Latimers, 4 Market Place, Shifnal, Shropshire, TF11 9AZ

A Freehold town centre restaurant with income producing apartments above

Property details

Type Investment
Tenure Freehold, subject to the existing tenancies.
Price Offers based on £495,000
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Features
  • *NO DIRECT APPROACH SHOULD BE MADE, VIEWINGS STRICTLY BY APPOINTMENT ONLY*
  • Rare business opportunity with investment income above
  • Popular restaurant, wine bar & bistro
  • 3 self-contained flats above producing £17,244 per annum
  • Restaurant turnover – approx.. £4,000 per week
  • Additional two storey former offices with scope for further development/income potential
  • Freehold – offers based on £495,000
Location
Latimer’s occupies a prominent location in the heart of Shifnal Town Centre adjacent to the railway station and close to all the local amenities on offer within Shifnal. The town is expanding rapidly, with thousands of new homes currently being built, along with a £3.6 million town centre development scheme. Shifnal is located about 3 miles (5 km) east of Telford, with its comprehensive range of , and conveniently close to the M54 and commuter links to Wolverhampton and Birmingham. Shifnal also has a mainline railway station (adjacent to the subject property) with regular services to Shrewsbury, Wolverhampton, Birmingham and beyond.
Description

The property comprises an imposing Grade 2 listed building, incorporating a 45-cover restaurant on the ground floor , two storey former office accommodation ( currently utilised for storage but ideal for reinstatement or conversion) and three self-contained apartments above ( all fully let).

The restaurant trades as Latimer’s, a very popular and well-known local restaurant that ranks in the top 10 of 1142 restaurants in Shropshire on TripAdvisor. Latimer’s trades as a restaurant, bistro, wine bar and cocktail bar offering a variety of quality food and beverages. Since the start of the pandemic, the restaurant has operated on reduced days/hours, thus affording huge scope to drive trade by increasing the opening hours (it is currently closed on Monday, Tuesday & Wednesday evenings as well as lunch times ).

Price
Offers based on £495,000.
VAT
All prices quoted are exclusive of VAT.
EPC
Available upon request.
Legal Costs
Each party are to be responsible for their own legal costs that may be incurred in this transaction.
Anti Money Laundering
In accordance with Anti-Money Laundering Regulations, two forms of identity and confirmation of the source of funding will be required from the successful Purchaser.
Additional Information
Trade: The business currently produces a weekly turnover of approximately £4,000 per week. Full financial information will be made available to interested parties after a formal viewing.

Staff: The business has a combination of both full and part time staff. All staff will be transferred as per TUPE regulations. Whilst the business is owner-operated, the current vendors work on a limited basis. Therefore, the business could be managed with the appointment of a general manager to replace their hours.

Offices: Also included within the sale are former offices that currently provide two storey ancillary accommodation. There is excellent scope to return them to office use, thus generating additional income, or convert to further residential accommodation.