4 bedroom detached house for saleMarket Street, Tunstead
Sold STC £425,000
Full description*BUSINESS OR DEVELOPMENT OPPORTUNITY* Previously a popular French Restaurant to seat around 80, and more recently a cafe/restaurant with a cycling twist, this attractive detached freehold is now available to purchase. There is living accommodation above and an attached, two bedroom cottage to side.
For further information, contact Jamie at Minors & Brady estate agents.
We understand that the property is subject to VAT on purchase price.
Due to unforeseen personal circumstances, an opportunity has arisen for a new purchaser to acquire this attractive set of buildings. We understand the property was purchased by the current owners around 2007/2008 and has undergone various improvements in that time, including the extension of kitchen space to cope with the popular demand for food in the local area. The exterior is approached directly from the road, with ample parking to front and side for the venue.
As you look at the building from the road, there is a separated but attached cottage to the right hand side, which contains a living/kitchen space, shower room and two bedrooms. There is electric heating to this cottage and timber framed double glazed windows.
The central building is thatched (replaced in 2007 we understand), with its own entrance into the restaurant with three, free-flowing dining spaces and benefits from gas central heating (Calor gas tank to rear) with radiators to the main rooms, timber double glazed windows, exposed flooring, feature beams and two inglenook fireplaces. There is access to the living quarters above, the venue's toilets and access to the bar area, which is located in the converted barn to the left of the development.
The converted barn to the left of the first picture contains the bar area with further seating, the kitchen and preparation room and access to front and rear. A full inventory has not been carried out at this stage, but all kitchen equipment, remaining stock (minimal), internal furniture and furnishings are included at the sale price.
The Olive Branch, Market Street, Tunstead, Norwich, NR12 8AH. Restaurant and Premises Rateable Value £16,000. Before any reduction of small business rates relief, this equals £7,744 per annum.
* The rates payable is the estimated annual Business Rates for a single property before deducting any Business Rates Relief. The actual amount may vary depending on any applicable Business Rates Relief or multiple property ownership. Contact North Norfolk District Council for details of which relief may be applicable.
Some premises are exempt from Business Rates, including agricultural land and buildings (including fish farms), buildings registered for public worship or church halls, and buildings used for training or welfare of disabled people. If any are present in NR12 8AH they will not be included in the above list.
Agents Note- From my view as the agent and with continuous discussions with the locals, Tunstead needs a cafe/restaurant to provide a place to visit for the local area. The Olive Branch with the people in surrounding villages (and further adrift) seemed very popular, with many repeat customers and especially those on bicycle. I feel there is strong demand for a daily cafe and evening restaurant, with a demographic of customers who have disposable income for eating out, and wish to visit an attractive venue which this certainly is. There is also a possibility to convert the building into residential, or a mixture of commercial/residential (subject to planning permission and building regulations). We are still obtaining various information regarding the financials of the business and buildings, but we have received strong interest in these early stages and strongly advise you register your interest quickly.
Consumer Protection from Unfair Trading Regulations 2008.
The Agent has not tested any apparatus, equipment, fixtures and fittings or services and so cannot verify that they are in working order or fit for the purpose. A Buyer is advised to obtain verification from their Solicitor or Surveyor. References to the Tenure of a Property are based on information supplied by the Seller. The Agent has not had sight of the title documents. A Buyer is advised to obtain verification from their Solicitor. Items shown in photographs are NOT included unless specifically mentioned within the sales particulars. They may however be available by separate negotiation. Buyers must check the availability of any property and make an appointment to view before embarking on any journey to see a property.
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