The property:
The premises are within a substantial mid terraced property which is presented to a high standard throughout and are purposefully fitted and equipped as a licensed bar and restaurant. There is an opportunity for incoming operators to purchase well equipped business premises with undoubted potential to develop their own style of trade and to take advantage of the prominent and prime trading position. The premises briefly comprise: - Attractive Main Bar and Restaurant, being split level with three areas and seating around 42 customers; fully equipped Commercial Catering Kitchen with Ancillary and Welfare Facilities. Outside to the front of the premises, a pavement license is held providing Alfresco Seating for 18 customers with an extendable sun canopy. 29 Magdalen Road represents a unique opportunity to purchase a bar and restaurant premises in a sought-after and desirable trading position and with genuine potential for incoming purchasers to develop a style of trade to suit their own requirements.
Situation:
The property occupies a prominent and much sought-after location in the popular and vibrant trading area of Magdalen Road, renowned for its eating/café culture and popular with catering business, being close to Exeter City Centre. Magdalen Road is located in the affluent St Leonards residential area, a desirable suburb of Exeter and the Southernhay business district and Exeter City Centre are also close by and within easy walking distance. Magdalen Road has recently undergone a street enhancement scheme which included creating pavement seating areas with the aim of creating a cosmopolitan/continental feel. Exeter is the regional capital of the South West and as such, is not only an established and expanding business centre, but also a popular tourist destination. Renowned for its historic cathedral, university and waterside developments, Exeter boasts excellent transport link communications with 2 mainline rail links to London, an international airport and easy access to the M5 motorway at junction 30.
Internal details:
Glazed window frontage with recessed part glazed entrance door leading into Front Bar Area an attractive, well presented and appealing trade area with stripped wood flooring, seating for 10 customers, part wood panelled walls, and feature lighting. Feature bespoke custom built copper topped Bar Server with a range of back bar fittings including extensive display shelving, two double glass fronted bottle fridges, stainless steel sink unit, ice machine, commercial glass washer and wine racking. Steps up to Main Restaurant Area a continuation in theme, style and ambiance, with painted wood flooring, fully air-conditioned, wall mounted menu board, part wood panelled walls, feature lighting and a range of wood tables, chairs and stools with space for around 20 customers. Open plan through into Conservatory Dining Room again an attractive and pleasant room with painted wood flooring, feature lighting, part wood paneled walls, free standing wooden topped tables and chairs seating around 12 customers. Two Customer WC's. Dry Goods Store. Commercial Catering Kitchen with non-slip flooring, part tiled and part stainless steel clad walls, fitted with a comprehensive range of commercial catering equipment to include: - extractor system with stainless steel canopy over, flat top griddle, twin floor standing deep fat fryer, twin halogen hob, extensive stainless steel shelving, under counter two door commercial fridge units one with salad Ette over, serving gantry with warming lamps, stainless steel work benches, Blue Seal turbo fan oven, undercounted commercial fridge, undercounted commercial freezer, upright commercial fridge, stainless steel sink unit, twin bowl stainless steel sink unit, commercial dishwasher and eye level grill. Cellar Storage Area.
External details
Alfresco Seating Area to the front of the premises with seating and dining for approximately 18 customers with outdoor furniture and being fully covered by an extendable sun canopy. The outside seating area is subject to a separate pavement licensee fee payable to Exeter City Council and incoming purchasers will need to make a new application as this license is not transferable. Please contact us for further details.
The opportunity:
Previously the business traded as a busy independent bar and restaurant and is fully licensed. The premises boast a prominent trading position, and the business is presented in excellent order throughout and offers a purpose equipped and fitted bar and catering business opportunity. There is an opportunity for incoming operators to develop their own trading style and to trade in a manner to suit their own personal requirements and new owners will benefit from being able to move in without the need for any major expenditure on the premises. The business will undoubtedly thrive in the hands of "hands on" owner operators, especially those with experience and/or a background in the hospitality/catering industry. An early appointment to view is highly recommended to fully appreciate all that this impressive opportunity has to offer.
Premises license:
The premises benefits from a premises license issued by Exeter City Council permitting the sale of alcohol from 8am until midnight, 7 days a week.
EPC
C-51
Business rates
The ratable value from 1 April 2023 is £9,100. We are advised that the business rates payable are currently nil after 100% business rates relief.
Services
All mains services are connected to the property. A 3-phase electricity supply is connected.
Price & tenure
£35,000 for the leasehold interest and trade inventory. The premises are offered by way of new free of tie private lease, the length of which is negotiable, at a rent of £18,000 per annum (£346.15 per week). The lease will have repairing and insuring obligations.
