Our client has operated the business since 1997 and has extensively refurbished the premises throughout creating the successful popular venues we see today. They have continued to build the trade and figures year on year adapting the business to suit customer demand and achieving impressive levels of turnover and net profit.
Due to other business commitments they have decided to place the freehold interest in the property on the market.
The building comprises two branded venues located within a parade of Grade II listed properties with parts of the timber framed buildings thought to date back to the 15th century. The trade areas are located over two stories and separated into a number of rooms allowing the business to accommodate greater numbers of customers during peak trading times whilst still retaining an intimate atmosphere during quieter periods.
The Peach Tree:
Access through the main door into an entrance lobby and through into the main trading space which is separated in to a series of rooms and stairs immediately in front to the mezzanine level with bar servery to the side and a small raised seating area.
The main dining area has exposed beams throughout with galleried ceiling with a door leading through to another dining area which can be used for private dining benefitting from bi-fold doors onto Abbey Foregate and capable of seating up to 45 diners. There are a set of stairs to a further first floor trading area. The Peach Tree provides circa 100 covers in total.
Accessed through the main glass doors and up a sloped ramp to the main bar area with servery to one side and door accessing the private dining room of The Peach Tree. The main room is split level with a range of seating options and a dj booth to the rear and direct access to the central courtyard area. Havana has a capacity of circa 250 customers. To the back wall of Havana Republic are doors to access an area which can be used for private functions and events (75 covers) with vaulted ceiling, its own bar servery and direct access to the kitchen.
All trading areas are served and have access to a central enclosed courtyard with retractable roof providing circa 20 covers.
There is a large fully equipped catering kitchen with various store rooms and cellar along with ladies, gents and disabled access WC's.
A premises licence prevails, the main licensable activities being:-
Sale by retail of alcohol for consumption on and off the premises, the performance of dance, live and recorded music:
Monday to Sunday 08:00 to 03:30
Opening hours are Monday to Sunday 08:00 to 04:00
The property is prominently situated fronting onto Abbey Foregate an attractive and sought after area, close to the centre of the historic town of Shrewsbury and is located in close proximity to many tourist attractions. Abbey Foregate has a mix of commercial and residential uses and is a designated Conservation Area. The property is located opposite the Shrewsbury Abbey and surrounding occupiers include Hair 21, Shropshire Wildlife Trust and The Crown Public House.
Shrewsbury is a growing tourist centre and the birth place of Charles Darwin and boasting over 600 listed buildings, including the Castle and the Abbey. There is vibrant entertainment all year round, with a wide range of events throughout the year, including the International Cartoon Festival in April, Shrewsbury Food Festival in June, the Flower Show in the middle of August and the Shrewsbury Folk Festival at the end of August, as well as various family activities year.
The town is a university town, and has recently been voted the eighth 'Happiest Place to Live in the UK' from more than 200 towns and cities throughout the country. Shrewsbury is also proud of its prestigious Purple Flag status for its evening and night-time economy. Shrewsbury is the county town of Shropshire with a borough population in excess of 90,000 people and an estimated retail catchment in excess of 250,000 people within 30 minutes' drive time. The Shropshire Tourism Economic Impact Assessment estimates that in excess of 2.5 million people visit the town annually with an estimated tourism spend of £130 million.
The town is the gateway to mid-Wales and via the A5 offers easy access to the M54 Motorway and National Road Network.
Situated close to the historic town centre of Shrewsbury and located opposite Shrewsbury Abbey in the highly sought after area of the town known as Abbey Foregate.
Attractive Grade II listed parade of buildings dating back to the 15th century with trading areas fitted out to a very high standard throughout.
Currently trading as two venues -The Peach Tree (contemporary all day restaurant) and Havana Republic (Cuban inspired cocktail and late night bar) but with shared back of house facilities.
Outside pavement seating as well as a delightful enclosed courtyard.
Proposed 10 year lease with 5 yearly rpi rent reviews (subject to cap and collar) with an initial rent of £125,000 pa.
Leisure Freehold Investment
Net Initial Yield of 6.56%