.50% of the purchase price, but this will vary dependent on the suitability of the property for the rental market. Select a value that you feel is appropriate to the condition of the property.

£

This will vary between lenders, type of report and whether or not you are buying with a mortgage, for advice on which type of survey would be appropriate speak with an advisor from Preston Baker Financial Services.

£

Lenders will often charge a fees for the arrangement of a mortgage, for advice on what lenders may charge, speak with an advisor from Preston Baker Financial Services. Your home may be repossessed if you do not keep up repayments on your mortgage.

£

This is the sum of mortgage admin, land registry, search, bank transfer and any other fees incurred.

Purchase costs include assumed mortgage and survey costs which are estimated. For a quote contact a Preston Baker Financial Services mortgage advisor who can provide you with current and accurate information. The stamp duty calculation has applid the 3% stamp duty surcharge on the basis that this will be a second property.

Annual Costs

£ 29700
  • Mortgage Interest
    £

    The mortgage is assumed to be interest only. Your home may be repossessed if you do not keep up repayments on your mortgage.

  • Letting and Management Costs (Inc VAT)
    £
  • Letting Fee
    £
  • Maintenance
    £
  • Insurance
    £ 500
  • Ground Rent
    £ 0
  • Service Charge
    £ 0

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  %

This is the percentage of the rent that you will spend maintaining the property.

£

Ground Rent only applies to leasehold properties. This is an assumed ground rent, the confirmed figure can be found in the Property Information Questionnaire.

£

Service charge only applies to leasehold properties. The correct figure can found in the Property Information Questionnaire answered by the seller.

£

This is a standard, indicative figure only. Properties that have a service charge often have this included withing that charge. Please consult the Property Information Questionnaire for more information.

Total Profit

£
  • Final Equity Profit
    £

    Final Equity Profit = Final Property Value - Mortgage Required - Investment

  • Cumulative Rental Profit
    £

    Cumulative Rental Profit = Annual rental profit x Time of Investment

Adjust these figures

  %

This is the assumed rate of house price inflation.

Final Property Value

£

This is the property value at the end of the investment based on an assumed rate of % house price inflation.

Notes

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