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INVESTMENT OPPORTUNITY FOR SALE 1 COMMISIONERS QUAY, EDDYSTONE ROAD, WADEBRIDGE, PL27 7AL
This prominent ground floor restaurant unit occupies a central position within the South Quay retail complex, with main frontage onto Commissioners Quay and views over the River Camel.
LOCATION:
Wadebridge is located on the north coast of Cornwall, situated along the River Camel approximately seven miles east of Padstow. The town has a resident population of 6,222 (2011 Census). It serves as an important local centre for the surrounding area, with a good range of independent shops, cafés, and services. Wadebridge is popular with visitors, particularly during the holiday season, due to its position on the Camel Trail cycle path, which provides easy access to Padstow and Bodmin. The town also benefits from its proximity to the coast and is a convenient base for exploring nearby beaches and countryside.
SITUATION:
The property is situated at 1 Commissioners Quay within the South Quay retail development, just off Eddystone Road in Wadebridge. It occupies a central position close to the town centre and the River Camel, with easy access to the main public car parks, including the Railway Car Park, which serves as a key parking area for visitors to the town and users of the Camel Trail. The location benefits from steady footfall year round, increasing notably during the holiday season. The surrounding area is a mix of retail, leisure and light industrial uses, with nearby occupiers including cafés, small independent businesses and service providers including Autoparts situated next to the premises. The Camel Trail runs adjacent to the site, drawing both tourists and local residents through the area on foot and by bicycle.
DESCRIPTION:
This prominent ground floor restaurant unit occupies a central position within the South Quay retail complex, with main frontage onto Commissioners Quay and views over the River Camel. The property benefits from significant passing footfall, particularly from users of the Camel Trail and the adjacent Railway pay and display Car Park.
Internally, the premises comprise a main dining area with generous seating, a fully fitted kitchen to the rear, a Juliet balcony over the carpark/river and customer toilet facilities. Large double glazed windows to the front and side elevations with good natural light and there is attractive wooden flooring throughout the restaurant. The first floor, which benefits from river views, provides additional storage/accommodation and offers the potential for conversion into a residential flat which previously had planning consent.
ACCOMMODATION: (All dimensions and areas are approximate)
Ground Floor
Restaurant (main dining area) 71.6 m² (771 ft²)
Kitchen 36.7 m² (395 ft²)
Store 1 7.7 m² (82 ft²)
Store 2 11.6 m² (125 ft²)
Ancillary and WC facilities 22.9 m² (247 ft²)
Total Ground Floor (GIA) 150.5 m² (1,620 ft²)
First Floor
Storage 93.53 m² (1,006 ft²)
LEASE DETAILS
The property trades as the tenant The Raj Bar and Restaurant and is occupied on a 20 year term expiring 13th October 2040 i.e. approx. 15 years unexpired. The lease is on full repairing and insuring terms except the landlord retains responsibility for the repair of the roof. There are 3 yearly rent reviews and the present passing rent is £24,000 per annum.
PRICE:
Offers are sought in the region of £250,000 (Two Hundred and Fifty Thousand Pounds) for the freehold interest, subject to the occupational lease.
RATES:
Rateable Value – 1st April 2023 - £21,000
For further details on rates payable contact Cornwall Council on 0300 123 4171.
VAT:
All figures quoted are exclusive of VAT where applicable. We understand that no option to tax has been made and therefore VAT is not payable on the purchase price.
COSTS:
In the event of a sale each party to be responsible for their own legal fees in the transaction.
SERVICES
Mains electricity, metered water and drainage are connected. We have not tested the services connected to the premises and the ingoing purchaser should carry out their own inspections.
MONEY LAUNDERING REGULATIONS
In line with The Money Laundering Regulations 2017, Charterwood are obligated to verify ID for all clients and prospective tenants/purchasers that are conducting property transactions through the Company.
ENERGY EFFICIENCY RATING
THIS PROPERTY HAS A RATING OF E (117)
Certificate Reference Numbers: 0950-0333-4099-9321-9006
Property Report Number: 0210-5909-0493-4930-3090
VIEWING:
By appointment with Charterwood on (01872) 261216. Contact Chris Waters - chris@charterwood.com
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