Fitted and equipped licensed restaurant occupying a sought-after Exeter city centre trading position. Offering a unique opportunity for an established ground and lower ground floor restaurant premises available on flexible lease terms or for sale on a freehold basis. Tremendous potential for new operators to develop the trading style or for property investors looking for a freehold investment opportunity.
THE PROPERTY
The restaurant occupies the ground and lower ground floors of a Grade II listed property, which offers character features blended with modern contemporary touches. The premises offer a blank canvas opportunity for incoming operators to develop the style of trade to suit their own requirements and take advantage of the stylish restaurant premises, or for investors seeking to add to their portfolio. The premises are ideal to operate as a restaurant, cafe, bistro, and also offer potential for alternative commercial uses, subject to the necessary consents. The premises briefly comprise: attractive Main Restaurant Area comfortably seating customers with space for additional covers if required; Front Dining Area with seating for up to 6 customers; and a Lower Dining Area comfortably seating up to 12 customers. Commercial Catering Kitchen and Customer WCs.
SITUATION
The premises are located in North Street, one of the main thoroughfares and a busy trading position with high footfall, just off the High Street, in the main shopping area of Exeter city centre. The restaurant benefits from the considerable commercial advantages of its much sought after trading location, close to public car parks, offices and several well-known national retailers. 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 year-round. Renowned for its historic Cathedral, university and waterside developments, Exeter boasts excellent transport communications with 2 mainline rail links to London, an international airport and easy access to the M5 motorway at Junction 30.
INTERNAL DETAILS
Main entrance door to front into Front Dining Area with wood flooring, with freestanding wooden tables and chairs and fixed bench seating for up to 6 customers. Through into Main Restaurant, an attractive dining area presented to a high standard with original ornate and historic wall panelling (covered by glass for protection), part slate and part wood flooring, glazed roof, windows and door to the side, range of free-standing tables and chairs comfortably seating up to 30 customers in pleasant surroundings. Lower Dining Area a continuation of style and theme with slate flooring, wine cabinet, range of free-standing tables and chairs comfortably seating up to 12 customers, also used for private dining and small functions. Customer WCs. Drinks Dispense Area (formerly additional dining space) with wood flooring. Commercial Kitchen with non-slip flooring and part stainless-steel clad walls, fitted with a comprehensive range of commercial catering equipment to include: 9 burner gas hob, extractor system with stainless-steel canopy and a gas interlock system, a range of under counter fridges and freezers, 2 upright fridges, commercial microwave oven, range of stainless steel workbenches with shelving below, serving gantry with warming lights, warming cabinet, wall shelving, twin bowl stainless steel sink unit, stainless steel handbasin, commercial pass through dishwasher with tray slide.
THE OPPORTUNITY
The premises offer a blank canvas opportunity to develop a style of trade to suit incoming operator's requirements, having previously traded for over 25 years as a quality licensed restaurant, but undoubtedly offering opportunities for alternative catering uses, or retail and commercial uses, subject to the necessary consents.
PREMISES LICENCE
The premises have benefitted from a premises licence issued by Exeter City Council permitting the retail of alcohol between 10:00 am until midnight Monday to Saturday and from midday until 11:30 pm on Sunday.
PRICE & TENURE
Leasehold – Nil Premium. The premises are available on a new 10-year lease at a rent of £20,000 per annum with detailed terms to be agreed. A rent deposit will be required with the amount to be determined by further discussions.
or
Freehold – Guide Price: £250,000. The five flats on the upper floors have been sold off on 125-year leases from November 1998, at peppercorn rents.
