This highly attractive and desirable property is located in the affluent sought-after conservation village of Morcott in the heart of the beautiful county of Rutland, the smallest county in the UK. Morcott sits on the A47 equidistant between Peterborough and Leicester and is surrounded by rolling countryside, places of interest, tourist attractions and other highly affluent villages and towns. The famous towns of Uppingham (5 miles) and Stamford (9 miles) and the tourist magnet of Rutland water (famed for its water sports and Nature Reserve) is only 9 miles to the North. Other points of interest include Burghley House (where the famous horse trials are held) and Rockingham Castle. Oakham, the county town of Rutland is only 10 miles away. The property is situated within easy access of the transport networks with the A1 and A15 all nearby and providing easy access to all other surrounding counties.
Occupying a prominent location set back from the A47 and equidistant between Peterborough and Leicester, this well-presented property is of stone and rendered brick construction sitting beneath a pitched slate roof.
An entrance porch to the front of the property provides access to the immaculate and eye-catching trading areas. These consists of:
Lounge-Bar/Bistro (circa 50+ covers) is a spacious, contemporary and highly attractive area with a warm and welcoming rustic atmosphere. An assortment of stylish loose tables and chairs all sit on a solid oak floor. There is an exposed brick-built fireplace with roaring log burner and large murals of Laurel and Hardy and Charlie Chaplin adorn the walls. A mix of unusual but attractive furnishings and bric-a-brac add to the character complimented by an exposed brick-built bar server offering 2 cask ales and a coffee station. Restaurant (circa 60 covers / 100+ covers with round banqueting tables and chairs) is a multi-use room used predominantly for dining however, large French doors enable the room to be separated from the Lounge-bar and used for private functions or parties as and when required. The room has loose assorted tables, chairs, armchairs and a comfortable settee all sitting on a fully carpeted floor. There is an exposed stone-built fireplace with attractive log burner and highly attractive and unusual lights hang down from the ceiling. Double doors lead out onto a slabbed patio al fresco area to the side of the property having garden furniture (circa 20 covers) and beautiful rolling countryside views.
There is an ‘open plan’ fully equipped commercial catering Kitchen with stainless steel appliances and preparation surfaces (appliances not tested). There is a further kitchen with Italian wood fired pizza oven and dry goods storage area.
2 x Ladies, Gents and accessible W.C’s.
Ground Floor Cellar with python, remote etc.
The owner’s accommodation has a private entrance and is situated on the 1st floor. This briefly consists of: 2 Double bedrooms, a large lounge, fitted kitchen and bathroom.
LETTING LODGE ACCOMMODATION
9 En-suite letting rooms (7 doubles / 2 double self-catering studios with kitchens*) all with private access, tea/coffee making facilities and Wi-Fi etc.
2 large 2-bedroom holiday studio apartments (1 sleeps up to 8 people / 1 sleeps up to 4 people).
The letting accommodation is currently run by the freeholder. It is planned for the accommodation business to be taken over and included in the lease by the current lessees. At this time the head rent will then increase to £125,000 per annum. It is an option for the purchaser to retain and continue this practice if desired and leaving the head rent as is at £80,000.
To the front of the property is a highly attractive elevated Al Fresco patio dining and drinking area (circa 36 covers) with wooden and iron garden furniture and breath taking rolling Rutland countryside views. To the side of the property is a further slabbed Al Fresco patio area (circa 20 covers) again with rolling countryside views. The patron’s lined car park is to the front and sides and has spaces for circa 30+ cars.
Included within the freehold sale (but optional if required) is circa 1/3-acre (not measured) land to the right-hand side of the property that has been purchased to develop the business further. This land could be used for alternative use such as car park, additional letting rooms or as a landscaped garden area (all STPP).
We are advised that the business trades with the benefit of the Premises Licence (not seen).
Our vendor client purchased the freehold in April 2015 and has since totally transformed, re-built and refurbished this ex-roadside diner to a top quality and exemplary standard. Our well-established vendor client is offering these valuable substantial freehold premises as an investment opportunity. Current annual rent is circa £80,000 increasing to £125,000 on the lessees taking over the letting accommodation side of the business – which offers the freehold investor in excess of 10% annual return on the asking price. Furthermore, unlike residential investment property/buy-to-let – the internal repair obligations are the responsibility of the lessee. We are advised that there are 10 years remaining on the current ‘free of tie’ lease that is guaranteed renewable (i.e. protected by the Landlord & Tenant Act 1954). Please note the trade fixtures & fittings are owned by the current lessee and not the Freehold owner, as is the norm. The present highly experienced lessees are well known in the area and operate the business successfully as a bar/bistro/pizzeria restaurant which has already established a very good reputation. Their business will continue, uninterrupted and securely as per the Lease Terms. The lease offers an attractive (circa 10%) annual return to the freehold owners and should hopefully be sustainable and realistic from the lessee’s perspective. Furthermore, the lessee has the benefit of a free-of-tie arrangement, at a realistic rent, thereby enjoying substantial barrelage discounts when compared to tied/Pub Co leases. Consequently, this should ensure that under committed tenants/operators, the lease is highly desirable & profitable thereby maximising the chances of longevity for the mutual benefit of the Landlord and Lessee.
We are informed that Propane gas and electricity is connected (services not tested). Business rates payable are advised as currently being circa £9,000 per annum and obviously payment for these is the responsibility of the lessee not owner.
In our opinion this freehold investment property would appeal to existing and experienced investors. In addition, this may appeal to potential new investors, who are currently receiving negligible interest on capital ‘sitting’ in a deposit account, whilst not wanting to risk their hard-earned capital on the volatile money markets.
THIS IS AN EXCELLENT INVESTMENT PROPOSITION WITH AN ATTRACTIVE ANNUAL RETURN ON INVESTMENT
For more information see www.countrylounge.co.uk + Booking.com for information on the rooms.
The property was viewed by Richard Fletcher who would be delighted to discuss further details and can be contacted on 07527 718400.
Viewing appointments must be made via Guy Simmonds on 01332 865112.
Details Prepared: February 2018