Restaurant/cafe for sale in Southgate Place, Launceston PL15

Launceston is on the A30 trunk road, the main route into Cornwall for both visitors and residents and is approximately 40 miles west of Exeter, 25 miles north of Plymouth and 20 miles east of Bodmin. It is roughly midway between the north coast of Cornwall at Bude and the south coast at Saltash. Dartmoor National Park is less than 10 miles distant. The Red Chair Cafe is located adjacent to Launceston’s famous 13th century Southgate Arch which is the only one of three arches to remain in what is left of the original town wall.

The café trades from a substantial 4 storey Grade II Listed premises consisting of a lower ground floor, currently used as a function room, commercial ground floor trading as the established Red Chair Café plus owner’s lounge, bedroom & shower room and a studio flat which is currently let on an Assured Shorthold Tenancy Agreement. The café offers a range of freshly cooked meals and homemade cake, scones and muffins. The owners specialise in gluten free, dairy free and vegetarian options which prove to be very popular. The Red Chair has been voted the Travellers Choice for 4 years running with scores of excellent reviews on TripAdvisor.

The Red Chair trades 5 days per week 9 – 4pm. The premise is also available for private booking along with the meeting/function room, The White Room, which is accessed off Angel Hill. The owners choose to limit the trading figures to just under the VAT Threshold with a net profit of circa 30%. The owners are now looking to retire after 6 years running the café.

Main Trade Area

With road level access, traditional stone and slate building with side entrance and bay window. Outside seating for 2. Entrance with poseur table and stools for 2,2 leather buckets seats and coffee table. Steps leading up to Bar & Main Seating Area providing table seating for 18, large wall mounted flat screen T.V. Bar with under counter storage, touch screen till system, under counter bottle fridge, Pro Blend blender, Conit CC100 coffee machine, electric grinder and hot water boiler. Stainless steel sink unit and wall mounted shelving.

Commercial Kitchen

Commercial extraction unit, stainless steel splash back, non slip flooring and stainless steel prep tables. Lincat oven, single deep fat fryer, commercial microwave, small electric oven, 2 induction plates, Lincat grill, upright fridge and freezer, counter top gluten free fridge. Dish washer, sink unit with drainer, wash hand basin and wall mounted Ariston combi boiler.

Lower Ground Floor

Ladies & Gents Cloakrooms

Storage Area

Direct access to the function room could be reinstated from this floor, subject to Landlord’s approval and building control.

Function Room

Accessed from Angle Hill. Large room suitable for private functions and meetings providing seating for 18. In the past the room has been sub-let as a gallery. This area has its own cloakrooms.

Residential Accommodation

Steps up from the main road, leading to:-

Owner’s Accommodation/Studio Flat

Ground Floor

Owner’s Lounge, double Bedroom & Shower Room.

First Floor

Kitchen Diner leading through to Shower Room, Lounge/Bedroom. Previously the accommodation has been occupied as one unit providing a 2-bedroom maisonette and has also traded as a bed & breakfast. This accommodation is let out as a bedsit.

General Information

Tenure

The premises is held on a Fully Repairing and Insuring Lease with a term of 15 years from January 2010. The rent is currently £15,888 per annum. We have been informed the Landlord will extend the lease by 10 years to the ingoing tenant subject to satisfactory references.

Business Rates

2023 List: £4,600. Please note this is not Rates Payable. 100% Small Business Rate Relief will be available to eligible parties. Interested parties are advised to make their own enquiries with the Local Billing Authority.

Services

We have been advised that the property is connected to mains water, gas and electric.

Inventory

To include furnishings and equipment as per an inventory to be supplied, but excluding the owners personal effects.

Stock

Wet and Dry stock in trade and Bar Glassware will be taken over by the purchaser at valuation on the day of completion.

Council Tax Band A

EPC Exempt (Grade II Listed)