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Restaurant/cafe for sale

£45,000

8 Market Place, Bungay NR35

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Property description

Business
Hilton Smythe welcomes to the market The Old Bank, which was established by our clients, who are now looking forward to retirement, in 2013.

The Old Bank is a vintage tea rooms and antiques centre/art gallery with around 95% of the income being earned from the tea rooms.

There are many repeat local customers and also others that travel from across Suffolk and Norfolk and beyond. The tea rooms serve several different kinds of loose leaf tea, and specialise in afternoon teas, which can be bought as a present with a gift card.

The business is being sold with a Facebook page and although there is not a website the business has the pride of being number 1 out of all 28 cafes and restaurants in Bungay on TripAdviser.

The business could be enhanced by opening on Mondays as it is only open Tuesday to Saturday currently and also enhancing the layout of the premises, as the basement and first floor are all used for antiques and art galleries, which only bring in a small proportion of the income. A website could also be created to further enhance the profile of the business

Hilton Smythe highly advise early viewing to avoid disappointment.

Location
The Old Bank is located in the Suffolk market town of Bungay, opposite the market which is held once a week. Bungay lies in the Waveney Valley on the edge of the Norfolk Broads and on a neck of a meander of the River Waveney. Due to its location Bungay is a tourist destination.

The Old bank is so named, as for many years it was the hsbc Bank in the town, therefore, centrally located.

There are many parking areas locally with a few directly opposite, apart from market days, which is held on the Thursday of each week. Due to its prominent location, there is a high footfall of customers.
Premises
Beautifully presented period premise circa 135sq m.

The Tea Rooms are entered directly off the Market Place and into the former bank, with high ceilings, wood effect flooring, wood battened walls and picture rails. The art work and antiques in this room are for sale.

Within this room are 8 tables seating 28 and this leads to the former bank managers office and also has stairs down to the vault and strong room and a door that leads to the kitchen and toilet.

The former bank managers office is set with a table for 6, with further works of art on the walls.

Cellar – The cellar is where you will find further antique furniture, the store room which houses the boiler and also the walk in strong room, the former safe now houses more antiques.

Kitchen – The kitchen is found past the main tea rooms and has sink, fridge, cooker, toaster, microwave and this is where the freshly made cakes are baked. Further on from the kitchen is the washing up room which has a pantry off and the guest toilet is also found in this area. Just in front of the kitchen area is a door to the outside courtyard for bins etc and also the stairs leading to the first floor galleries.

The lower gallery houses antique furniture from one dealer, 20 % commission is retained on any sales from this room.

The upper gallery houses antiques, collectables and jewellery from 8 dealers, once again 20% commission is retained from any sales in this room.

From the upper gallery there is a door and stairs to the top floor, which is arranged as two rooms, one with a view of the market place, this area is used for storage but can be utilised in different ways.
Tenure
We are advised the business is being sold as a leasehold business opportunity.

Original lease length: 5 years.

Remaining lease length: 1 year as of 2017.

Rent: £12,000 per annum.

The landlord is very flexible with regards to the lease and is willing to negotiate a new lease with the new owners of the business.
Hours
The business opening hours:

Sunday and Monday: Closed

Tuesday to Saturday : 9.00am -4.00pm

The hours have been reduced recently as the owners are looking forward to retirement. However, there are no restrictions in the lease with regards to opening times and the business could benefit from opening Mondays and into evenings to hold different functions as the setting would make an ideal function room.
Staff
The business is run and managed by our clients, with the help of 1 x part time and 2 x Saturday members of staff.
Financial profile
The Old Bank generated an advised turnover of circa £67,288 as of the 2017 accounts, with a gross profit of £52,023.

What Zoopla users think of Bungay

Overall rating:

  • currently 3 stars
Good - 59% (18 ratings)

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Nearby transport

  • Beccles (5.4 miles)
  • Brampton (Suffolk) (5.6 miles)
  • Halesworth (7.5 miles)
  • Norwich International Airport (16.7 miles)
  • London Stansted Airport (64.4 miles)
  • London Southend Airport (68.5 miles)
  • Reedham Ferry South (8.8 miles)
  • Reedham Ferry North (8.8 miles)
  • Southwold Ferry Landing (13.2 miles)

Nearby schools

View all schools in Waveney
  • Bungay Primary School (0.3 miles)
  • St Edmund's Catholic Primary School (0.5 miles)
  • Earsham C.E.VA Primary School (1.0 mile)
  • University Technical College Norfolk (12.5 miles)
  • Lowestoft College (12.9 miles)
  • Lowestoft Sixth Form College (12.9 miles)
  • Bungay High School (0.2 miles)
  • Turnstone House School (3.5 miles)
  • Sir John Leman High School (4.8 miles)
Note: Distances are straight line measurements

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For more information about this property, please contact
Hilton Smythe Commercial, BL1 on +44 1204 351867 * (local rate)

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Property descriptions and related information displayed on this page, with the exclusion of Running Costs data, are marketing materials provided by Hilton Smythe Commercial, and do not constitute property particulars. Please contact Hilton Smythe Commercial for full details and further information. The Running Costs data displayed on this page are provided by Zoopla to give an indication of potential running costs based on various data sources. Zoopla does not warrant or accept any responsibility for the accuracy or completeness of the property descriptions, related information or Running Costs data provided here.

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