Business for Sale in Loddon, England BISTRO, CAFE, RESTAURANT - LODDON, NORFOLK
- For Sale
- Rent Payable
- £25,000 per annum. Purchaser will be responsible for the landlords costs and fees in connection with the assignment of/or grant of new lease.
- Business Rates
- We are advised that the business currently enjoys the benefit of Small Business Rate Relief due to the Rateable Value being £11,800 thus at present there are no rates payable. This information has been provided to us by the vendor and any interested party is advised to enquire of the local authority to check the position with regards to business rates that will apply to a new owner.
- Excellent Conversion of Former Bank
- Beautiful Setting
- Lots of Character and Charm
- Quality As New Fittings Throughout
- Private Dining Room
- 150 Covers Across Various Areas
- Busy Sought After Riverside Village
- Extensive Outside Dining Options
- Huge Scope to Further Increase Trade
- Simply Must Be Viewed
This is a unique opportunity to acquire an excellent hospitality business set in a beautiful converted former bank, offering much charm and original features, as well as extensive dining options inside and out, all in the busy and sought after riverside village of Loddon.
This is one of those rare businesses which seems to tick all the boxes and as such we are delighted to have been appointed to bring it to the market. It does also mean that we would expect there to be much interest in it and so we would recommend contacting us at your earliest opportunity to arrange a viewing, which is essential to appreciate what this has to offer.
THE BUSINESS ITSELF
The owners took on the monumental task of renovating the former Barclays bank with the desire to breathe life back into the building, offering the people of Loddon and the surrounding areas somewhere to enjoy for all occasions.
Once the painstaking renovation works had been completed, ‘The Terrace’ was born and despite the challenges faced during the pandemic the business has proved to be extremely popular since re-opening mid-April with a turnover in the first 10 weeks in the region of £65k despite a conservative start. With a close eye on keeping the gross profit high and overheads low the net profit margins being shown are most impressive.
The business already has an excellent reputation as is demonstrated by the Tripadvisor Travellers Choice award for 2021 that they have just received. This gives an ideal foundation on which to grow the business and we would expect a new owner would look to develop further the Sunday and evening services and to market the business more extensively so as to push the turnover levels even higher. We understand that there has recently been completed 200 new homes in the village with planning in for another 180. In addition, Loddon’s close proximity to Norwich means that with good marketing it could easily become a destination venue for people living in and around the city especially with the benefit of 2 hours free parking in the large car park next door.
One of the big pluses of the business is the varied seating areas which give much versatility and appeal. With the ability to seat approximately 150 customers across the main restaurant room, in the private dining room and then outside in the rear walled garden or on one of the two front terraces overlooking the busy high street, there is always room to accommodate guests no matter what the weather or the occasion.
ALL MEASUREMENTS ARE APPROXIMATE AND FOR GUIDANCE ONLY.
The renovation and conversion of the building has been carried out to the highest of standards and it has been fitted out to the same level of quality throughout, as can be seen from the chandeliers in the restaurant, to the equipment in the kitchen, and to the quality stone and marble tables outside. Everything is as new and as such no further investment in the building or fittings and equipment would be needed from a new owner.
The property is set up above the level of the high street behind a brick retaining wall and 19th Century iron railings giving it a commanding position and with it’s central location it is very much a main focal point of the village. To the front elevations are two terraces giving seating for around 50 guests and with sail covers to protect from the element but with new canopies to be fitted.
Entering into the property through the tall timber double doors and into a entrance lobby before moving through to the main restaurant room. This is a great space measuring c.13m x 9m including the private dining room and service counter. Currently set for 58 covers but able to accommodate more in different configurations this is a nice bright room with many features such as the sash windows, high ceilings, wood panelling, chandeliers and the original bank night safe, there is even a piano for live entertainment! The private dining room is a good size and again bright due to having windows to both side and rear elevations. There is also a door through to the cloakroom lobby with 3 toilet cubicles.
The service area has been finished with white gloss brick effect tiling to the walls and with quality fittings and equipment. The wood and marble counter provides space for a refrigerated display unit, EPOS till and feature traditional scales. Behind the counter is a mix of marble and stainless steel work surfaces above grey shaker style cupboard units with inset sink and under counter soft drinks fridge and further fridge. There is an alcohol drinks fridge, separate upright fridge and freezer, Viva three group coffee machine, grinder and Buffalo hot water urn.
Moving through the original safe door into the main kitchen you will again notice it to be bright and of a good size. Equipped with everything that is needed for a full daytime and evening service and all as new. The kitchen is ‘L’ shaped with each leg approximately 3m wide and 10.2m and 6.4m in length. This is squared off with a separate office and dry store with desk space and racking and shelving for storage. The kitchen is fitted with a range of stainless steel work surfaces and units, a dish washer, microwaves, sink, hand sink, under-counter fridges, upright fridge, upright freezer, various shelving units, a 4 gas hob, griddle, fryer, an extensive extractor unit and a Rational self cooking centre oven. The kitchen has the benefit of air conditioning, a non-slip floor and good natural lighting and air flow from the large windows overlooking the rear and door to the garden. Also from the kitchen is a door off to a small boiler cupboard and door into the staff room w.c, sink and lockers.
Outside into the lovely lit red bricked walled rear garden you will again be impressed not only from the delightful views beyond to the church but from the quality table and chairs under sail covers providing space for a further 50+ guests. This is such a great outside space especially in these times and it is only further benefited by the children's play area that has been installed which has been a big hit with customers. There is in addition a useful outside storage shed and bin store area to the side and with path leading round to the front terraces.
As you would expect from this type of establishment it rightly has a 5 star food hygiene rating. It also holds a premises licence, has air conditioning throughout and is covered by CCTV.
We are not aware of many premises that are on the market which are presented to such a high standard and which come with complete with the quality, as new, fixtures, fittings and equipment that this one does. Coupled with the varied seating options inside and out and fine views to match we expect much interest and excitement from those that take a closer look at this it.
Call us now whilst it is still available to arrange your viewing.
8:30am to 4:00pm Tuesday to Saturday. 8:30am to 3:00pm on Sunday. 7:00pm to late Thursday to Saturday.
Leasehold. A new lease is to be granted on terms to be agreed between the parties.
£25,000 per annum.
Purchaser will be responsible for the landlords costs and fees in connection with the assignment of/or grant of new lease.
We are advised that the business currently enjoys the benefit of Small Business Rate Relief due to the Rateable Value being £11,800 thus at present there are no rates payable.
This information has been provided to us by the vendor and any interested party is advised to enquire of the local authority to check the position with regards to business rates that will apply to a new owner.
A copy of the Energy Performance Certificate is attached showing a ‘C’ / 66 rating.
For the benefit of the goodwill, fixtures, fittings & equipment. Stock payable in addition on completion at valuation. This is a business for sale as a going concern.
Strictly by appointment only, please call our Norwich Office on (01603) 662 662 to make an appointment.
Finance may be available to suitable purchasers.
BUSINESS TO SELL?
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1. MONEY LAUNDERING REGULATIONS: Intending purchasers will be asked to produce identification documentation at a later stage and we would ask for your co-operation in order that there will be no delay in agreeing the sale.
2. General: While we endeavour to make our sales particulars fair, accurate and reliable, they are only a general guide to the property and, accordingly, if there is any point which is of particular importance to you, please contact the office and we will be pleased to check the position for you, especially if you are contemplating travelling some distance to view the property.
3. Measurements: These approximate room sizes are only intended as general guidance. You must verify the dimensions carefully before ordering carpets or any built-in furniture.
4. Services: Please note we have not tested the services or any of the equipment or appliances in this property, accordingly we strongly advise prospective buyers to commission their own survey or service reports before finalising their offer to purchase.
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Your Regional Director Chris Ruggles
EM&F East Anglia
116 - 118 Prince of Wales Road