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Busy Free Of Tie Nightclub For Lease

Walsall, West Midlands
Asking Price:
£80,000 Furniture / Fixtures and Inventory / Stock included
Turnover:
Under £50K
Net Profit:
£50K - £100K

132 - 132a Lichfield street Walsall ws1 1sl
Offers for the premium invited in excess of £45,000

Free of tie premises suitable for a variety of uses. Previously a Chicago rock cafe for many years then a fiesta world Buffett for 8 years. Most recently the property has been extensively refurbished throughout at cost of £250,000 and traded as a nightclub for a brief 6 month period. The property is still fully fitted out to an extensively high standard with everything included to allow trade to continue immediately or to significantly and substantially reduce any investment needed to change the use of the building. Fixture and fittings to the value of £100,000 will be included in the premium price, most of the f&f is still covered by warranties. The property also maintains the necessary extraction, gas and catering areas required for a large scale catering operation and the cellar was refitted at the owners expense only 6 months ago. The building extends an area totalling ???sqm

The 10 year lease is set an annual rent of £60,000 pa no vat, no service charge. The landlord has however offered for this to be reduced to £50,000pa for 12 month period. The Building insurance is payable monthly at a cost of £500. Rent is to be paid quarterly in advance. The property already has the benefit of a premises license with entertainments license and is licensed for food. The license allows the premises to trade between the hours of 10am and 3am Monday to Sunday. The property also benefits from an external rear yard that could be used as pleasant smoking shelter. It also has the huge benefit of having a partially enclosed conservatory area to the front of the building which is currently fitted with outdoor seating and was used briefly by the nightclub as a shisha lounge.

The property also includes a charming and attractive large double fronted building previously used as an office block with approximately ?? Offices and totalling ?? Sqm
This property can be separated from the main property completely and represents a real opportunity for someone to either rent out to significantly reduce their overall annual rent ( the master lease allows for subleasing this building ) or to operate another business. The property is in good order but would require some refurbishment work.

Any potential tenant would be required to sign a limited personal guarantee for £50,000. Necessary credit checks will be carried out. The first quarters rent and insurance will be payable on date of assignment.
Please take a look on youtube at our promotional videos to get a better idea of the premises.

https://youtu.be/1tB3s5IYpWw

https://youtu.be/JQCcxhr7qMg

For further information please contact the seller by completing the form on this page.

Property information

Property:

Leasehold

Leasehold Type:
Existing
Lease Terms:

10 year lease

Leasehold Rent:

£50,000 per annum

Location:

High street location, in busy affluent area of Walsall Town Centre

Business Operation

Competition / Market:

Licensed to serve food and open 7 days a week, definite room for improvement and development.

Reasons for selling:

Due to family and other commitments.

Trading hours:

Thursday-Saturday 8pm-3am

Employees:
20
Years established:
1975

Other Information

Support & training:

Owners are happy to offer a free period of support to any purchaser

Furniture / Fixtures value:
£100,000 - included in the asking price
Inventory / Stock value:
£4,000 - included in the asking price

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