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Lombard Street, Margate Offers in the Region Of £69,950

Under Offer
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SITUATION The property is found on a prominent corner position in the heart of the ‘Old Town’ conservation area with frontages to Lombard Street and Market Place. Over recent years the area has been transformed into a popular community where various antique shops, art galleries, micro pubs and coffee shops as well as craft businesses can be found.

Popular with both locals, tourists and day trippers, Margate Old Town has seen a turnaround in recent years, buoyed by the towns popular art scene. There is short term parking on the roads surrounding the property and within about 150 yards there is the multi storey car park.

DESCRIPTION The proprety is arranged over basement, ground, first and second floors, having a total floor area of 838 sq.ft (77.9 sq.m).

The property also has the benefit of an outside courtyard with seating for approximately 14/16 covers.

BUSINESS / AWARDS This thriving business which has a huge local following (recently featured on the Margate Monopoly board and in the Margate Top Trumps) and has potential to expand.

The business has internal seating for 33 covers and is currently open only five days a week from 9:30 – 16:00 (Mon/Thu/Fri/Sat) and 10:00 – 16:00 on Sunday.

The business is rated as #1 out of 49 Cafes in Margate, and #1 out of 124 Restaurants in the town (as of 24/01/20).

The business has been awarded five stars on Trip Advisor.

The business has been awarded the prestigious Good Food Award for 2019 & 2020.

“Over the last twelve months we have evaluated customer feedback and these premises have demonstrated exceptional levels of food quality, service and value when compared to our industry benchmarks in their category.” (Trip Advisor definition).

TRIPADVISOR A few recent comments written about the business,

“Oh my! The best ever scone EVER! Wonderful tea room in Old Town Margate. We stopped for a cheeky tea and scone!”

“The creme tea was perfect in every way. It was delicious and the presentation was striking. I would highly recommend this restaurant.”

“This beautiful restaurant, steeped in history is an absolute gem. The food is absolutely heavenly and fresh. The food choices are varied for every palate. The cream tea was absolutely delectable and filling. It was almost as if you ordered and Heidi went out shopping to source the freshest ingredients! The crockery is quaint and the music was perfect. And the cakes….. fresh and very tasty.”

“No trip to Margate is complete without a trip to this very special place! The charming couple who run it really go out of their way to make you feel welcome and your experience a very special one. This beautiful tea room in the quaint old town of Margate has both character and style, offering an impressive selection of homemade delicacies both sweet and savory to delight and tantalize the tastebuds. Trust us, we're locals!!”

“They do the most amazing vegan afternoon tea. I would recommend that everyone who visits Margate makes sure to pop in.”

RATING The property falls under Thanet District Council for rating purposes and has a rateable value of £3,150 in the 2017 list.

It should be noted that you can get small business rate relief if you, only have one commercial property, and its rateable value is less than £15,000.

LEASE The demise includes the basement, ground, first and second floors, together with the rear courtyard and external store. The property is held on a 20 lease with provision for five yearly upward only rent reviews to open market value. The lease provides for Full Repairing & Insuring covenants.

FEES Ingoing tenant to be responsible for all costs in preparing the agreement.

ENERGY PERFORMANCE CERTIFICATE The property has an Energy Performance Certificate (EPC) rating of D.

CONSERVATION The property is Grade II listed and within the Margate Conservation Area.

RENT The property is to be let at a rental of £18,000 pax, subject to contract.

PREMIUM We are instructed to offer the business, fixtures, fittings and goodwill. Please note that we are selling the Mad Hatter name however the Mad Hatter logo will not be sold with the business.

Premium on Application.

VIEWINGS By appointment with Clarke & Crittenden.

Name Location Type Distance
0    0    0
Lombard Street
Margate CT9 1EJ
County: Kent
Sale Type: Under Offer
Ref #: 00000309
Rics Zoopla Primelocation OnTheMarket TPO TSI