• Turnkey operation - established and successful business
• Superb, central Cambridge, high footfall location
• Practically arranged over 3 storeys
• Approximately 70 covers in total
• Presented in excellent order throughout
• Well-equipped commercial kitchen with full extraction and prep area
Property
Varsity Restaurant occupies a 3-storey building which dates back to around the 17th century. The trade space is presented in excellent order throughout and features stylish décor with a mixture of fixed and loose seating, catering for a total of c. 70 covers.
On the ground floor, the main dining area is arranged for c. 30 covers and has stairs to the first floor and access to the kitchen at the rear. The kitchen is well-appointed, with commercial extraction and an ancillary prep area to the rear. Externally, there is access to a wine store, laundry room, staff WC and covered area which houses refrigerators. There is wide side access to the rear from the front.
The first floor has further dining space for a total of c. 40 covers. The rear dining room has a vaulted ceiling and links to the front dining room via a hallway which in turn has access to WCs. A staircase provides access to the second floor, which comprises a storage space and office.
Measurements
Ground Floor First Floor
Restaurant: 43.9m² Restaurant: 43.6m²
Kitchen: 21.1m² Second Floor
External storage (total): 14.7m² 16.1m²
Total: 139.4m²
Measurements have been taken from the valuation office agency and are approximate.
Planning
The property benefits from permitted use Class 'E'. We are advised that the property is Grade II listed and is situated within a Conservation Area. The relevant Local Authority is Cambridge City Council.
Tenure
The premises is held on a 10-year lease from a private Landlord, of which 6 years remain unexpired. The lease is full repairing and insuring with a passing rent of £42,500 per annum (excluding VAT). The lease is protected by the Landlord & Tenant Act (1954) affording the Lessee the automatic right to renew their agreement at its culmination
Premium
Premium offers are invited for the benefit of the leasehold interest, inclusive of all goodwill and trade fixtures & fittings (save for 3rd party owned items). Stock at valuation will be payable in addition on completion.
Rates & Charges
Rateable Value: £35,250
The government has introduced a business rates holiday for retail, hospitality and leisure businesses until June 30th 2021. A further two-thirds discount will be effective for the remainder of the 2021 - 2022 tax year.
Location Details:
Varsity Restaurant occupies a superb location opposite Emmanuel College and its gardens, at the city centre end of St Andrews Street. Neighbouring occupiers include but are not limited to Nando's, All Bar One and Wagamamas.
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