The Ponte Vecchio restaurant is situated at the top end of Bridge Street, virtually on the junction with St Nicholas Street and King Street and occupies an extremely convenient and prominent location in the centre of Hereford. It is a short distance from Hereford Cathedral standing in a busy commercial area. Kerb side parking is available in Bridge Street and King Street while surface car parks are a short distance away as indeed is the main retail heart of Hereford City Centre.
The property is Grade II Listed and occupies the ground floor of a commercial building which has offices above.
The premises have been in the café bar/bistro use for a number of years yet it is only in the last 9 years they have become so well known as a speciality Italian licensed restaurant. Currently trading with 36 covers. Current turnover is approx £110,000 pa generated largely by only opening 5 evenings per week thus there is considered to be scope for increasing this turnover figure by extending the opening hours.
The Bar and Toilet accommodation was refurbished in 2016.
Restaurant area including Bar - 10.8 x 4.3 sq m
Kitchen - 3.3 x 3.9 sq m
Wash up/Scullery - 2.1 x 2.7 sq m
Male and Female Toilets
Ground Floor Rear
2 Storage Rooms - 3.0 x 2.9 & 2.8 x 2.7 sq m
The Business is offered for sale subject to an existing lease at £37,500 to include all items of fixed equipment together with trade fixtures and fittings. Stock to be available at separate valuation.
The premises are held on the balance of a 15 year lease commencing 1st February 2015, at a rental of £11,850 per annum exclusive.
The Tenant is responsible for the accommodation on an internal repairing and insuring lease.
Mains water, gas and electricity are connected. The property has a gas fired heating system with radiators in the restaurant area. The premises are fully equipped with catering equipment installed.
The 2017 Valuation Office Agency List shows the property having a Rateable Value of £7,000. The multiplier for the 2018/19 year is 48.0p in the pound. The rates payable may be subject to transitional adjustment.
A tenant may be eligible for 100% Small Business Rate Relief discount. Prospective tenants are advised to confirm their eligibility for reliefs and their rate liability with Herefordshire Council.
Herefordshire Council, Town Hall, St Owen Street, Hereford
Telephone: 01432 260000.