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Cheltenham Place, Newquay, TR7 1BA

£410,000

Cheltenham Place, Newquay, TR7 1BA

£410,000
Exciting and rare business opportunity to buy a newly refurbished freehold wine bar and coffee house in central Newquay with 3 spacious en-suite boutique letting bedrooms in the heart of central Newquay
The Premises
The current owners purchased the property in 2016 as a former restaurant premises in poor condition, having sold their successful local Bed & Breakfast property with a view to creating a new breed of small licensed bar catering for a local and visitor demand for a more intimate, creative and relaxed venue in Newquay Town Centre. The concept was to include three boutique style letting rooms on the first and second floors, with independent access, a communal kitchen/servery and a rear roof terrace to provide a solid and stable accommodation income, with little owner input to supplement the bar operation on the ground floor. During the latter part of 2016 and early 2017, the owners set upon a ground up refurbishment of the property to include re-wiring, re-plumbing, re-plastering, chimney/roof work, fire walls and central heating along with a full cosmetic overhaul of the ground floor bar area and the upper letting rooms. The resultant building is considered as fully refurbished to a high compliant standard, with appropriate certification and should prove to be largely maintenance free for a good number of Years. The premise has brand new fire alarm and CCTV systems.

The 55 Yards Bar
The ground floor bar area comprises a front bar servery area centered around a grand piano, with a floor to ceiling anthracite grey Bay window and an eclectic collection of bar seating, serviced by a bespoke open Bar Servery, serving a selection of fine wines, craft beers, spirits and snacks with bar stools surrounding the bar. To the rear of the bar servery, is a further dimly lit intimate lounge area featuring the off licence display shelving with leather Chesterfield sofa’s and tables, leading out to a small rear enclosed smokers courtyard. A rear passage provides access to the customer toilets and on to the small kitchen/prep area currently used for the preparation of cold food boards (local cheeses, meats etc.), but also suitable as a small restaurant kitchen with a commercial kitchen gas supply laid on. The Bar opened its doors on the 1st July 2016 and currently opens during the day until 10:30pm Sun – Thurs and until 11:30pm Friday and Saturday. Off licence sales are permitted until 11:30pm. The premises have been awarded a 5 out of 5 food hygiene rating.

The Townhouse Rooms
The guest rooms are accessed via the rear pedestrian access lane, or alternatively through the ground floor bar with an external staircase leading up to a walled roof terrace for outside guest seating. A door leads from the terrace to a communal kitchenette/breakfast area where the current owners leave a continental style self-service breakfast for guests to enjoy at their leisure. There are 2 first floor en-suite double bedrooms with a larger en-suite bedroom suite on the third floor. The guest rooms have been awarded a 9.8 out of 10 on bookings.com guest review awards 2016. The rooms opened for business late August 2016 and achieve £70-£180 per night.

The Business
The business, including the freehold premises, the trading name and web presence, along with all fixture, fittings and equipment therein (with the exception of a few minor personal items and the rented coffee grinder) are available immediately, due to the current owners divorce. Depending on the sale date, abridged accounts will be made available based on the short trading history. At this stage, the owners indicate the total annual turnover for Year one is likely to be in the region £180,000 - £200,000 with a net profit in the region of £80,000 - £100,000 (all figures TBC and subject to production of audited accounts).

Tenure
Freehold

Services
All mains

Business Rates
UBR - £8800. This property will qualify, subject to criteria, for small business rate relief. This sum is not the amount payable.
Viewing
Please contact our Newquay Office on 01637 875847 if you wish to arrange a viewing appointment for this property or require further information.
Disclaimer
Start & Co endeavour to maintain accurate depictions of properties in Virtual Tours, Floor Plans and descriptions, however, these are intended only as a guide and purchasers must satisfy themselves by personal inspection.

KEY FEATURES

  • Lifestyle opportunity with great income potential
  • Currently run as a contemporary Wine Bar with Off Licence sales
  • Three lucrative upper floor en-suite letting rooms (£70 - £180<br/>ight)
  • Ground up comprehensive quality refurbishment in 2016
  • To be sold as a turn-key going concern, fully furnished and equipped
  • Year 1 projected turnover £180k -£200k. Opened July 2016
  • Reluctant sale due to divorce, great ongoing business potential
  • 55 Yards from Newquay’s main pedestrian shopping area

ASSETS:

BOOK A VIEWING

Speak to our experienced team on
01637 875847 Or click here to submit a short form with your contact details so we can arrange a viewing on this property.

Latest Reviews (7 Reviews)

Sale of Property
by kevin &sue willcock (Vendor) 10/10/2017
SUSTAINED BUSINESS RELATIONSHIP
by Brian P (Buyer) 08/07/2016
challenging purchase ended in success ??
by Rachel (Buyer) 25/05/2016

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