8380L

• Superb location on Castle Street within the bustling town of Warwick, next to the Castle walls.
• Lovely Ground Floor Bar & Restaurant (circa 40) offering bar server, beams and wood floors.
• Excellent First Floor Dining Area (circa 32) ideal for parties, meetings and small functions and offering beams and wood floors.
• Spacious Commercial Catering Kitchen.
• Currently running as a restaurant but suitable for either Restaurant, Gin & Cocktail/Craft Beer Bar or Coffee Shop/Retail.
• We are advised the turnover is currently circa £5,000 per week (incl. vat) on limited trading hours.
• 6 yrs remaining on a Renewable ‘Free of Tie’ Lease with a rent of only £24k per annum.

Location

This beautifully presented ‘free of tie’ Restaurant is excellently situated on Castle Street, next to the Castle Walls and in the heart of the town centre.

Warwick is the county town of Warwickshire. The town lies upon the River Avon, 11 miles south of Coventry and just west of Leamington Spa.

As of the 2011 census, Warwick had a population of over 25,000 residents.

This historic town attracts many visitors with its famous Warwick Castle, established in 1068 and the Racecourse.

Warwick School claims to be the oldest Boys School in the UK.

This thriving town is home to many companies due to its close proximity to north-south and east-west motorway routes.

The town centre has a good range of local and national shops and town is full of amenities for its residents.

THE PROPERTY

This lovely Restaurant & Bar is situated on Castle Street and is built from local stone construction under a pitched tiled roof and benefitting from a wonderful town centre location.

The Ground Floor Bar & Restaurant (circa 40 covers) is an excellent trading area that benefits from a large bar servery, a mix of wood and carpeted flooring, beamed ceilings and quality furnishings.

The First Floor Restaurant/Function Room (circa 32 covers) offers beams, wood flooring and two entrances. This room is ideal for small parties, meetings and functions.

All trading areas are presented very well and could be utilised for many uses including a bar, restaurant, coffee shop or retail.

Ladies & Gents W.C’s.

There is a large Commercial Catering Kitchen with stainless steel appliances (not tested) and work surfaces.

The Lower Ground Floor Cellar benefits from coolers, python system and storage along with a lockable bottle store.

EXTERNAL

This business has no external trading areas.

TRADING HOURS

We are advised that the business trades with the benefit of the Premises Licence (not seen) which permits the sale of alcohol during the hours of:

Sun – Thursday 10am – 11pm

Fri – Sat 10am - Midnight

Current opening hours are:

Monday Closed

Tues – Sun 5.30pm – 10.30pm

NB. Important: Prospective purchasers wishing to continue to operate the public house should ensure that they gain the APLH Qualification in readiness for their intended operation of the Public House.

GENERAL REMARKS

The business is being offered for sale as a ‘Free of Tie’ lease assignment with approximately 6 years remaining of the full repairing, insuring and renewable agreement. We are advised that the business is free of tie for all products. We are informed that the rent is currently £24,000 with a rent review due in 2022. We are advised that at the end of the term, the Lease (not seen by Guy Simmonds) should be renewable with no further premium – subject to the provision of the Landlord & Tenancy Act 1954.

The property offers all mains services along with being heated with electric heating (no services tested). Business rates payable are advised as currently being £7,000 per annum.

THE BUSINESS

Our vendor client purchased the business in May 2016 and has continued its theme as a successful restaurant and bar albeit has changed the cuisine.

This superbly positioned business in the heart of the town and next to the castle walls has the scope for a variety of businesses.

New owner operators will benefit from an established business that offers further scope with longer opening hours and the opportunity to change the offering completely if required.

We are advised turnover for year ending 12/19 is approx. £5,000 per week (incl. vat) on a trade split of 75% food and 25% wet.

Viewing appointments must be made by contacting Guy Simmonds at sales@guysimmonds.co.uk.

Details prepared: March 2020.