This popular, beautifully presented A3 coffee shop and tea room is situated on busy road leading into the heart of the famous, historic area of Old Portsmouth. It is very close to the Historic Dockyard, one of Southern England's major tourist destinations which houses the renowned Mary Rose Museum. The museum welcomed its 100,000th visitor just 8 weeks after the doors first opened on 31st May 2013. In 1704 royal permission was given for people to build houses near to the dockyard. A new suburb called Portsmouth Common grew, and this changed to Portsea in 1792. This new suburb soon outgrew the original town, which became known as Old Portsmouth. The area called Old Portsmouth is located on the south western tip of the island. The area of Old Portsmouth is also known as Spice Island which is where all the spices used to enter the city. The area features many historical buildings and alongside a mix of densely populated residential property and a thriving commercial centre.
This beautifully presented, licensed, A3 coffee shop/tea room has been trading successfully on the same High Street site in Old Portsmouth for the past 10 years. In addition to traditional coffee shop and tea room favourites the creative owner has built up a discerning clientele who also enjoy a wide choice of healthy and nutritious lunch-time alternatives. Examples are shown on her constantly changing “Specials” board.
Occasionally they hold special evening events which reward advance booking.
They held a steak night which sold out within two days followed by an Italian evening that was equally popular. Acouple of years ago the owner mentioned to the online food review website LiveLifeLove that a chef from the Michelin star restaurant The Black Rat in Winchester was hosting a few pop-up restaurant evenings for her. You can read their glowing review by sending an email request to: firstname.lastname@example.org .
(all sizes are approximate & should be considered 'nominal'.)
A ground floor, corner site with timber and glazed frontage with single casement door opening into the seating area which offers 26 covers plus 4 stools at the café rail. The customer seating and service areas measure 22’ x 16’ 9”/ 6.5m x 5.1m (368 sq ft/33 sq m). Easy-clean, wood laminate floor with tasteful suspended lamps and spotlights over. Archway leads to a well-equipped spacious kitchen with installed extraction, a Utility and Refrigeration room and toilet facilities. A rear door opens into a yard and garage which the owner uses as her dry goods store.
Where items of equipment and appliances are mentioned, no warranty is given or implied as to their operational condition.
The existing lease has expired but the landlord has confirmed a new 10 year lease will be offered with a 5-year rent review on FRI terms. There is also a service charge for communal costs including buildings insurance. Rent is currently £12,000 per year. Please be aware that the landlord will require references to support your application as a tenant and satisfactory bank and trade or personal references will be requested. In addition, the landlord may ask for a rent deposit equal to 3 or 6 months dependent upon quality of references and status of the buyer.
The rateable value of the business premises is £7,400 and therefore zero rates are payable in 2019/20.
This information has been obtained either from the current rate demand for the property, by telephone from the local authority or by reference to the VOA website. The amount payable is the standard rate for the Rateable Value shown. In some circumstances this may vary, and therefore it is recommended that potential buyers make their own enquiries through the local authority to check the applicable rateable value and whether the rates payable will be the figure quoted above.
(all sizes are approximate & should be considered 'nominal'.)
There is no private accommodation included with this opportunity
We understand from the vendor that all main services are connected to the property.
The business is open 7 days a week as follows:
Monday to Friday 08:30 to 17:00
Saturday & Sunday 09:30 to 17:00
Accounts inspected by Adams & Co show sales for the year ended 30 April 2018 of £120,287 with gross profits of £92,476 (76.9%). VAT returns for the 12 months ended 31 March 2019 show sales of £126,382 generating assumed gross profits of £97,187. The vendor advises no significant changes to the operating costs shown in the accounts for y/end 30 April 2018 thus we assume adjusted net profits of approximately £27,000 were produced to 31 March 2019.
Please note that if a business is VAT registered, all figures exclude VAT.
The vendor now only works on Saturday, Sunday, Monday and half day Tuesday. One full time member of staff is employed working 38 hours Tuesday to Saturday supported by 2 part time employees attending the local University, each working 20 hours per week.
The vendor informs us that the value of the stock is approximately £500
Vendors and Buyers each to meet their own legal costs, but if a lease is to be assigned from the vendor to the buyer they will also be expected to share the landlord’s legal costs on a 50/50 basis. If a buyer wishes to negotiate a ‘new’ lease, they will be responsible for all the landlord’s legal costs.
The vendor now wishes to retire creating an exciting opportunity for a new hands-on owner to build on the solid foundations laid down during her ownership.
Financial information will be made available to seriously interested purchasers after they have formally viewed the business.
This popular, beautifully presented A3 coffee shop and tea room is situated on busy road leading into the heart of the famous, historic area of Old Portsmouth. It is very close to the Historic Dockyard, one of Southern England's major tourist destinations which houses the renowned Mary Rose Museum. The museum welcomed its 100,000th visitor just 8 weeks after the doors first opened on 31st May 2013. In 1704 royal permission was given for people to build houses near to the dockyard. A new suburb c
The existing lease has expired but the landlord has confirmed a new 10 year lease will be offered with a 5-year rent review on FRI terms. There is also a service charge for communal costs including buildings insurance. Rent is currently £12,000 per year.