Restaurant for sale

Teignmouth, Devon

£77,500

Property Description

Commercial information

  • Business for sale

Key features

  • Attractive trading position close Teignmouth seafront
  • Substantial 4 storey premises refurbished 2019
  • 45 cover Dining Area, commercial kitchen, large storage basement
  • Garden area offering 30 alfresco covers
  • Spacious self-contained 4 bedroom maisonette
  • Sales 3,000 - 4,000 pw from 5 evenings
  • Currently offers Italian/Mediterranean menu - suit variety of cuisine
  • Regular local trade plus seasonal boost
  • Same ownership approaching 20 years
  • EMF reference number: R34586N

Full description

Tenure: Leasehold

Description: An established well known Licensed Restaurant offering an Italian/Mediterranean themed menu, currently trading evenings only but considered suitable for all types of cuisine, with the option to trade daytime and evenings. Trading from deceptively large premises which of late have been the subject of considerable investment, offering character dining area with up to 45 covers, bar servery, commercial kitchen, ladies and gentlemen cloakroom facilities, additional basement offering preparation and storage facilities. Above the business premises is a large self-contained maisonette providing a kitchen, sitting room, bathroom and 4 bedrooms whilst outside the business is able to make use of a garden area offering 30 alfresco covers, proving popular during the summer months. The business enjoys regular trade from the local resident community and from the many visitors/holidaymakers to the town.

Location: Fronting a popular and attractive shopping thoroughfare, home to numerous other businesses to include other catering establishments, public houses, a butchers, hair salon and bakers. National retailers together with the High Street banks are only a short walk away with the promenade/seafront and beach literally just around the corner together with car parking. The area borders residential areas which are also home to guest houses and hotels from which seasonal trading boosts are received. Good levels of pedestrian foot flow are enjoyed from those making their way across the town to the popular estuary being home to the working port, numerous yacht moorings and the ferry taking passengers across the estuary to Shaldon.

Area: Teignmouth lies on the north bank of the Teign Estuary, it plays host to a good size resident population ensuring all year round trade but enjoys a substantial summer boost from tourists and holiday makers. The town lies approximately 9 miles from Torquay, 6 miles from Newton Abbot and 15 miles from the City of Exeter with the nearby A38 dual carriageway providing good communication links.

Premises: Deceptively spacious premises which in 2019 have been the subject of considerable investment to include new roofs and the painting of the exterior. Forming the end of the parade, wooden framed glazed double frontage, additional return frontage with French doors opening to the side garden area providing dual access to the character DINING AREA, stripped wooden flooring, half wood panelling to the walls, freestanding tables and chairs providing up to 45 covers. To the rear, wooden fronted BAR SERVERY with canopy above and marble counter, spirit optics to the wall, contains coffee machine, coffee grinder, glass washer and under counter glazed front bottle chiller. Adjacent WAITRESS AREA with counter, glazed front upright wine chiller and coat hanging facilities. Leading off is the COMMERCIAL KITCHEN, benefits from rear and side aspects, and 3 phase electricity, non-slip flooring, marble work counters and stainless steel wall storage shelving. Contains a host of equipment, amongst the inventory, 6 burner hob, 6 burner cooker, twin deck pizza oven, twin basket fryer, extractor canopy, 4 door chiller counter, 3 door chiller counter and under counter freezer. Incorporates WASH UP AREA, fitted with sink unit, dishwasher and hand washbasin. The premises continue to the rear where separate ladies and gentlemen's CLOAKROOM facilities can be found whilst leading off the dining area are stairs providing access to the CELLAR, tiled floor, storage racking, offers additional preparation facilities in respect of dough making having stainless steel counter and 2 mixers. The area also provides an abundance of STORAGE in respect of spare furniture and equipment.

(None of the above appliances/systems have been tested and a purchaser must satisfy themselves as to the serviceability of these.)

Accommodation: Extending over 2 floors above the business premises, can be self-contained with back door opening to LOBBY and stairs rising to the FIRST FLOOR with the initial KITCHEN, side aspect, fitted work counters, base storage units, stainless steel sink/draining unit, space for cooker, plumbed for automatic washing machine. The INNER HALLWAY leads to SITTING ROOM, enjoys front aspect via bay window and additional window. Leading off the inner hallway, BATHROOM having tiled floor, fitted with Jacuzzi bath, shower cubicle, hand washbasin and toilet. The MASTER BEDROOM is located on the first floor and situated to the rear of the property, a double with side aspect, and benefits from walk in DRESSING ROOM with door to rear flat roof area. The remaining 3 bedrooms are situated on the SECOND FLOOR, all leading off the landing area where the loft access is also found, BEDROOM 2, a double with front aspect enjoying some sea views, BEDROOM 3 a single with front aspect also having some sea views, BEDROOM 4, a single with rear aspect.

Outside: To the side of the property, whilst not part of the Lease and owned by Highways, an attractive GARDEN AREA exists with lawn and flower borders, containing picnic style bench seating offering 30 covers which we understand the business has use of proving popular, in particular during the summer months.

Business: Under current ownership since 2000, previously trading on a larger scale as The Colosseum, now trading at a lower level under the name of Franco's to suit the lifestyle of the vendors, only offered for sale in order to re-locate. Serving a menu of Italian/Mediterranean influence, to include pizza and pasta, all freshly prepared and cooked to order using quality ingredients, a full alcohol licence is held enabling the serving of beers, wines and spirits. The business enjoys both regular local trade and visitor trade such is the trading position and reputation, lots of recommendations received, no advertising undertaken.

Trading Hours: To suit the lifestyle of the vendors the business typically trades Tuesday to Saturday evenings 6.30pm through to 10.00pm, scope exists for longer opening hours, in particular during the summer months.

Staff: Operated by a husband and wife team with the assistance of a pool of part time staff who are called upon as and when required to include a kitchen assistant and waiting staff.

Takings: We have been advised takings can range from £3,000 per week to £5,000 per week albeit the vendor chooses to operate below the VAT threshold, closing regularly to visit family abroad. Previously, when opening longer hours, to include lunchtimes and evenings, takings were well in excess of £200,000.

Comments: The sale of Franco's provides an opportunity to acquire a popular eating venue established a substantial number of years. New owners will benefit from spacious well equipped premises with the added benefit of accommodation, the property having been the subject of substantial recent investment. Opportunities exist for new owners to build on the current levels through development of the menu and increased opening hours, returning to levels previously seen.

Tenure: Held on the residue of a renewable 10 year Lease which commenced in 2019, current rent £17,500 per annum to include the accommodation.

Rates: Currently 'Nil' after 100% rate relief.

Price: £77,500 for the benefit of the Lease, Goodwill, Fixtures, Fittings and Equipment (according to inventory) plus stock at valuation.



More information from this agent

Nearest stations

  • Teignmouth (0.1 mi)
  • Dawlish (2.6 mi)
  • Dawlish Warren (4.2 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

EM&F , Devon

3 Cornhill, Ottery St. Mary, EX11 1DW

01404 606038 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

  • Teignmouth (0.1 mi)
  • Dawlish (2.6 mi)
  • Dawlish Warren (4.2 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

EM&F , Devon

3 Cornhill, Ottery St. Mary, EX11 1DW

01404 606038 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.

Disclaimer - Property reference R34586N. 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 EM&F , Devon. 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.

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