Salsa Mexican, 1 Castlegate, Penrith, Penrith, CA11

Property Details: • Type: Restaurant • Tenure: N/A • Floor Area: N/A

Key Features: • Successful town centre Mexican restaurant • Excellent reputation built up • Going concern with full trade inventory • Premises includes ground floor and basement • Popular market town • Attractive period building

Location: • Nearest Station: Penrith Station • Distance to Station: 0.2 miles

Agent Information: • Address: 28, St. Johns Street, Keswick, CA12 5AF

Full Description: For Sale - 'Salsa' Mexican Bar & BistroSuccessful town centre Mexican restaurantExcellent reputation built up over 16 yearsGoing concern with full trade inventoryGuide price £80,000BRIEF RESUME  Robust business opportunity comprising 45 cover restaurant and bar held on a renewable lease. Premises includes ground floor and basement. Business provides “walk-in” fully staffed opportunity.DESCRIPTION1 Castle Gate is an attractive period building in Penrith’s Old Town conservation area just off Corn Market and therefore conveniently close to both the town centre and a broad range of local facilities. This is an ideal location within this popular market town and the property’s corner location is prominent with popular window seating.Much of the trade inventory has been replaced including extraction system, kitchen equipment, flooring and bar. The premises offers the following accommodation.ACCOMMODATIONGround floor – Restaurant, bar, WC’s, kitchen, pot wash, preparation areas and dry store.Basement – Walk-in cold stores and beer cellar.THE BUSINESSThe restaurant is open every day serving food from 5pm until 9pm with the bar remaining open after service.‘Salsa’ offers feature nights including cocktails and live music and also offers group bookings for customers events. Non-diners are welcome to use the bar.The trade is underpinned by the patronage of regulars and extends to visitors both business and leisure.The abridged accounts show a steady increase in turnover from 2020 to year end February 2023, trading flexibly during the Covid period by offering a takeaway service, during which period there was a reduced turnover and profit. The latest accounts show a turnover in excess of £340,000 with good profits. Accounts can be made available, usually following an inspection.TENUREThe property is held on a lease of 7 years from 1st December 2020. The passing rent is £14,000 per annum exclusive set at the last rent review in April 2022.There may be an option to purchase the freehold of the building from the landlord, by separate negotiation.SERVICESRecently upgraded 3 phase electricity, gas, water and drainage are connected. There is an integrated fire alarm system installed throughout the building.RATEABLE VALUEAccording to the Valuation Office Agency website, the property has a rateable value of £11,500.EPC rating: CPRICEThe business, including good will and a full trade inventory, is offered at £80,000.VIEWINGStrictly by appointment with the Agents Edwin Thompson Property Services LLP.Contact – Keswick OfficeRef: K3246570BrochuresBrochure 1Energy Performance CertificatesEPC 1