Iconic Boathouse goes on market for between £750,000 and £1million

One of Torbay's most iconic waterfront businesses has been put on the market.

The Boathouse bar/restaurant on Preston seafront is being sold by informal tender with a tender date of April 21 and with a price guide of between £750,000 and £1million.

Agents Bettesworths, who are handling the sale, say the Boathouse is a very well-known and previously long-established bar/cafe/restaurant, which enjoys an enviable waterside location on Preston seafront with views over Torbay. #

The business has traded very successfully for over 15 years, regularly taking in excess of £20,000 per week in the summer season. The business has recently closed with the property becoming available on a rare long leasehold basis (114 years unexpired), which, Bettesworths says, should be of interest to both operators and investors alike.

The property comprises a spacious open plan bar/restaurant, an overspill restaurant/function room and a large outside commercial terrace with sea views and capacity for 100 plus covers. The property has good ‘back of house’ ancillary space with commercial kitchen and beer cellar.

The beachfront is adorned with traditional beach huts during the summer months and has a wide level promenade to the front.

The property is held on a full repairing and insuring lease for 125 years from Torbay Council, effective from April 2012 with 114 years unexpired. The current rent is £10,500 a year, subject to three yearly Retail Price Index-linked rent reviews.

Bettesworths are inviting interested parties to submit their offers by 12 noon on April 21. Proposals will be expected to be made on a subject to contract basis.

Matt Bettesworth, who is handling the sale, said: "The Boathouse really is one of the most iconic waterfront bar/restaurants in Torbay, enjoying a prime seafront position. We are expecting plenty of interest in this rather unique and previously thriving business, especially given that the long leasehold interest is being offered for sale."

For further information contact Bettesworths on 01803 212021 or visit www.bettesworths.co.uk