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Bar With Function Room For Lease

St Leonards-On-Sea, East Sussex
Asking Price:
£59,000
Turnover:
£336,000
Net Profit:
Under £50K

This Bar is situated on the Sea front in St leonards on sea. serving an estimated population of approximately 63,000 persons. This increases significantly during the summer months due to the high number of tourists who visit the town.

DESCRIPTION

Following a comprehensive refurbishment of the entire property,here are fully equipped bars at both ground and first floors with the basement providing good sized Function room and storage facilities.

TRADING HOURS
A favourable Premises Licence is held and the business operates seven evenings per week closing at 2.00 am on Thursday, Fridays and Saturdays and midnight or 1.00 am Sunday to Wednesday

TERMS
A premium of £59,950 is sought for the benefit of the leasehold interest, goodwill, trade fixtures, fittings and equipment with stock to be purchased in addition at valuation.

A full repairing and insuring lease will be granted for a term of 25 years at a current rent of £23,000 per annum,which 10 years left on the lease which is renewable by the landlord.

RATES
According to the VOA website the assessment for this property is stated as:

Cafe and Premises, Rateable Value: £8400

However, for properties having a rate able value of £8400 eligible occupiers should qualify for Small Business Rates Relief whereby the rate will go down gradually from 100% to 0%

SEA FRONT BAR LOCATION

•RENT £23,000 PER ANNUM
• BAR & FUNCTION ROOM WITH 2AM LICENCE
•SEPARATE 40 COVER RESTAURANT
•TURNOVER £7,000 PER WEEK
•FULLY FITTED KITCHEN
•HIGH PROFIT MARGINS
•RATES £8,400 PER ANNUM

Property Information

Property:

Leasehold

Leasehold Type:
Existing
Lease Terms:

25 years full repair lease, 9 years left on the lease which is renewable with the lanlord

Leasehold Rent:

£23,000 per annum

Location:

Situated on the Sea front in St leonards on sea. serving an estimated population of approximately 63,000 persons. This increases significantly during the summer months due to the high number of tourists who visit the town.

Premises Details:

Following a comprehensive refurbishment of the entire property,here are fully equipped bars at both ground and first floors with the basement providing good sized Function room and storage facilities.

Business Operation

Trading hours:

Sunday to wed 11 am to 1 am
Thursday to Saturday 11am to 2am

Employees:
6
Years established:
15 years

Contact Information

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