The premises are within a substantial mid terraced property which is presented to a high standard throughout and is currently a thriving and well-regarded licensed restaurant which has been owned by our clients and run completely under management for over 3 years. The premises are purposefully fitted and equipped as a licensed restaurant and there is an opportunity for incoming operators to purchase a fully equipped and popular business with undoubted potential to develop their own style of trade and to take advantage of the prominent and prime trading position. A real feature of this business is the impressive family sized Self-Contained Maisonette above the restaurant. The premises briefly comprise:- Attractive Main Restaurant, being split level with three areas and seating 46 customers; fully equipped Commercial Catering Kitchen with Ancillary and Welfare Facilities; well-presented and completely Self-Contained Owner's Apartment with 3 Double Bedrooms, spacious open plan Sitting Room, Kitchen and Dining Room and a Family Bathroom. The sale of 29 Magdalen Road represents a unique opportunity to purchase a restaurant premises in a prominent and sought-after trading position and with genuine potential for incoming purchasers to develop a style of trade to suit their own requirements. Unusually, the premises also offer a quality family sized 3 double bedroom self-contained apartment. Please note that the Meat59 name and branding will be retained by our client's as this is used in association with our client's other business interests.
The property occupies a prominent and much sought-after location in the popular and vibrant trading area of Magdalen Road, close to Exeter City Centre. Magdalen Road is located in the affluent St Leonards residential area and the Southernhay business district and Exeter City Centre are also close by and within easy walking distance. Magdalen Road is characterised by a variety of well-established high-quality independent retailers. Exeter is the regional capital of the South West and as such, is not only an established and expanding business centre, but also a popular tourist destination Renowned for its historic cathedral, university and waterside developments, Exeter boasts excellent transport link communications with 2 mainline rail links to London, an international airport and easy access to the M5 motorway at junction 30.
Glazed window frontage with over canopy and recessed part glazed entrance door leading into Front Restaurant Area an attractive, well presented and appealing trade area with stripped wood flooring, feature wooden bench seating for 12 customers, part wood panelled walls, wall mounted menu boards and feature lighting. Feature timber topped Bar Servery with a range of back bar fittings including two double glass fronted bottle fridges, stainless steel sink unit and commercial glass washer. Steps up to Main Restaurant Area a continuation in theme, style and ambiance, with stripped wood flooring, fully air-conditioned, wall mounted menu boards, part wood panelled walls, feature lighting and a range of wood topped tables, chairs and bench seating for 22 customers. Open plan through into Conservatory Dining Room again an attractive and pleasant room with stripped wood flooring, feature lighting, part wood panelled walls, range of free standing wooden topped tables and chairs seating 12 customers. Customer WC. Dry Goods Store. Commercial Catering Kitchen with non-slip flooring, part tiled and part stainless steel clad walls, fitted with a comprehensive range of commercial catering equipment to include: - extractor system with stainless steel canopy over, two Lincat flat top griddles, twin floor standing deep fat fryer, Lincat twin halogen hob, commercial microwave oven, extensive stainless steel shelving, under counter two door commercial fridge unit with saladette over, serving gantry with warming lamps, stainless steel work benches with shelving below, Blue Seal turbo fan oven, undercounter commercial fridge, undercounter commercial freezer, two upright commercial fridges, chest freezer, stainless steel sink unit, twin bowl stainless steel sink unit, commercial dishwasher and eye level grill. Dessert Preparation Room with hand basin, worksurfaces, wall shelving, fridge and milkshake maker.
Please note: The fittings, equipment and services listed have not been tested by the agents, although we are informed that all items are in working order.
Situated above the restaurant and accessed either from the restaurant or with independent access from Magdalen Road, the versatile owner's accommodation offers opportunities for subletting, to provide a valuable rental income, if so required. The spacious owner's maisonette is well presented and briefly comprises:- spacious open plan L shaped Lounge/Kitchen/Dining Room with stripped wood flooring with a range of fitted base and wall mounted kitchen units and complementary worksurface, built in dishwasher and fridge freezer, matching island unit, bay window to the side with views of Exeter Cathedral. Bedroom 1 a double bedroom with dual aspect and windows to the front and side and stripped wood flooring. Bedroom 2 a double bedroom with aspect to the front, feature fireplace and stripped wood flooring. Bedroom 3 a double bedroom with aspect to the rear, feature fireplace and stripped wood flooring. Family Bathroom with a modern white suite and shower over bath.
Currently the business trades as a busy independent gourmet burger restaurant and is fully licensed. The premises boast a prominent trading position and the business is run under full management, being part of a small group of three restaurants owned by our clients. The business trades on deliberately restricted opening hours. Our clients have owned the business for over 3 years during which time they have refurbished and improved the property and consequently the business is now presented in excellent order throughout and offers a purpose equipped and fitted catering business opportunity. The business benefits from a 5-star food hygiene rating. The premises are being sold without the name Meat59 as this will be retained by our clients as it is used with their associated businesses.
Annualised accounts for the year ending 30th April 2020 demonstrate sales in the order of £300,000 net of VAT. Trading information can be made available following a formal viewing.
The business currently trades Tuesday to Friday from 5pm until 10pm and Saturday from midday until 10pm. The business is closed on Sunday and Monday.
There is an opportunity for incoming operators to develop their own trading style and to trade in a manner to suit their own personal requirements. There are also opportunities to increase the current opening hours and new owners will benefit from being able to move in without the need for any major expenditure on the premises. The business will undoubtedly thrive in the hands of "hands on" owner operators, especially those with experience and/or a background in the catering industry. The sale of this property represents the rare opportunity to acquire a licensed restaurant premises with impressive owner's accommodation, the like of which rarely comes with a business of this nature.
An early appointment to view is highly recommended in order to fully appreciate all that this impressive opportunity has to offer.
For up to date Business Rates and Council Tax information relating to this property, we refer you to The Valuation Office website
All mains services are connected to the subject property. A 3-phase electricity supply is connected.
PRICE & TENURE
£30,000 for the valuable leasehold interest and full trade inventory. Please note that the Meat59 name will be retained by our clients as this is used in association with their other businesses.
The premises are held on the remainder of a 15 year private lease, which commenced in June 2006. We have been informed that the landlord will grant a new 15-year lease to the incoming tenant at a rent of £26,000 per annum. The lease will have repairing and insuring obligations.
Strictly by appointment with the vendors Sole Selling Agents.Tel: .Email:
You are recommended to contact us before visiting the property even for an informal viewing. We can then confirm whether or not it is still available.
Is accommodation included?:
The property occupies a prominent and much sought-after location in the popular and vibrant trading area of Magdalen Road, close to Exeter City Centre. Magdalen Road is located in the affluent St Leonards residential area and the Southernhay business district and Exeter City Centre are also close by and within easy walking distance. Magdalen Road is characterised by a variety of well-established high-quality independent retailers.
The premises are held on the remainder of a 15 year private lease, which commenced in June 2006. We have been informed that the landlord will grant a new 15-year lease to the incoming tenant at a rent of £26,000 per annum.