31st January 2020
Chester restaurant opportunity is handed to investors on a plate
Historic Chester is a prime location for a restaurant – and an opportunity has arisen for an investor to purchase the ideal property in the city.
14-16 Grosvenor Street in Chester, which is due to be sold by auction with a *guide price of £450,000+, is a partially refurbished restaurant in attractive Grade II Listed building fronting onto a small landscaped triangle on the corner of Cuppin Street.
Andy Thompson, head of auctions North West, which is selling the property in partnership with CBRE, said it has already attracted a great deal of interest from potential buyers and advised that the seller is open to pre-auction offers.
Andy said: “This beautiful property has huge potential and is sure to appeal to investors and builders looking to complete the final refurbishment works.
“The seller had planned to complete the refurbishment and open it as a high-end restaurant and bar himself but his circumstances and plans have now changed, providing another investor with a golden opportunity. The property is ideally placed for a successful restaurant, being in a central location among establishments including All Bar One, Carluccio’s, Nando’s and the highly regarded Opera Bar & Grill.”
With its total accommodation extending to 4,520 sq ft, the property features a partially renovated restaurant on the ground and first floors, while the top floor has already been fully refurbished to create a high-quality office suite.
Andy said the upper storeys would suit a variety of uses, including conversion to residential accommodation, subject to the necessary planning and building consents.
In addition, at the rear of the property is a partially renovated two-storey, self-contained annexe and the roof space on the single-storey part of the building has the potential to be developed into a roof terrace.
Andy added: “This is a rare opportunity to invest in a prime Chester location and I have not been surprised at all by the level of interest this property has received in the few days since it was listed. I would urge any interested investors to take a look at this property as soon as they can as it really does need to be inspected to fully appreciate its scope and potential.”
Unless a suitable offer is received before the auction, 14-16 Grosvenor Street will be sold at the AJ Bell Stadium in Manchester on Thursday 27 February.
There is still time to enter a property into the auction. To find out more about this property, or for a free, no-obligation valuation of your own property, click here or call 0116 774 7333 to speak to the auctions team.