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  • Prominent town centre location, Grade II Listed
  • Conservatory and outside terrace/smoking area
  • Established business for over 30 years
  • Available due to retirement
  • For sale at a price of £695,000
  • To let on new lease £39,000 per annum exclusive

Full Description

The premises are situated in Orwell Place, in a prominent location close to the town centre. There are several other restaurant premises within the immediate vicinity.

The property is Grade II Listed of brick and slate construction under a flat roof. The ground floor accommodation provides for a 100 cover restaurant with a well equipped kitchen. The premises currently trades under a 5 star rating. There is a bar area, conservatory dining area, storage, outside terrace dining/smoking area, cupboard, ladies and gents wc's and first floor storage area, plus first floor 4 bedroom living accommodation which is currently producing £600 per calendar month.

Accommodation
Restaurant 162.3 sq m 1,747 sq ft
Conservatory Dining Area 49.3 sq m 531 sq ft
Internal Storage 38.5 sq m 414 sq ft
Kitchen 23.1 sq m 249 sq ft WCs 13.8 sq m 149 sq ft
Total Floor Area 287 sq m 3,090 sq ft
Plus Terrace Dining Area 67 sq m 721 sq ft

The property is available for sale freehold at a price of £695,000, or alternatively to let on a new full repairing and insuring lease, for a term of years to be agreed, with 3 yearly rent reviews, at a commencing rental of £39,000 per annum exclusive, with an ingoing premium of £145,000 to include leasehold, goodwill and fixtures and fittings. The turnover for the year ended 2016 was £287,411 showing a net profit of £42,000 with a gross profit of 73%.


Viewing
Please contact us on 01473 211933 if you wish to arrange a viewing appointment for this property, or require further information.

Disclaimer
Penn Commercial endeavour to maintain accurate depictions of properties in Virtual Tours, Floor Plans and descriptions, however, these are intended only as a guide and purchasers must satisfy themselves by personal inspection.

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