Affluent London High Street Multi Faceted Venue For Sale

Business description

A FABULOUS FORMER BAR/RESTAURANT & NIGHTCLUB ON HIGH STREET IN AFFLUENT NORTH LONDON BOROUGH OF BARNET

> Substantial 3 – storey property, bar/restaurant area on ground floor (120 covers + 60 vertical drinkers), first floor bar/nightclub and function area (140 covers or 250 vertical drinkers with bar servery and outside terrace (smoking solution) and further function room (28) on the 2nd floor
> A sought after high street location with high footfall
> Spacious fully fitted trade kitchen with full extraction facilities, walk in cold room and extensive ancillary areas
> New 10-20 year Landlord & Tenant Act protected lease can be created completely Free of Ties
> Tremendous scope to develop all areas of trade which has been under utilised
> Could convert the 2nd floor function room to provide a managers/owners studio flat as there is no accommodation
> option to rent the ground floor restaurant-£50,000

A TRULY OUTSTANDING AND RARE OPPORTUNITY TO ACQUIRE A FREEHOLD WITHIN THIS AFFLUENT NORTH LONDON LOCALE, OFFERED AT AN ASKING PRICE OF £1,200,000 FREEHOLD OR NEW FREE OF TIE LEASE WITH A NIL PREMIUM TO INCLUDE FIXTURES & FITTINGS.

LOCATION (N12 9GA)
This prominent and very well located former bar/restaurant & nightclub is situated in the very highly regarded suburb of North Finchley in North London. The unit has excellent frontage onto the High Road with very high footfall of passing trade during the day and in the evenings due to its location. North Finchley is one of the largest town centres in the Borough of Barnet. It has developed around Tally Ho corner, and the Tally Ho public house, a landmark building at the junction of the two main roads to East Finchley, Finchley Central and Whetstone. North Finchley has a large number of corporate and multiple operators as well as a significant number of independent operators. It is primarily a residential and shopping area, with several supermarkets and many restaurants & bars. The arts depot, a local community arts centre including a gallery, a studio and a theatre with a development of luxury apartments built above has views over Mill Hill and Hertfordshire.

PROPERTY DESCRIPTION
A substantial 3-stoerey building of brick construction beneath a pitched tiled roof. The business which is known as the Ivory Club formerly traded as a Bar/Restaurant & Nightclub and is now only trading as a restaurant in the evenings and is being sold with vacant possession. Entrance from High Road into restaurant area (120 spacious covers + 60 vertical drinkers) with a contemporary feel, a fantastic bar servery with marble tops, insert bottle chillers and bright beer pumps set into it, ladies and gents washrooms with floor to ceiling tiles, fully fitted commercial kitchen with full extraction facilities and stainless steel appliances, walk in cold room and chilled beer cellar. Stairs leading to first floor Bar/Club & Function area (140 covers or 250 vertical drinkers) with bar servery as on the ground floor, an outside terrace/smoking solution, ladies and gents washrooms with floor to ceiling tiles, service area with 2 dumb waiters, 2 store rooms and an office. There is a function/meeting room on the 2nd floor for (30) which could be converted into owners/managers studio flat as there is no accommodation. The trading and ancillary areas are all very well appointed and have a contemporary feel throughout.
OWNERS ACCOMMODATION
There is currently no owner’s accommodation, but you could convert the second floor function room to provide a studio flat.

EXTERNALS
A fully enclosed terrace/smoking solution on the first floor and a refuse area to the rear of the building.

PREMISES LICENSES
The permitted licensing hours are 11am till 2:00am Mon – Sat and 12 noon till 11:00pm on Sunday, however the current occupiers trade 7 days a week from 6:00pm till 12 midnight only utilising circa 40% of the available licensed hours.

TENURE
We are instructed to offer the business for sale by way of a freehold sale at an asking price of £1,300,000 or a free of tie lease for 10 -20 years fully repairing and insuring, at a passing rent of £80,000 per annum with a nil premium.

SERVICES
We are advised that all main services are connected to the property, gas cooking & central heating.

THE BUSINESS
The business is being sold with vacant possession and is currently an Indian restaurant open in the evenings only. In our opinion this is a fantastic unit in a highly desirable location, which run either by a corporate/multiple operator or an entrepreneur could easily take this venue to where it needs to be at a weekly turnover of circa £15,000 to £30,000. There is immense opportunity to create either a 150 cover restaurant with function room facilities for a further 140 covers or bar & nightclub with the entire infrastructure including music systems, air-con throughout, elegant bar servery’s, terrace and smoking solution already in place.

AN OPPORTUNITY TO ACQUIRE A HIGH ROAD LOCATION IN A HIGHLY DESIRABLE AREA WITH UNUSED POTENTIAL FOR FUTURE DEVELOPMENT AND EXPANSION

Property information

Property:

Freehold