South London Tapas Bar Restaurant With Late Licence For Sale

Business description

Tapas bar and restaurant (A3) with 3am live music licence and potential in Vauxhall.

AVAILABLE TO BUY OR RENT

Situated next to a pedestrian crossing and close to the train station in a row of shops, this property is a lock up ground floor unit (220 sq ft approx) with a basement kitchen. The business has A3 restaurant use.

The property has a benefit of a Premises Licence under the Licensing Act 2003, which allows trade and the provision of live music until 3am. It has all mains services.

Property information

Property:

Leasehold

Lease terms:

We understand that the property is held on a renewable 15 year lease with 8 years remaining. The passing rent will be £18,000 pa and there are rent reviews every 5 years with the next rent review on 9th May 2012. The accommodation has the benefit of planning for A3 use.

Leasehold rent:

£18,000 per annum

Location:

Vauxhall, which is an area of South London in the London Borough of Lambeth, is a major transport hub within minutes of central London. Much of the area contains light industry, offices and government buildings, notably the distinctive MI6 building at Vauxhall Cross. In recent years, Vauxhall's riverside has undergone major redevelopment with the construction of a number of modern residential and office blocks. Due to its close proximity to Westminster, it has a number of famous political residents including John Major, Kenneth Clarke and Jeffrey Archer.

Vauxhall station is a National Rail, London Underground and London Buses interchange station. It is at the Vauxhall Cross road junction opposite the southern approach to Vauxhall Bridge over the River Thames. The station is on the boundary of Zones 1 and 2 of the London Travelcard area.

Premises details:

Situated next to a pedestrian crossing and close to the train station in a row of shops, this property is a lock up ground floor unit (220 sq ft approx) with a basement kitchen. The business has A3 restaurant use.

The property comprises a bright wooden shop front with 3/4 length window panes giving a traditional look and feel from the outside. The restaurant name is in gold lettering above. The entrance is via a single glass panel door with steps inside up to a raised ground floor, underneath which is a storage cupboard.

Ground Floor Details

The premises is arranged over the ground floor and lower ground floor. The dining area and bar occupy the ground floor whilst there is a small dance floor area at the back with ProSound speakers and disco lights. The restaurant (220 sq ft), which is fully air conditioned, currently has 28 covers. It was refitted over 2 years ago and is pleasingly decorated with wood floor giving a contemporary and upmarket feel. The theme is both modern and traditional at the same time from its striking wood chairs with bright suede upholstery to its rustic South American style solid wood bar with partially illuminated back bar, back bar fridges, shelves, wine racks, ice machine and a Wega espresso machine. There is also a vertical wine chiller and dumb waiter down to the kitchen.

Lower Ground Floor

The lower ground floor is accessed by stairs on the left hand side of the restaurant, at the top of which there is another storage cupboard. The basement has a tiled floor and there are ladies & gentlemen’s cloakrooms. The kitchen is well equipped for the trade and has full extraction, stainless steel counters, commercial stoves, griddle and deep fat fryer. It also has several storage spaces, one with 2 freezers and a fridge, another with double bowl kitchen sink and fridge, and a dry storage area as well as a staff changing room. There is a fire exit to the rear.

Size in square feet:

220

Other information

Expansion potential:

The restaurant, which currently serves a variety of tapas style dishes, has been trading for approximately 3 years. In the past, the turnover has been consistent. However, due to personal reasons and other commitments, the owners cannot dedicate enough time to the business and need to return home abroad. For this reason, the business is only open on weekends. There is therefore huge potential to open for lunch and dinner on weekdays. There is also scope to change the cuisine on offer if required.

This is an ideal opportunity for a restaurateur or bar owner to make his/her mark in a busy area in London. It should be noted that there is only one other restaurant in the area. We recommend a viewing without delay to fully appreciate the potential and condition of this bar & restaurant.

Trading hours:

The business is currently open on the weekends only.

Financing available:

Please visit www.ConsiderForum.com/finance