| (REF: SE001216) Restaurant (With Sublet Coffee Shop And Nightclub) - East Sussex |
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| Seller Reference: |
SE001216 |
| B4S Reference: |
28459 |
| Asking Price: |
£84,500
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| Net Profit: |
Undisclosed |
| Sales Revenue: |
£130,000 |
| Number of Staff: |
Send enquiry for more details. |
| Established For: |
Send enquiry for more details. |
| Ownership: |
Leasehold |
| Location: |
Undisclosed, East Sussex, United Kingdom |
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A WELL ESTABLISHED RESTAURANT (INCLUDING RENTAL INCOME FROM ADJOINING COFFEE SHOP and SEPARATE NIGHTCLUB) LOCATED IN AN EXCELLENT TRADING POSITION IN A POPULAR COASTAL TOWN EAST SUSSEX
LOCATION
The business is situated in a very prominent position along the main coast road in the centre of a popular resort town in East Sussex opposite the beach and virtually directly opposite a major local attarction, which is a well known and popular tourist attraction.
This charming continental style restaurant, has the benefit of a sub-let separate coffee shop and night club, helping to dramatically reduce the fixed overhead costs, whilst at the same time it benefits from excellent passing trade and is within a few minutes walking of the town centre, supermarkets and main line train station.
The business is very well known locally and has strong all year round trade, which is further complemented by visiting tourists and holidaymakers, and the town has a growing resident population and continued new residential development.
THE PREMISES
Comprising of 3 seperate lock-up units all with their own separate entrances for the restaurant adjoining coffee shop and night club, all of which have large eye catching illuminated fascia name boards.
The premises are briefly arranged as follows;
The Restaurant - The restaurant is fully licensed and currently trading as an italian but would of course lend itself to any cuisine. There are currently 40 covers inside on comfortable quality leather seats, with a further 5 tables and 20 chairs for outside during the main seasonal summer period. Well fitted and decorated throughout with attractive recessed lighting and wood effect flooring.
It is well furnished, nicely decorated and fully equipped and has a bar area housing wines and beers. a glass fronted under unit beer fridge, ice cream freezer, upright glass fronted gataeu cabinet, electronic till, brand new coffee machine, drinks mixer and ample shelving. The restaurant also has air conditioning/heating and a stereo system. The whole premises are air-conditioned and are also fully alarmed on a Red Care system.
Kitchens - Fully equipped with plenty of shelving and ample work surface areas, 2 x microwaves, 3 under counter fridges, a 6 burner gas cooker, a Montague Grizzly grill, Pizza Oven, Salamander and deep fat fryer, etc. Door leading to washing-up/storage area with double draining board with large commercial dish washer, stainless steel sink unit and large upright freezer, etc.
A door leading out to dustbin area/yard and the Staff Toilets are located downstairs, whilst the customer toilets are at restaurant level and have recently been fully re-fitted and refurbished.
The Nightclub/Function Rooms and the coffee shop have their own separate access with the nightclub covering the basement area of all 3 shop units. The restaurant benefits from the additional nightclub trade in the evening, many of which are new customers.
THE TENURE
We are advised that the entire premises are held on a secure renewable lease with approximately 7 years remaining of the existing term and a current total rent of £19,000 per annum, the next rent review being due December 2011, and therefore the restaurant itself benefits from a rental income, rather than paying a rent. See note below.
The remainder of the premises, which includes the Coffee Shop which is sub let and generates an income of £700 per month (£8,400pa), and the nightclub which is also sub let contrtibuting a rental income of £1,100 per month (£13,200) giving a total annual rental income of £21,600 which covers the entire current rent for the year for all units of £19,000. We also understand that the current Business Rates payable are split between all three premises and the restaurant currently pays only £2,750per annum.
THE BUSINESS
The business has been established for many years and is extremely well known locally, attracting good lunchtime and evening trade to the restaurant which currently operates as an Italian.
The restaurant trades from 12.00-3.00pm and from 6.00-11.00pm - 6 days a week (closesd Tuesdays) and we are informed that the turnover currently averages between £2,300 during the winter months and in excess of £5000 per week during the busy summer months.
Since sub-letting the coffee shop in January 2010 and the nightclub in May 2010, this has helped not only reduce the entire overheads, but increased clients visiting the restaurant, and the benefit of more young customers in the later evenings prior to visiting the club.
THE TENURE
We are advised that the current rent is £16,500 per annum with 2 years remaining on the current lease, however we also understand that a new lease will be granted once this has expired terms to be agreed.
Business rates for the last financial year were approx. £8,748 per annum.
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Property: |
Leasehold |
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Living Accommodation: |
No |
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Is this a home-based business? |
No |
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Can this business be relocated? |
No |
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Is this business part of a franchise? |
No |
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