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Licensed Cafe In Eastleigh For Sale

Eastleigh, Hampshire
Asking Price:
£89,950
Turnover:
£150,000
Net Profit:
Available on request

BUSINESS:

An exciting new Italian country-style café/restaurant which opened in October 2016 that has already established a loyal following. Offering traditional pasta and pizza combinations along with paninis, lunchtime baguettes and traditional English breakfast choices it has a broad appeal. Many of the positive reviews on Trip Advisor comment on the authentic Italian café ambiance, value for money and the quality of the freshly prepared dishes. Setting it apart from other eating venues in the town centre, this increasingly popular destination offers a unique but relaxed, rustic ambiance created by the talented vendor, an experienced interior designer specialising in the catering industry. The extensive menu offers breakfast, brunch, lunch and dinner choices with a Mediterranean flavour.

BUSINESS PREMISES:
(all sizes are approximate & should be considered 'nominal'.)
The business is divided over two floors. The ground floor measures 500sqft/47sqm (32ft x15ft/11mx4.3m) offering flexible seating options and presently provides 32 covers inside with 6 covers outside. Stairs lead up to the fully-equipped food preparation area, kitchen and storage room offering a total combined internal area of 452sq ft/42 sq m.

Note: Where items of equipment and appliances are mentioned, no warranty is given or implied as to their operational condition.

PRIVATE ACCOMMODATION:
(all sizes are approximate & should be considered 'nominal'.)

There is no private accommodation included with this opportunity

OUTSIDE:

There is a wide pavement with room for 3 tables offering an additional 6 to 9 covers in dry weather.

TENURE:

This is a leasehold opportunity with a 10 year lease in place which expires in October 2026. The lease is a protected lease within the terms of the Landlord & Tenant Act 1954 and therefore renewal rights apply. The current rent payable is £17,000 with annual £500 increases capped at the 5th anniversary at £19,500 per year. There are 5-yearly rent reviews with the next review due in 2021.
Please be aware that the landlord will require references to support your application as a tenant and satisfactory bank and trade references will be requested. In addition, the landlord may ask for a rent deposit equal to 3 or 6 months dependent upon quality of references and status of the buyer.

RATES:

The rateable value of the business premises is £13,750 for 2017/18.

NOTE:
This information has been obtained either from the current rate demand for the property, by telephone from the local authority or by reference to the VOA website. The amount payable is the standard rate for the Rateable Value shown. In some circumstances this may vary, and therefore it is recommended that potential buyers make their own enquiries through the local authority to check the applicable rateable value and whether the rates payable will be the figure quoted above.

SERVICES:

We understand from the vendor that all main services are connected to the property.

TRADE:

As the business began trading in October 2016 no formal accounts are available. However, the vendor is happy to share management account information with the buyer during a viewing.The vendor advises weekly turnover now averaging £5,000 per week excl. VAT with annual gross profits estimated to be in the region of £150,000 with net profits of £50,000 for the full year.
Please note that if a business is VAT registered, all figures exclude VAT.

HOURS:

Lcenced to trade until 23:00hrs 7 days per week, the vendor currently operates the business as follows:

Monday - 11am to 11pm
Tuesday - closed
Wed- 11am to 11pm
Thur - 11am to 11pm
Friday - 11am to 11pm
Sat - 9am to 11pm
Sun - 11am to 10pm

A Premises Licence has been granted allowing alcohol to be served from 08:30 to 18:00 Sunday to Thursday and from 08:30 to 23:00 Friday and Saturday. The extensive menu offers breakfast, brunch, lunch and dinner choices with a Mediterranean flavour.

STAFF:

The vendor and his wife run the business between them with no other employees.

STOCK:

The vendor informs us that the value of the stock is approximately £2,000

LEGAL FEES:

Vendors and Buyers each to meet their own legal costs, but if a lease is to be assigned from the vendor to the buyer they will also be expected to share the landlord's legal costs on a 50/50 basis. If a buyer wishes to negotiate a 'new' lease, they will be responsible for all the landlord's legal costs.

COMMENTS:

The vendor created this new dining venue in Eastleigh town centre with the intention of selling it on once established. He will then seek out and develop another site elsewhere with this sale financing his next opportunity. This offer represents an exciting opportunity for an ambitious new owner to acquire and run an established, profitable and growing restaurant/café business, building on the solid foundations laid down by the vendor.
Financial information will be made available to seriously interested purchasers after they have formally viewed the business.

Property Information

Property:

Leasehold

Lease Terms:

This is a leasehold opportunity with a 10 year lease in place which expires in October 2026. The lease is a protected lease within the terms of the Landlord & Tenant Act 1954 and therefore renewal rights apply. The current rent payable is £17,000 with annual £500 increases capped at the 5th anniversary at £19,500 per year. There are 5-yearly rent reviews with the next review due in 2021.

Location:

Eastleigh town centre

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