Restaurant for sale

Sweeney & Todd, 10 Castle Street, Reading, Berkshire, RG1 7RD

Guide Price £1,100,000

Property Description

Commercial information

  • Business for sale

Key features

  • Excellent trading location
  • Suitable for investor or owner/operator
  • Potential as mixed use commercial/residential
  • Five storey property - 140 covers
  • Business T/O - 580k net, ANP - 90k.
  • Energy Rating C

Full description

Tenure: Freehold

Description

Sweeney & Todd has been operating as a pie shop and restaurant for 40 years and has become an iconic landmark in Reading's town centre.

The current owners now wish to retire, making way for a new owner or investor to either continue trading or reinvest in the site to create a new offering in an enviable trading location.

The property has huge charm with several different trading areas throughout the ground floor and basement. There are several hidden areas and concealed nooks which really show the history and attraction of the building.

Location

The property is located in the heart of Reading town centre, within a minute's walk of The Oracle shopping centre and five minutes from the mainline station.

Reading is a vibrant town with a wealthy demographic, continually growing due to the extensive investment in the town centre and station. This will be finalised next year with the addition of Crossrail, ensuring even more appeal to properties in the town centre.

A new owner could take advantage of the superb trading location and continue to run as a pie shop and restaurant or could convert to a new offering with several flats above (STPP).

Internal Details

Ground Floor:
Pie shop/servery, a front bar (32 covers) and restaurant to the rear (50 covers).

Basement:
Several areas with low beams and original features, totalling 64 additional covers.

First Floor:
Currently used as a storage area, it could be used as an additional trading space or converted to residential accommodation.

Second Floor:
Also used for storage but could be converted to trading space or accommodation.

Third Floor:
Also used for storage but could be converted to trading space or accommodation.

Fixtures & Fittings

We are advised that all trade fixtures and fittings are owned outright and are included in the sale.

Letting Accommodation

Ample opportunity for letting accommodation or conversion to flats on the upper floors (STPP)

Owner's Accommodation

Any of the space on the upper floors could be used for owner's accommodation.

The Opportunity

The business has been successfully trading for 40 years due to its excellent reputation and envious trading location. A new owner could take advantage of the current business' goodwill and begin trading under new management or alternatively, could open an entirely different style of restaurant/bar, following a refurbishment.

Much of the potential of this site is in the upper floors which could again be used for additional trading space or conversion to residential accommodation (STPP).

Trading Information

Account information provided shows a net turnover of £580,000 to June '17 with an adjusted net profit of £90,000. Further account information can be provided to seriously interested parties.

Trading Hours

Monday to Saturday 8.30am - 10.00pm
Sunday Closed

Development Potential

Great opportunity for developing the upper three floors to flats or letting accommodation.

Business Rates

Rateable value of £56,700 - payable amount of c.£25,000.

Regulatory

Premises Licence.


More information from this agent

Nearest stations

  • Reading (0.4 mi)
  • Reading West (0.7 mi)
  • Earley (2.6 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

Christie & Co , Reading

200 Brook Drive, Reading, RG2 6UB

0118 453 0310 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

Floorplans


To view this property or request more details, contact:

Christie & Co , Reading

200 Brook Drive, Reading, RG2 6UB

0118 453 0310 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

Map & Street View

Nearest stations

  • Reading (0.4 mi)
  • Reading West (0.7 mi)
  • Earley (2.6 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

Christie & Co , Reading

200 Brook Drive, Reading, RG2 6UB

0118 453 0310 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

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