Retail premises for sale in Millennium Walk, Newport NP19

Location

The business is in Newport City Centre which has an immediate
population of approximately 137,000. Millenium Walk is located
alongside the riverfront and close to Rodney Parade. Newport City
Footbridge provides a walkway to the City Centre and the University
of South Wales Campus.
The area is largely residential with an ever expanding food and drink
quarter. Nearby occupiers include Hortons Lounge.

Description

The property consists of a ground floor coffee shop area with covers
for 31 and benefits from high quality fit out including exposed comfort
cooling with wiring trays and a tiled floor. In addition, there is a toilet
and store room. Externally seating area on the riverfront terrace
which is covered by CCTV.
Fixtures and fittings are included and a schedule can be provided on
request. They include coffee machine, two coffee grinders, three
under counter fridges, ice cream machine, dishwasher and grill
machine.
The business currently employs two staff on weekdays and three on
a Saturday. Full details of staff can be provided to interested parties.

Opening hours

The business is currently trading Monday to Saturday 9 – 3 providing
a brunch and lunch menu. It is a licenced premises for the sale of
alcohol.. In the past they have opened limited evenings for events but
not on a regular basis. There is the potential to increase opening
hours and capitalise on potential valuable evening trade by hosting
live music, private parties, baby showers and other potential activities.

Turnover

Full accounts information can be made available to interested parties.

Tenure

The tenant is currently In year 5 of a 10 year lease. The current rent
is £7,500 per annum and due to increase to 8,000 in year 8, subject
to a rent review in year 9.

Rating assessment

Rateable value: £5,500
rates payable: £2,943
For the current financial year, the property will benefit from 100%
exemption from business rates due to Welsh Assembly Government
and Newport City Council support.

Price

We are seeking offers in excess of £55,000 plus stock at valuation
for the business.