Restaurant for sale

14 Lyme Street, Axminster, Devon, EX13

Leasehold £45,000

Property Description

Commercial information

  • Use class orders: A3 Restaurants and Cafes

Key features

  • Licensed Restaurant/Bistro/Cafe
  • Visible Town Centre Trading Position
  • Main Restaurant (30+)
  • 2 Bedroom Owners Apartment
  • Rare Catering Opportunity

Full description

Tenure: Leasehold

THE PROPERTY
14 Lyme Street is a licensed restaurant/bistro/cafe premises which benefits from a large 2 bedroom maisonette above, which when rented out provides a rental income of £10,000-£12,000 per annum. As the rent for the whole property is under £10,000 per annum, the rental income covers the whole of the rent. As there are no rates payable (100% rates relief) this means the owner can benefit from no net outgoings on rent or rates. Currently trading as a licensed restaurant, opening just 2 evenings per week, the premises have been the subject of considerable investment by our client and offers potential for incoming operators to purchase a sought after catering business opportunity with potential to develop the style of trade to suit their own requirements and take advantage of the prominent town centre trading position. The business briefly comprises:- Main Restaurant Area comfortably seating 30 plus customers; impressive and well equipped Commercial Catering Kitchen with separate Wash-Up/Preparation Room and Store Room; enclosed Rear Courtyard with Customer Seating Area and spacious 2 Bedroom Owners Accommodation with Sitting Room, Kitchen/Breakfast Room, and Shower Room.

SITUATION
14 Lyme Street occupies a prime and visible trading position and enjoys all the considerable commercial advantages with it's prime town centre trading position amongst other complementary businesses including national retailers and residential areas which provides a strong footfall to compliment the busy passing trade. Axminster is an unspoilt East Devon market town with charm and character with attractive streets leading off Town Square, well known for the production of high quality carpets and dating back to the 18th Century. The town continues to grow with numerous new housing developments under construction. Situated close to the Dorset border, approximately 5 miles from the historic seaside resort town of Lyme Regis, 9 miles from the market town of Honiton and 25 miles from the Cathedral City of Exeter, being easily accessible by the A30 dual carriageway, ensuring that the area remains popular to commuters and holidaymakers.

INTERNAL DETAILS
Attractive small paned glazed bay window frontage, side entrance door leading to Main Restaurant Area comprising 2 adjoining open plan rooms with part wood and part stone flooring, original cast iron fireplace (disused) in ornate surround, feature lighting and currently seating 30 customers. Rear Inner Lobby with door to rear courtyard, Customer WC with feature sink. Commercial Catering Kitchen with Altro flooring, wipe clean clad walls fitted with a comprehensive range of commercial catering equipment to include:- extractor system with stainless steel canopy over, 8-burner gas range, stainless steel wall shelving, 3-door undercounter commercial fridge unit, 2x2-door undercounter fridge units, stainless steel worksurfaces with shelving below, twin deep bowl stainless steel sink unit, hand basin and stainless steel racked shelving. Boiler Cupboard with Baxi combi gas boiler. Wash Up/Preparation Room/Store Room located on the first floor and extremely well equipped with Altro flooring, wipe clean clad walls, extensive stainless steel racked shelving, basin, ChefQuip commercial mixer, electric oven, stainless steel worksurfaces with shelving below, commercial dishwasher, twin deep bowl stainless steel sink unit, stainless steel wall shelving and upright freezer.

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.

OWNERS ACCOMMODATION
The owners apartment is situated on the first and second floors and briefly comprises:- large Sitting Room on the first floor with aspect to front. Kitchen/Breakfast Room being fully fitted with a range of base and wall mounted kitchen units and complementary worksurfaces with built in electric hob, electric oven, microwave and 1? bowl sink unit. Shower Room on the first floor. Bedroom 1 a generously proportioned double bedroom on the second floor with aspect to front. Bedroom 2 a good sized double bedroom on the second floor with aspect to rear.

EXTERNAL DETAILS
To the rear of the property is a wall gravelled Courtyard Garden with customer seating area and retractable sun canopy over. Pedestrian gated access to the rear and rear bin store area. Store Room/WC.

THE OPPORTUNITY
14 Lyme Street currently trades as a quality licensed restaurant opening just 2 evenings per week (Friday and Saturday). Prior to this, the business traded for a number of years as a successful Italian restaurant. The restaurant boasts a prominent trading position and the sale represents an opportunity to purchase an extremely well equipped catering business with tremendous potential and benefiting from low overheads. The business benefits from a 5 Star Food Hygiene rating.

TRADING INFORMATION
The current business has traded for just over 2 years and through personal choice, the restaurant opens just 2 evenings per week (Friday and Saturday) and consequently trade levels are restricted to below the VAT threshold.

The property benefits from a large 2 bedroom maisonette above, which when rented out provides a rental income of £10,000-£12,000 per annum. As the rent for the whole property is under £10,000 per annum, the rental income covers the whole of the rent. As there are no rates payable (100% rates relief) this means the owner can benefit from no net outgoings on rent or rates.

POTENTIAL
There is tremendous potential for incoming operators to develop their own style of cuisine and trade in a manner to suit their own personal requirements to take advantage of this well presented and equipped business in a prominent and visible trading position in a highly desirable East Devon town. The sale represents a rare opportunity to acquire a licensed restaurant premises which would be equally suitable as a cafe/tea rooms and for alternative cuisines.

EPC
C - 64.

SERVICES
The premises are connected to all mains services.

PRICE & TENURE
£45,000 for the valuable leasehold interest and full trade inventory. Vacant possession upon completion.

The landlords have confirmed that they are prepared to grant a new term of lease to incoming tenants and they are flexible as to the length of the lease. Further details available upon request. The rent is £805.07 per calendar month including building insurance.

The property benefits from a large 2 bedroom maisonette above, which when rented out provides a rental income of £10,000-£12,000 per annum. As the rent for the whole property is under £10,000 per annum, the rental income covers the whole of the rent. As there are no rates payable (100% rates relief) this means the owner can benefit from no net outgoings on rent or rates.

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.



More information from this agent

Nearest station

  • Axminster (0.4 mi)
Distances are straight line measurements from centre of postcode

Map & Street View

Nearest station

  • Axminster (0.4 mi)
Distances are straight line measurements from centre of postcode

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