A town centre nightclub building is on the market with estate agents inviting offers in excess of £500,000. The three-storey building which houses Gravity nightclub in Market Place, Grantham, is up for sale with Savills.
While the building itself is available to purchase, the nightclub and bar business will not be affected by the sale. The ground floor of the property provides an entrance reception leading into an open plan bar with a dancefloor to the rear.
There are bars either side of the room with both fixed and free standing seating as well as a beer cellar, cloakroom and accessible toilet. The first floor contains customer toilets and a self-contained living accommodation consisting of two en-suite bedrooms, a kitchen, lounge and bathroom.
The second floor of the nightclub, which is open from 11pm until the early hours on Fridays and Saturdays, is used for storage. Savills’ listing states that the entire property is let to a private individual on a 20-year lease from November 10, 2015 at a current rent of £56,927 per annum.
The rent is subject to five yearly open market rent reviews and annual uncapped RPI increases.