35 Main Street, Solva SA62 6UT - Asking Price £200,000

Property Details

A highly successful and particularly profitable leasehold business for sale located in one of the top tourist hot spots of the Pembrokeshire Coast National Park – within the picturesque coastal village of Solva.

Solva is renowned for its particularly appealing location set alongside a very pretty sandy cove on the north-western coast of Pembrokeshire – just 3 miles south-east of the Cathedral City of St Davids, 12 miles from the County town of Haverfordwest and within close proximity of outstanding coastal scenery and sandy coves within the National Park.

This business premises, which directly fronts the sandy bay and main car park, is very well established having been in operation for a number of years. The present proprietors have built up a reputation of providing high quality restaurant standard food and beverages with covers for approximately 45 in the restaurant and 80 on the terrace; the business is also strongly supported by the provision of letting accommodation on the upper floors.

For those wishing to relocate to a such a picturesque area, with successful business already in place, viewing is a must.

Ground Floor

Restaurant - covers for 45 seated plus 80 on the terrace
Kitchen - fully fitted commercial kitchen
Customer toilet

First Floor

Room 1 - king bed, en-suite shower room, balcony overlooking harbour
Room 2 - double room, en-suite shower room
Room 3 - Double room, balcony overlooking harbour
Family shower room with double shower
Large fitted kitchen, dining and living area

Second Floor

Spacious landing
Double room
Fully fitted bathroom with separate shower & bath
Single room

The rooms are currently let to residents on a long term basis, producing £23400 per annum. Demand for accommodation in Solva is very high. The second floor accommodation can be used as a two bedroom self contained flat with separate lockable door for the owners personal accommodation.

Previous B+B Charges

Room 1 - £95 per night
Rooms 2 & 3 - £85 per night
Upstairs double - £60 per night
Upstairs single - £45 per night

General Notes

Term

Leasehold with a term of 15 years running from 27 June 2018

Rent

A lease for a term of 15 years running from 27th June 2018 at a current rental of £35,000 per annum under very favourable terms subject to RPI up to a maximum of £40,000 during the term of the lease. The lease is fully covered and protected under the 1954 Act.

Permitted Use

Bar, Restaurant and Bed & Breakfast

Rateable Value

Rateable Value: £13,750
Last Rates paid (pre-Covid): £7,356.25

Repairs/Insurance

Repairs: We understand that the Landlord is responsible for external repairs with the tenant bearing responsibility to keep the property in good working order
Insurance: Landlords responsibility

Turnover

1 April 2019 to 31 March 2020: £237,952
1 April 2020 to 31 March 2021 (during Covid): £182,366
1 April 2021 to 31 March 2022: £348,533

The potential of net income from 5 letting bedrooms will produce a figure of approximately £20,000 per annum

Accounts

The net profit is very high in relation to the restaurant turnover. Full accounts are available to discerning purchasers.

Commercial Energy Performance Certificate

Rating B - 29
A copy of the CEPC is available on request