Prime, city centre restaurant (circa 5345 sq ft / 496 sqm) situated on the busy Quayside. let to Loungers UK producing £95,500 pa.

---

Description/Location

Situated in the heart of the Quay District with high, year round footfall and seasonal tourist trade. A well established, ground floor restaurant with stunning views across the River Exe. The property comprises a Grade II listed former warehouse and underwent a detailed renovation in 2017 when it was fitted out by the current tenant. Let with no break clauses and upward only rent reviews until 20/11/2031 on FRI terms with the next review 20/11/2026. The company has net assets of £144.7m as of December 2023 and operates 247 sites, with stated plans to open a further 400 in the UK.

VAT IS APPLICABLE TO THIS LOT

Tenure

Leasehold: Held on a lease until 14/06/2147 (123 years), ground rent £1. The lease permits retail and restaurant uses.

Local Authority

Exeter City Council

Viewing

Please contact Charles Darrow Network Auctions on 01626 330022

Accommodation

Ground Floor: Large open plan dining area with bar, beer cellar, customer wc's and ancillary accommodation. Outside: Terrace with additional seating and river views.

Rent

Passing rent £95,500 per annum

View Larger Map

View larger map on Google Maps.

*Guide Price & Reserves

Generally speaking Guide Prices are provided as an indication of each seller’s minimum expectation. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.

The “Important Notes For Auction Buyers” at the front of the catalogue includes a definition of “Guide Price & Reserve Price”. All properties are subject to a purchaser’s administration fee of £1,500 + VAT unless otherwise stated in the addendum (£420 inc VAT for lots with guide prices up to £3,000). If the purchaser is liable for any further costs these will be stated within the Special Conditions of the legal pack, that have been produced by the seller’s lawyer, a copy of which can be downloaded from our website.