4-6 New Road, Penzance, Cornwall, TR18
£350,000
£248.40 per sq ft
Business rates & charges may apply
- SIZE AVAILABLE
1,409 sq ft
131 sq m
- SECTOR
Restaurant for sale
Key features
- WELL-ESTABLISHED RESTAURANT/DEVELOPMENT OPPORTUNTIY FOR SALE.
- OFFERS SOUGHT IN THE REGION OF £350,000.
- RECENTLY BENEFITTED FROM A REFURBISHMENT.
- PROPERTY WILL CONTINUE TO TRADE THROUGHOUT THE MARKETING PERIOD.
- ANY FIGURES QUOTED ARE EXCLUSIVE OF VAT WHERE APPLICABLE.
- ALL PARTIES TO BE RESPONSIBLE FOR THEIR OWN LEGAL FEES.
- EPC RATING OF 66 LYING WITHIN BAND C.
Description
LOCATION:
Newlyn is a quaint coastal town in west Cornwall and famous for its fishing fleet and large fish market. Close to the main harbour the character town centre has established itself as a tourist destination with numerous boutique style shops, cafes, restaurants and public houses. The Newlyn Film House, opened in 2016, is a two-screen cinema and spacious café bar which provides a significant draw to the area.
SITUATION:
Ideally located in the heart of the town, close to the main bridge, the property fronts New Road, the main access into Newlyn and beyond to Mousehole. Bridge Restaurant is surrounded by a mixture of shops, food outlets and houses as well as being in close proximity to the renowned Newlyn Art Gallery, the popular Newlyn Filmhouse and the busy fish market. The town has established itself as a boutique eating area with numerous restaurants including the Mackerel Sky, The Meadery, Duke Street Café, and, not to forget, of course, this property which has been an Italian restaurant and takeaway for more than 15 years and prior to that a popular wine bar.
DESCRIPTION:
The single storey premises has been a well-established Italian restaurant for many years benefitting from an outside seating patio and 60 cover character restaurant created from the famous Newlyn Laundry premises. The property is well-presented with attractive reception bar area leading to rear restaurant with separate male and female toilets and well-equipped kitchen.
The property does offer the opportunity for part or comprehensive redevelopment for alternative uses, including residential and a mixed residential/commercial scheme. All applicants should satisfy themselves as to any planning requirements.
ACCOMMODATION: (All dimensions and areas are approximate)
Main Bar/Reception Area (including approx. 10 covers) 38.5 m² (414 ft²)
The area has recently benefitted from a refurbishment and has good natural light provided by extensive window frontage onto New Road. The exposed rafters add further character.
Restaurant (with numerous nooks and bays) 63.2 m² (680 ft²)
The area provides approx. 50 covers and a warm ambience with the additional benefit of window frontage onto the outside patio.
Mezzanine toilets - gents and ladies' facilities
Mezzanine kitchen 29.3 m² (315 ft²)
Garden patio
Recently having a roof cover, the outside seating area provides space for an additional 20 covers.
LEASE TERMS:
The owner would consider letting the property on a standard full repairing and insuring lease at an asking rent of £25,000 per annum for a negotiable term for a lease inside the Landlord and Tenant Act with security of tenure.
PREMIUM:
In the event of a letting, offers are sought in the region of £35,000 for the purchase of the trading fixtures, fittings and equipment. This would not include the goodwill or trading name, and accounts will not be provided since the owner operates another restaurant.
BUSINESS GOODWILL:
The property will continue to trade throughout the marketing period. The owner is happy to meet with all serious buyers. The purchaser will have the benefit of a well-fitted premises which will include tables, chairs and effectively long-established inherent goodwill.
The property offers the new owners the opportunity to benefit from the increased trade within what is now a very popular tourist destination with the added potential to open lunchtimes as well as fully exploiting the licence and wine bar style bar area.
PURCHASE PRICE:
Offers are sought in the region of £350,000.
SERVICES:
We understand that the property is connected to mains electricity and water and drainage.
BUSINESS RATES:
The restaurant premises are assessed at a Rateable Value of £7,600 with effect from the 1st April 2023. Subject to qualification the tenant will therefore benefit from full Small Business Rate Relief.
For further information regarding rates payable and eligibility for small business relief contact Cornwall Council - Tel: .
PLANNING:
Interested parties should satisfy themselves that their proposed use complies with the existing planning consent.
VAT:
Any figures quoted are exclusive of VAT where applicable.
COSTS:
All parties to be responsible for their own legal fees in dealing with the transaction.
MONEY LAUNDERING REGULATIONS:
In line with The Money Laundering Regulations 2017, Charterwood are obliged to verify ID for all clients that are conducting property transactions through the Company.
ENERGY EFFICIENCY RATING:
THIS PROPERTY HAS A RATING OF 66
Certificate Reference Number: 4477-8967-0524-7607-4322
Report Reference Number: 7144-9271-9749-2171-6744
The Energy Performance Certificate is valid until 12th April 2033.
Newlyn is a quaint coastal town in west Cornwall and famous for its fishing fleet and large fish market. Close to the main harbour the character town centre has established itself as a tourist destination with numerous boutique style shops, cafes, restaurants and public houses. The Newlyn Film House, opened in 2016, is a two-screen cinema and spacious café bar which provides a significant draw to the area.
SITUATION:
Ideally located in the heart of the town, close to the main bridge, the property fronts New Road, the main access into Newlyn and beyond to Mousehole. Bridge Restaurant is surrounded by a mixture of shops, food outlets and houses as well as being in close proximity to the renowned Newlyn Art Gallery, the popular Newlyn Filmhouse and the busy fish market. The town has established itself as a boutique eating area with numerous restaurants including the Mackerel Sky, The Meadery, Duke Street Café, and, not to forget, of course, this property which has been an Italian restaurant and takeaway for more than 15 years and prior to that a popular wine bar.
DESCRIPTION:
The single storey premises has been a well-established Italian restaurant for many years benefitting from an outside seating patio and 60 cover character restaurant created from the famous Newlyn Laundry premises. The property is well-presented with attractive reception bar area leading to rear restaurant with separate male and female toilets and well-equipped kitchen.
The property does offer the opportunity for part or comprehensive redevelopment for alternative uses, including residential and a mixed residential/commercial scheme. All applicants should satisfy themselves as to any planning requirements.
ACCOMMODATION: (All dimensions and areas are approximate)
Main Bar/Reception Area (including approx. 10 covers) 38.5 m² (414 ft²)
The area has recently benefitted from a refurbishment and has good natural light provided by extensive window frontage onto New Road. The exposed rafters add further character.
Restaurant (with numerous nooks and bays) 63.2 m² (680 ft²)
The area provides approx. 50 covers and a warm ambience with the additional benefit of window frontage onto the outside patio.
Mezzanine toilets - gents and ladies' facilities
Mezzanine kitchen 29.3 m² (315 ft²)
Garden patio
Recently having a roof cover, the outside seating area provides space for an additional 20 covers.
LEASE TERMS:
The owner would consider letting the property on a standard full repairing and insuring lease at an asking rent of £25,000 per annum for a negotiable term for a lease inside the Landlord and Tenant Act with security of tenure.
PREMIUM:
In the event of a letting, offers are sought in the region of £35,000 for the purchase of the trading fixtures, fittings and equipment. This would not include the goodwill or trading name, and accounts will not be provided since the owner operates another restaurant.
BUSINESS GOODWILL:
The property will continue to trade throughout the marketing period. The owner is happy to meet with all serious buyers. The purchaser will have the benefit of a well-fitted premises which will include tables, chairs and effectively long-established inherent goodwill.
The property offers the new owners the opportunity to benefit from the increased trade within what is now a very popular tourist destination with the added potential to open lunchtimes as well as fully exploiting the licence and wine bar style bar area.
PURCHASE PRICE:
Offers are sought in the region of £350,000.
SERVICES:
We understand that the property is connected to mains electricity and water and drainage.
BUSINESS RATES:
The restaurant premises are assessed at a Rateable Value of £7,600 with effect from the 1st April 2023. Subject to qualification the tenant will therefore benefit from full Small Business Rate Relief.
For further information regarding rates payable and eligibility for small business relief contact Cornwall Council - Tel: .
PLANNING:
Interested parties should satisfy themselves that their proposed use complies with the existing planning consent.
VAT:
Any figures quoted are exclusive of VAT where applicable.
COSTS:
All parties to be responsible for their own legal fees in dealing with the transaction.
MONEY LAUNDERING REGULATIONS:
In line with The Money Laundering Regulations 2017, Charterwood are obliged to verify ID for all clients that are conducting property transactions through the Company.
ENERGY EFFICIENCY RATING:
THIS PROPERTY HAS A RATING OF 66
Certificate Reference Number: 4477-8967-0524-7607-4322
Report Reference Number: 7144-9271-9749-2171-6744
The Energy Performance Certificate is valid until 12th April 2033.
Brochures
4-6 New Road, Penzance, Cornwall, TR18
NEAREST STATIONS
Distances are straight line measurements from the centre of the postcode- Penzance Station1.2 miles
- St. Erth Station6.5 miles
- Lelant Saltings Station6.8 miles
Notes
These notes are private, only you can see them.
Disclaimer - Property reference 2666. The information displayed about this property comprises a property advertisement. Rightmove.co.uk makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and Rightmove has no control over the content. This property advertisement does not constitute property particulars. The information is provided and maintained by Charterwood Commercial Property Consultants Ltd, Cornwall. Please contact the selling agent or developer directly to obtain any information which may be available under the terms of The Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations 2007 or the Home Report if in relation to a residential property in Scotland.
Map data ©OpenStreetMap contributors.