16 Market Place, COCKERMOUTH

The current owner set up and established Bamboo from 2007. The business has therefore been trading in the town for around 18 years. Consistent profitable accounts are available via the agent after viewing. This is an exciting opportunity to acquire an established and profitable business, with the option to expand the residential offerings available.

16 Market Place is a Grade II-listed mid-terrace building arranged over three storeys. The building is of traditional block construction with a pebble dash rendered finish under a pitched slate roof. The building is a rectangular shape with attractive frontage and DDA accessibility to the restaurant. An extension has been added to the rear, and an external area to the rear of the building includes a raised garden area, external storage and bin storage.

Internally, the ground floor is a largely open plan restaurant with a 60-seater capacity seating area with a large conservatory to the rear, along with a bar, kitchen and toilets, including disabled. The first and second floors, plus attic accommodation, are fully residential with self-contained access and meters. The first and second floor comprises 4 double bedrooms, 2 bathrooms and a kitchen, with the attic floor providing a further bedroom with en-suite and storage. Disc zone pull-in, pull-out parking is available to the front of the premises and pay and display parking is nearby.

Location

Cockermouth is a busy market town and benefits from a convenient position between The Lake District National Park and the west Cumbrian town of Workington. The town is easily accessible by road from all directions in the county. During the summer months, the town benefits from consistently high footfall numbers due to its proximity to The Lakes.

Bamboo is located on Market Place, linking to Castlegate, which follows on to Main Street. Market Place is a popular section of Cockermouth town centre. Surrounding occupiers include Castle Bar public house, Blocks Steak Restaurant, Allerdale Court Hotel and some smaller local independent retailers, including a bakery, refill store and cycle shop.

Accommodation

This property has been measured on a Net Internal Area basis and extends to the following approximate areas:

Terms

A sale of the freehold building including the business is available with a sale price of £750,000.
Alternatively, a sale of the business for £125,000 and new lease for the restaurant premises is available for £40,000 per annum exclusive.

In the event of a business purchaser wishing to rent the whole premises, further information can be obtained from the agent.

Services

Mains water, gas, electricity and drainage are connected to the property. Separate meters for commercial and residential parts are in place.

Business Rates

The Valuation Office Agency website describes the property as Restaurant and premises with a 2023 List Rateable Value of £6,100. The national non-domestic rate for the current 2024/2025 rate year is 49.9p in the £.

EPC

The property has an Energy Performance Asset Rating of B-49.

VAT

We are advised that the property is currently not VAT-registered, and therefore VAT is not payable on the sale price or rent for the building.