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Thriving Mexican Restaurant And Bar In Southampton For Sale

Southampton, Hampshire, UK
Asking Price:
£200,000 Furniture / Fixtures included
Turnover:
£560,000
Net Profit:
Available on request

Thriving mexican restaurant & bar (full on-lic), occupying prominent corner site, southampton. Family run business. Same hands 12 years. Retirement sale. Offering authentic Mexican cuisine. Popular with locals & students. Eye-catching restaurant has covered external seating for 40, with internal Latin themed, split-level seating for 60+ covers. Well equipped bar & catering kitchen. Open 11 am to 11 pm – 6 days. Recorded gross T/O approx. £560,000 (inc. VAT). GP 65%. Accounts available. Offered with new lease, terms to be agreed, at current rental of £46,392 p.a., which is substantially off-set by letting 3 S/C flats above, that produce a rental income of £29,400 p.a. OIRO £200,000 + S.A.V. (Ref. C.3813)

Property Information

Property:

Leasehold

Lease Terms:

The business is offered for sale with the benefit of a new lease (not verified), the length and terms of which are negotiable. We are advised that the current rental amounts to £3,866 per calendar month (£46,392 per annum), which is substantially off-set by the income derived from letting the accommodation for £29,400 p.a.

Leasehold Rent:

£46,392 per annum

Living Accommodation:

3 self-contained flats above the restaurant, that are mainly let to students, produce a rental income of £2,450 per calendar month (£29,400 per annum), which substantially off-sets the rent payable for the whole building.

Location:

Situated in an area that abounds with many student digs, occupying a prominent corner site, fronting a busy main road, on the outskirts of the city centre.

Premises Details:

• Brightly painted restaurant has an eye-catching frontage, with an area of covered external seating to the front and side of the building that can accommodate approximately 40 covers
• The restaurant is most attractively decorated in a Latin American theme, with bright orange and yellow painted walls that are bedecked with memorabilia
• The split-level seating area has an oak wood floor covering and a timber clad ceiling inset with LEDs
• Wooden table and chairs offer space to accommodate 60 plus covers, with social distancing
• In addition there is a central, well-equipped bar servery and customer toilet facilities
• To the rear of the restaurant there is a catering kitchen, which includes an extensive inventory of commercial equipment, a dry store, a beer cellar and an office
• It should be noted that the premises have the benefit of gas fired central heating, supplied by radiators, as well an open fireplace and a 3-phase electricity supply

Energy Performance Rating:
C

Business Operation

Expansion Potential:

Scope to open on Monday.

Reasons for selling:

Retirement.

Trading hours:

Open from 11.00 am to 11.00 pm - but currently closed on Monday.

Employees:
8/9
Years established:
12 years

Contact Andrew Greenwood

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