Property
12 Market Hill is a prominent brick-built building with painted facade which is arranged over 5 storeys and is believed to date back to the late 18th century.
Don Pasquale restaurant is situated across ground and basement floors. 80 covers are catered to with extensive supporting kitchen facilities split across ground and first floor levels. To the front of the premises the restaurant has the benefit of a permit from the City Council allowing 52 external covers.
A separate entrance and stairway leads to the first and second floors, which are occupied by 12a Club (licensed for 150) and feature modern, opulent decor. The first floor is particularly spacious and has a mixture of fixed and loose seating, wood-effect flooring and wooden bar. The second floor has male and female WCs and a more private, intimate lounge with a variety of comfortable armchairs.
The third floor is currently utilised as office space but could be converted to ancillary accommodation, subject to any necessary consents.
Measurements
The total site area is 180m² (1,937ft²) and the ground floor footprint (GEA) of the restaurant is approximately 161m² (1,733ft²). Measurements are taken from digital planning and are approximate.
Planning
The property benefits from A3 Use Class (Restaurants & Cafe). We understand the building is Grade II Listed and located within a Conservation Area.
The property has the advantage of a late licence to serve alcohol until 00:00 Mon - Sat, with serving hours extending to 04:00 on the first and second floors when operating as a private members club.
Tenure
The property is held on a FRI lease for a term of 15 years from 22nd December 2004 to 21st December 2019, subject to 5 yearly rent reviews, at a passing rent of £150,000 per annum, exclusive of VAT.
A reversionary lease has been signed for a further 15 years commencing on 22nd December 2019. The agreement benefits from the protection of the Landlord & Tenant Act (1954).
Full copies of both agreements can be provided upon request.
Premium
The vendor is inviting offers in the region of £350,000 for the benefit of the leasehold interest of the restaurant and bar.
Rates & Charges
Business Rates: £59,976 per annum (based on a Rateable Value of £119,000).
Location Details:
Market Hill, also known as Market Square, is situated at the very heart of Cambridge City Centre. It is a well-established leisure pitch featuring landmark buildings Cambridge Guildhall and Great St Mary's Church. Petty Curry, Lion Yard and the Grand Arcade shopping centres are all within a stone's throw.
Don Pasquale & 12a Club occupies an enviable corner position to the northeast of the square, where Market Hill meets Market Street.
Buying Guides
