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Beverly Northey Commercial Surveyor View Profile

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Call: 01872 247031
Email: bn@miller-commercial.co.uk

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SOLD - The Cornish Cove, 76a, Fore Street, Port Isaac, Cornwall

Catering for sale

£59,950

Leasehold

A rare opportunity to acquire a 'Quintessentially Cornish' Licensed Tearoom in the highly sought after harbourside village of Port Issac.
Located on the North Coast of Cornwall, Port Issac has been the subject of much attention in recent year, being the location for the popular TV Show 'Doc Martin' and, more recently, the film 'Fisherman's Friends'.
The tearoom is beautifully presented offering 20 covers and would be an ideal first venture.
Early viewing is highly recommended.

  • QUINTESSENTIALLY CORNISH LICENSED TEAROOM (20 COVER)
  • HIGHLY SOUGHT AFTER COASTAL LOCATION
  • IDEAL FIRST VENTURE
  • PERFECTLY SUITED TO A COUPLE
  • SCOPE TO FURTHER DEVELOP EVENING TRADE
  • EPC RATING: E120

Property Brochure PDF Location Map

Location

Located on Cornwall’s North Coast Port Isaac is a very popular harbourside village which experiences high levels of visitors during the holiday period. In recent years, it has been the location for the popular television series Doc Martin which has resulted in a significant uplift in visitors year round. We understand that filming for another series has now been confirmed for 2021. It also plays host to the Fisherman’s Friends on regular occasions during the summer months.

The Cornish Cove benefits from a prominent trading location as one enters Port Isaac, enjoying a high level of passing trade.

The Property

The business occupies a single property with an attractive bay window to the front comprising approximately 385 sqft with covers for approximately 20. To the side of the main seating area is a small kitchen area and staff wc.

The Business

The business trades primarily as a licensed tearoom, with extended opening until 10pm on Fridays and Saturdays.

The current offering includes breakfasts, light lunches, hot and cold drinks, ice creams, cakes and cream teas and achieves a very impressive 73% gross profit margin. (A copy of the menu is available on request).
In addition, our client has recently introduced a curry night on Fridays, which has proved extremely popular.
The business is operated by our client with the assistance of a part time member of staff and a Saturday girl.

Trading accounts for the year ending 31st March 2018 show sales of £64,380 with a gross profit margin of 73% and an adjusted net profit of £22,914, (after making the usual adjustments for bank charges, professional fees and the wage bill to reflect a couple in operation). Further accounting information will be made available to interested parties, following a viewing in the normal manner.

It is worthy of note that the Premises License was not granted until May 2018, so these figures to not reflect the alcoholic beverage offering or the evening opening. (A copy of the Premises Licence is available in request).

The Accommodation Comprises

(all areas and dimensions are approximate)

Door to entrance vestibule with small paned glazed door into:

Main Seating Area

Large bay window to the front elevation with built-in window seat, feature fireplace with wood-burning stove. Serving counter with storage units below, range of fitted base units with shelving over. La Spaziale 2 Spout coffee machine.
Seating for 20 customers. Step to:

Kitchen

Stainless Steel single drainer sink unit with storage cupboard below, freestanding electric oven, Asber dishwasher, 2 Kenwood microwaves, Bosch upright fridge freezer. Window to front elevation. Tiled floor. Access to small inner lobby giving access to:

Staff Wc

Rear Store Area/larder

Tenure – Leasehold

The business is being offered for sale by way of the assignment of the existing lease which commenced 1st April 2016 for a term of 10 years at a passing rental of £16,350pa.

General Information

LOCAL AUTHORITY
Cornwall Council
General Enquiries 0300-1234-100
Planning 0300-1234-151
www.cornwall.gov.uk

Energy Performance Certificate

The Energy Performance Rating for this property is within Band E120.

Inventory

An Inventory of all loose chattels and equipment, free of any lease/lien, to be included within the sale will be supplied by Miller Commercial prior to exchange of Contracts.

Premises Licence

We understand the business currently holds a premises licence for the sale of alcohol with food. A copy of the Premises Licence is available on request.

Business Rates

We refer you to the government website https://www.tax.service.gov.uk/view-my-valuation/search

Services

Prospective owners should make their own enquiries of the appropriate statutory undertakers:
Western Power: 0845 601 2989
South West Water: 0800 169 1144
Transco: 0800 111 999

Stock

To be taken at valuation.

Value Added Tax

All the above prices/rentals are quoted exclusive of VAT, where applicable.

Finance

If you require advice regarding the Financing of a Business, at no initial cost, please contact us on the number below.

Contact Information

For further information or an appointment to view please contact:-

Beverley Northey on 01872 247031 or via email bn@miller-commercial.co.uk

PLANS: Plans and maps reproduced under Ordnance Survey Licence No LIG1179. Not to scale and for identification of the property only. They are not intended to show actual site boundaries and not guaranteed to be accurate.

AGENTS NOTE: Miller Commercial for themselves and for the Vendor/s or lessor/s of this property give notice: [a] These particulars are for an intending purchaser or tenant and although they are believed to be correct their accuracy is not guaranteed and any error or misdescriptions shall not annul the sale or be grounds on which compensation may be claimed and neither do they constitute any part of a Contract: [b] Any intending purchaser or tenant must satisfy him/herself by inspection or other wise as to the correctness of each of the statements contained in these particulars; [c] No responsibility is taken for expenses incurred should the property be sold, let or withdrawn before inspection: [d] None of the services or appliances, plumbing, heating or electrical installations have been tested by the selling agent.

Miller Commercial is the trading name of Miller Commercial LLP registered in England and Wales under Registration No.OC373087. The Registered Office of Miller Commercial LLP is Mansion House, Princes Street, Truro TR1 2RF. We use the term Partner to refer to a member of Miller Commercial LLP. VAT Registration No.643 4519 39.

VIEWING: Strictly by prior appointment through Miller Commercial.

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Beverly Northey Commercial Surveyor View Profile

Contact us about this property

Call: 01872 247031
Email: bn@miller-commercial.co.uk

Property Brochure PDF