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Established Torquay Restaurant With Sublet Kiosk For Sale

Torquay, Devon, UK
Asking Price:
£29,950
Turnover:
Undisclosed
Net Profit:
Undisclosed

Well-established, fully equipped leasehold restaurant in the heart of Torquay town centre and Harbourside, offering a turnkey opportunity with seating for 36, limited current trading hours and additional rental income from a separately sublet kiosk.

Legends at Steps is an owner-operated restaurant currently run by the owners as Chef and Front of House, with casual staff assisting during busy periods. The restaurant currently trades only four evenings a week from 6pm to 9pm throughout the year and operates up to the VAT threshold through choice. The existing operation therefore provides a solid base for a new owner, with the broker identifying significant potential to increase turnover by extending trading hours to include lunchtimes.

The premises provide two smart customer trading areas with a combined 36 covers, a bar and a well-equipped commercial kitchen. The sale includes furnishings and equipment as per inventory, excluding the owners’ personal effects. Wet and dry stock in trade and bar glassware are to be purchased separately at valuation on completion.

A particularly attractive additional income stream is provided by a separate kiosk below the restaurant, which is included within the lease and currently sublet to a barber for £5,000 per annum. This income contributes towards the restaurant's annual rent of £10,600.

The current owners are selling due to retirement, providing an opportunity for a new operator to build on this established restaurant's position with both local residents and Torquay's substantial visitor market.

Property Information

Property:

Leasehold

Lease Terms:

Assignment of a 15-year lease commencing March 2013 at an annual rent of £10,600. The tenant has full repairing and insuring obligations. A separate kiosk included within the lease is currently sublet to a barber, generating £5,000 per annum towards the total rent.

Leasehold Rent:

£10,600 per annum

Location:

Legends at Steps occupies a central Torquay location on the steps linking The Terrace and Fleet Walk, in the heart of the town centre and Harbourside.

Torquay is the predominant town on the English Riviera and one of the UK's leading holiday resorts, providing access to both local and tourist trade. The surrounding area has benefited from investment including a £40 million development comprising retail, offices, catering establishments and a Hilton Hotel just yards from the restaurant, providing an increased potential customer base.

Premises Details:

Smart lock-up catering premises comprising two separate trading areas, bar, commercial kitchen, customer cloakrooms, utility facilities, storage and rear bin store.

The main trading area provides seating for 24 at timber-topped tables with upholstered high-backed chairs and bench seating. Double-glazed picture windows provide views over Fleet Walk and glimpses of the sea. Features include laminate wood flooring, central heating, air conditioning and a music speaker.

A second trading area with bar provides a further 12 covers. The bar is equipped with an electronic touchscreen till, double and single bottle fridges, under-counter fridge, Jura coffee machine, Parry ice machine, back-bar shelving, spirit optics and built-in wine rack.

The well-equipped commercial kitchen has non-slip flooring and commercial extraction. Equipment includes a Blue Seal double deep-fat fryer, six-ring gas range with ovens, large chargrill, Sharp commercial microwave, Parry stainless-steel plate-warming cabinet, stainless-steel preparation tables, twin-door fridge, under-counter fridge and freezer, Bartlett upright fridge, Gram upright freezer, commercial dishwasher and two deep stainless-steel sinks with drainers.

There are separate ladies' and gents' cloakrooms, a utility room with plumbing for a washing machine and space for a tumble dryer, a store cupboard with shelving and staff uniform hanging space, and a bin store to the rear.

A separate kiosk below the restaurant forms part of the lease and is currently sublet to a barber at £5,000 per annum.

The premises are connected to all mains services.

Business Operation

Management type:
This business is owner operated.
Expansion Potential:

The restaurant currently trades only four evenings a week from 6pm to 9pm and operates up to the VAT threshold through choice. The broker identifies significant potential to increase trading hours, including opening at lunchtimes, and consequently increase turnover.

Reasons for selling:

Retirement.

Employees:
Operated by the owners as Chef and Front of House, with casual staff assisting during busy periods.

Other Information

Support & training:

6pm-9pm, four evenings per week throughout the year.