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Restaurant for sale

Fore Street, Tiverton, Devon, EX16


Property Description

Full description

Tenure: Leasehold

In a prime town centre trading position, the entrance from Fore Street adjoins Boots the chemist on one side and an Estate Agency on the other. The property lies opposite Boots Opticians and can be accessed from Beck Square public car park from the rear.
Tiverton is located in the heart of Devon, approx. 14 miles North East of the county's city of Exeter. Nearby towns include Cullompton, which is 9 miles away and Crediton which is 15 miles. Tiverton is accessed via the junction of the North Devon link road A393. The link road also connects Tiverton to the M5 motorway at junction 27, and to the north to Barnstaple. The A393 links to Exeter and Minehead. Tiverton also has the benefit of a railway link at Tiverton Parkway, approx. 4 miles outside of town which links to the main national railway network. The town lies on two beautiful rivers The River Exe and the River Lowman, which joins south of the town centre. The town also has a canal and a number of important landmarks such as Cranmore Castle, St Peters Church, Tiverton Castle and has a well-known history in the traditional cloth and lace industry.

We are instructed by the current leasehold owner of The Madhatters Café Bar & Restaurant, to offer part of the ground floor and upper floors of this Grade II listed deceptively large, terraced commercial property. The property backs on to a large car park, with access to the rear through a sunny sided tea garden with 48 seats. The property benefits from a large basement with potential to develop into a cellar/bar, which would require planning permission. The town centre ground floor access to the entrance hallway, leads to the main inner restaurant, which can accommodate 48 customers and service counter. The first floor comprises of the commercial kitchens, of which there are two. And on the upper floors there are 3 bedrooms, a kitchenette, owner's lounge and shower room/WC. The property benefits from gas fired radiator central heating.

We are informed that the premises are to be held on the balance of a 21 year lease, from 1998, which was extended further to the 7th of October 2027. The current rent payable is £12,500 per annum, for the restaurant and accommodation.

It should be noted that the property does not have use of the ground floor to the front, which is occupied by an Estate Agency, who also occupy the first floor rooms to the front. Otherwise the property is as stated a Grade II listed building and the business is available in a confidential manner. As such we would ask clients to respect this fact and do not make direct approaches to staff or owners. Please contact the sole selling agents at Webbers Commercial from Barnstaple.

The business has been long established in the town centre as a well-respected restaurant for the last 25 years, with the benefit of an attractive sunny south facing tea garden to the rear. The business is operated by a husband and wife team with 4 staff, if and when required. The current business operates as a traditional and European style restaurant, well supported by locals and tourists alike. The opening hours are: 9.30 am - 3 pm Monday to Thursday, 9am - 3pm Friday to Saturday, and they are Closed on Sundays. These opening hours could be extended further with the potential for Sunday lunches and also evening hours if required. We are advised the current turnover is in the region of £130,000 per annum, the full details of the accounts and a copy of the lease can be made available to those seriously interested parties who have inspected the business. There is ample scope to increase trade further.

The accommodation briefly comprises:

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