Location...
The historic market town of Spalding is located approximately 100 miles to the north of London on the South Lincolnshire Fens and has a population of around 35,000 residents.

It is renowned for Spalding Flower Parade and celebrates the region’s vast tulip flower production.

The town has a stable economy, well regarded retail offering, good sporting facilities and schools.

The businesses are located in the centre of town on Red Lion Street which connects the busy conduit of New Road to the Market Place.

Opposite the property is a large college campus, retail properties including Vodafone, Costa Coffee, Holland & Barrett, Barclays Bank are located nearby.

Description...
Penningtons Coffee Shop is located at 1 Red Lion Street and comprises a leasehold coffee business.

Accommodation...
Sales Counter Area………………….….....5m x 8.1m, 41sqm
2nd Sales Area/Seating Area….…...10m x 4.6m, 47sqm
Customer WCs
Having male and female WCs.
Rear Private Courtyard………….4.3m ave x 6.3m, 28sqm
Enclosed and Covered.
External Seating Area……………....…6.4m x 4.8m, 31sqm
Kitchen………….……………………....3.9m x 2.5m ave, 10sqm
2nd Kitchen/Food Prep Area……....3.5m x 3.6m, 13sqm

Agents Note…
Penningtons Coffee Shop has shown average turnovers in the region of £125,000 to £136,000 per year with recent turnover reduced with Covid closures.

Full accounts are available to interested parties at an asking price of £50,000 plus VAT.

The purchaser of the business will be responsible not only for the rent but the rates, utilities and an apportionment of buildings insurance. Stock is available at valuation.

Flowers n Things…
Flowers n Things is the adjacent flower shop business which is also available for sale. It shows a healthy turnover in the region of £250,000pa. The business is available for £65,000 plus VAT including fixtures and fittings, one item is a 18 month old van. Stock is available at valuation.

The new purchaser of the business would be responsible for utilities including rates and an annual insurance premium for their apportionment of the building.

Freehold of the Property…
The Freehold of the property 1-3 Red Lion Street, comprising 6 separate tenants producing a total rent of £57,800 per annum is also available Freehold for £750,000 plus VAT subject to contract.

EPC...
1 & 3 Red Lion Street have an EPC asset Rating C63. Full details are available on request.

Outgoings...
Penningtons has a Rateable Value of £5,000. Flowers n Things has a Rateable Value of £12,250. Further details are available on the voa website.

Viewing...
All viewings are to be made by appointment through the agent.