Description
Seafront Licensed Café & 3 Holiday Flats with Stunning Sea Views!
Deceptively Spacious Café over Two Floors seating approx.56
Including two first floor cosy tea rooms for private parties;
Large, Extensively Fitted Kitchen; Ample Storage;
Two x 1 Bedroom Holiday Flats +
Top Floor 2 Bedroom Flat for Letting or Owners
Opportunity for income from two flats to pay entire rent of building
The premises are located at the end of the terrace which has frontage to The Esplanade on one side and St. Mary Street – a main shopping street, on the other. The building is Grade 11 Listed. The curved end of the building faces the famous statue of King George 111.
A long established business which has been in the present hands since 2019 and the current owners have dramatically upgraded the equipment, decoration and quality of business. This exceptionally well run and superbly located business of a café with 3 flats is for sale due to family reasons.
The cafe is run by a husband and wife team with part time staff and is typically opening from 9 am in peak summer to around 3-4pm with later morning opening in the shoulder months.
The agents are informed that the café turnover in the most recent year was approximately £150,000 including vat.
In addition, the agents are informed by the owners that the holiday flats are run as a separate business and therefore with takings for two flats informed at approximately £40,000 p.a. would not attract compulsory vat registration – the electricity and water are metered separately for each business. An employee carries out all servicing of the flats on turn around and all laundry is carried out by a laundry service. Lettings are arranged through an international company at a very competitive commission rate.
It is likely that the two holiday flats may achieve sufficient income to pay the rent on the entire 5 storey building.
POTENTIAL: The agents have been informed by the landlords that they would have no objection to the first floor being converted to a fourth flat – this would entail planning permission including listed building consent.
Tenure: The premises are held under the terms of a FRI 20 Year lease which commenced in 2019 at a current rent of £25,000 p.a. with 5 year rent reviews.
EPC: Exempt – Grade II Listed.
Price: Only £160,000 for the valuable lease, goodwill, fixtures, fittings, furniture and equipment.
