Restaurant for sale

North Street, Exeter, Devon, EX4

£115,000

Property Description

Commercial information

  • Business for sale

Key features

  • Thriving Well Regarded Restaurant
  • City Centre Trading Location
  • Restaurant Area for 50 Customers
  • 3 Bed Private Accommodation
  • First Time on Market for 25 Years
  • Net Profit in Excess of 62,000

Full description

Tenure: Leasehold

THE PROPERTY Herbies is a thriving and well regarded licensed restaurant which is presented to a high standard throughout, having been owned by our clients for the last 25 years. Herbies has a well established and niche reputation as Exeter's first vegetation restaurant and it remains the only dedicated vegetarian licensed restaurant which opens both lunchtimes and evenings. The restaurant and ancillary areas occupy the ground and lower ground floor premises whilst the owners accommodation occupies the first and second floors. The premises offers potential for incoming operators to take advantage of this well equipped restaurant premises with a first class reputation and an extremely well established clientele, however it also offers potential for incoming operators to develop an alternative style of trade to suit their own requirements, should they so wish. The premises briefly comprise:- an attractive Main Restaurant Area comfortably seating 50 customers with space for additional covers if required; well equipped Commercial Catering Kitchen, ancillary and welfare facilities; spacious and well presented family sized 3 Double Bedroom Owners Accommodation with Sitting Room, Dining Room, Kitchen, Bathroom and Private Roof Terrace.

SITUATION Herbies is located in North Street, one of the main thoroughfares and a busy trading position, just off the High Street, in the main shopping area of Exeter city centre. Herbies benefits from the considerable commercial advantages of its much sought after trading location, close to two large public car parks, offices, and several well known national retailers. Exeter itself 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 two mainline rail links to London, an international airport and easy access to the M5 motorway at Junction 30.

INTERNAL DETAILS GROUND FLOOR Glazed central entrance door to front with windows at either side into Main Restaurant Area a spacious open plan restaurant area partially sub-divided by central stairwell with wood laminated flooring, painted part wood panelled walls, wall mounted menu boards, range of free standing tables, chairs and bench seating for 50 customers comfortably with additional space if required. Open plan into Customer Servery Area with display shelving, tiled flooring, perimeter worksurfaces, under counter fridge, glass fronted bottle fridge, electronic cash register, coffee machine. Again open plan through into Commercial Kitchen with tiled flooring, part clad and stainless steel lined walls, fitted with a comprehensive range of commercial catering equipment to include:- 6-burner gas hob, extractor fan, turbo fan oven, 3 commercial microwave ovens, 2 salamander grills, wall shelving, stainless steel worktops with shelving below, 2-door counter fridge unit, commercial upright fridge, commercial upright freezer, commercial dishwasher, deep bowl stainless steel sink unit, under counter freezer, stainless steel wash hand basin, door to outside rear. Dry Goods Store fully shelved.

LOWER GROUND FLOOR 3 Customer WCs, Cleaning Store, Dry Goods Store shelved with 1 upright fridge and 2 chest freezers.

Please note: The fittings, equipment and services listed have not been tested by the agents, although we are informed that all items are in working order.

EXTERNAL DETAILS To the rear is a pedestrian passageway and bin store area.

PRIVATE ACCOMMODATION Situated above the restaurant is the spacious and well presented family sized owners accommodation which briefly comprises:-

FIRST FLOOR Sitting Room a good sized and attractive room with bay windows to the front. Open plan through into Dining Room with windows to the rear and open plan to the Kitchen Area being fitted with a range of base and wall mounted units with French doors to rear leading out onto the Private Roof Terrace Area.

SECOND FLOOR Bedroom1 a double room with aspect to the rear. Bedroom 2 a double room with aspect to the front. Bedroom 3 a double room with aspect to the front. Bathroom with shower over bath. Separate WC.

THE BUSINESS Herbies is an extremely well established and well regarded licensed restaurant specialising in vegetarian food and has been owned by our clients for the last 25 years. Renowned as Exeter's first dedicated vegetarian restaurant, it consequently boasts excellent levels of regular repeat trade, word of mouth recommendations and an excellent following, not only from Exeter but also from the surrounding towns and villages. Renowned as one of the best restaurants in Exeter, its reputation is further enhanced by excellent reviews and a TripAdvisor Award for Excellence. The business has also been awarded a 5 Star Food Hygiene rating. The business is being offered for sale due to retirement.

TRADING INFORMATION Accounts for the year ending 30 April 2016 show sales of 216,727 net of VAT and a net profit in excess of 62,000 being achieved. Full detailed accounting information can be made available to interested parties following a formal viewing appointment.

OPENING HOURS Our clients have chosen to restrict the opening hours of the business with impending retirement in mind and they currently open Monday to Friday 11:00am to 2:30pm, Saturday 11:00am until 3:30pm and Tuesday to Saturday from 6:00pm until 9:30pm. The business is closed all day Sunday and on Monday evenings.

CURRENT STAFFING The business is run by our clients, a husband and wife partnership (although only one partner works full-time within the business) with the assistance of 2 full-time chefs and up to 4 part-time/casual members of staff as and when trade dictates.

POTENTIAL The sale of Herbies provides an exciting opportunity to purchase a thriving and well regarded Exeter city centre restaurant with a widely renowned reputation, excellent levels of trade and profits and impressive family sized owners accommodation. Our clients advise that there is still tremendous potential to increase the current trade levels, particularly by increasing the opening hours, for which demand undoubtedly exists. There are also opportunities to develop a website and make use of social media and other allied advertising and marketing initiatives. There is also potential for incoming operators to develop their own style of cuisine in a manner to suit their own personal requirements. Our clients are prepared to offer a full handover and training to interested parties should they so require it and all recipes etc will be included in the sale. The sale of Herbies provides purchasers the opportunity to acquire a renowned restaurant business with an enviable reputation and impressive family sized accommodation. Coupled with this are the excellent levels of trade and profits which the business generates with trade levels showing a growth year on year.

EPC C = 66.

RATING For up to date Business Rates and Council Tax information relating to this property, we refer you to The Valuation Office website www.voa.gov.uk.

SERVICES All mains services are connected to the subject property.

PRICE & TENURE Offers invited on 115,000 for the valuable leasehold interest as a going concern business and full trade inventory. Wet and dry stocks to be additional at valuation. Vacant possession upon completion.

The business is held on a 12 year private lease which commenced in 2012 at a current rent of 17,500 pa with rent reviews every 3 years, on full repairing and insuring terms. Full details available on request. VIEWINGS Strictly by appointment with the vendors Sole Selling Agents.Tel:(01392)201262.Email:info@stonesmith.co.uk You are recommended to contact us before visiting the property even for an informal viewing. We can then confirm whether or not it is still available.

FINANCE An early discussion about finance can often save time and disappointment. If you would like independent specialist advice on funding this property or any other purchase, we recommend you contact us for a list of our approved brokers.


More information from this agent

Nearest stations

  • Exeter Central (0.2 mi)
  • Exeter St. Thomas (0.5 mi)
  • Exeter St. Davids (0.6 mi)
Distances are straight line measurements from centre of postcode

Map & Street View

Nearest stations

  • Exeter Central (0.2 mi)
  • Exeter St. Thomas (0.5 mi)
  • Exeter St. Davids (0.6 mi)
Distances are straight line measurements from centre of postcode

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