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Old Bank House, Lake Road, Ambleside, LA22 0AD

Ambleside, Cumbria
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  • Freehold: £1,600,000
  • Turnover: N/A £0 Per week
  • Net Profit: N/A

Business Details

Excellent commercial, investment and development opportunity.  An extremely rare and exciting opportunity has risen to acquire a substantial freehold premises in Ambleside in the heart of the Lake District National Park, which is a UNIESCO World Heritage site. We believe the property could generate an annual income of circa £200,000 - £230,000. The building comprises of five self contained apartments offering a blend of one and two bedroom properties of which four have two bedrooms. Along with two commercial properties held on secure 12 year leases. The property is also sold with the advantage of private parking to the rear for approximately 8-10 vehicles. 

A prominent Lakeland building which was formally a bank and converted by the current family in 1972. The five apartments all enjoy beautiful west facing views towards Loughrigg from the rear over the private parking area. Although the apartments are generally well presented there is scope to improve and put your own stamp on. Enjoying the benefit of being unencumbered and although have been let out on assured short hold tenancies they would equally be suitable as holiday letting properties.  

We believe the apartments could generate a combined annual income of circa £167,000 - £192,000. Whilst the two commercial properties which are a chocolate gift shop and highly popular café are both well established businesses, one of which has been a tenant for approximately 30 years. 

Situated on the principal route through the town, within the centre set amongst a healthy mix of other traders and is well placed attracting an excellent blend of local and visitor trade. Ambleside is highly popular and extremely busy Lakeland town in the Lake District National Park  which enjoys high levels of visitors throughout the year. The position also enables high levels of footfall past the front doors as its on the main route to the lake out of town on the one way system.

Accommodation 
Access via the front door off Lake Road, into a communal vestibule with intercom for the apartments. Additionally from the rear into a hallway with open staircase and internal access into the commercial units, the commercial units also have their own principle access doors from Lake Road. 

The Ground Floor

Chocolate Shop
Accessed via a private entrance off Lake Road as well as having internal access and from the rear car park.  The main retail area has a light and airy dual aspect with display window. Whilst there is a highly useful basement area, accessed via an enclosed staircase. In addition there is an additional room currently used for making the handmade chocolates with a display window. To the rear is a small kitchen and cloak room with WC.  Held on an original 12 year lease from 2013 with 3 year rent reviews and currently paying £11,750.04 p.a.

Mr H Café
A highly successful business which boasts a dual aspect enjoying a large shop window to the front on Lake Road and a large window to the rear allowing lovely views towards Todd Crag. Currently operated with approximately 30 covers.  There is a small kitchen area to the rear and a basement providing male and female WC’s with highly useful store.  Held on an original 12 year lease from 2022 and is currently paying £16,500 p.a. 

Apartments
Of the five apartments four are situated on the first and second floors, these are all two bedroom properties which are all attractively proportioned and all enjoy delightful west facing views to the rear towards Todd Crag. 

Whilst  one of the apartments has its own independent entrance from the other apartments that enters into  the attractive and well presented one bedroom apartment. 

Although they have all been well established rentals on an assured short hold basis for many years, they will require some modernisation. We believe they could generate an annual income on AST’s of circa £48,000.  Whilst they also have an excellent potential for holiday letting and we believe they could generate circa £180,000 p.a. 

Outside 
The property has the distinct advantage of private off road parking which for Ambleside is literally gold dust. There is sufficient space to park 8-10 vehicles. 

Services
Mains water, drainage and electric. Electric heating. (Gas Central heating to café only)

Tenure
Freehold 
Chocolate Shop held on a secure 12 year lease from 2013 with 3 year RR. At a rent of £11,750.04.
The café is held  on a secure 12 year lease from 2022 at a rent of £16,500.

Rental Potential
Five apartments as AST’s £48,000p.a.
As holiday letting properties £167,000 - £192,000.

Council Tax Band
All five apartments are Council Tax Band ‘B’


Rateable Value
Chocolate Shop - £11,750.00.  Actual amount payable £5,863.25
Café - £12,750.00.  Actual amount payable £6,362.25
This could be reduced to ZERO if the purchaser is entitled to Small Business Rates Relief. More details can be obtained from the Local Authority South Lakeland District Council 01539 733333

EPC Ratings
Flat 1 - E
Flat 2 - D
Flat 3 - E
Flat 4 - F
Flat 5 - G
Chocolate Shop - C
Mr H Cafe - C

PLEASE NOTE WE BELIEVE NO SURCHARGE WILL BE REQUIRED AS ITS A MIXED USE PROPERTY
 

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Do not disclose proof of funds directly to the sellers. If the sellers request you to show proof of funds, we advise that it is done through a solicitor to prevent fraudulent activities from occuring.

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Buying a business is not covered by consumer rights legislation. It is your responsibility to acquire a business that holds up in quality and agreement.

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