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Well Established Profitable Restaurant In Essex For Sale

COLCHESTER, Essex, UK
Freehold Price:
£1,400,000 Furniture / Fixtures and Inventory / Stock included
Leasehold:
£299,000 Furniture / Fixtures and Inventory / Stock included
Turnover:
£500K - £1M
Net Profit:
£50K - £100K

A well-established, profitable business for sale in Britain's oldest recorded city.
The business includes a large 2 double bedroom flat onsite and parking for up to 17 cars.
Large 2 floor restaurant with room for up to 160 covers, excellent reputation, regular customer base, outside seating for up to 60 covers with furniture and heaters.
Great layout with private dining room and four separate areas for parties.
Currently running 4 and a half days a week, so plenty of scope to extend hours and increase profits.
Business has preferred catering status a local prestigious wedding venues which brings in extra revenue and provides outside catering at present.
Current lease has 22 years remaining at £50k a year fixed until 2028 and 3 yearly reviews.
Option to purchase the freehold is available also if interested.
Lots of developments going on locally provide a wider customer base.
Accounts available to interested buyers only with proof of funds.

Property Information

Property:

Available as freehold and leasehold

Lease Terms:

Current lease remaining is 22 years at a fixed rent of £50,000-00 until 2028 then 3 yearly reviews. Lease would be negotiable to a new tenant

Leasehold Rent:

£50,000 per annum

Living Accommodation:

The building comes with a large two double bedroom flat attached to the building with a lounge, separate kitchen and bathroom.

Location:

Residential area with ample parking on the edge of the town centre. Massive house building project within 2 miles of restaurant with potential 200 + houses

Premises Details:

The building is a Grade 2 star listing which means it is in the top 2 % of the historical buildings in the UK and has a large 2 bedroom flat attached to the business which has its own kitchen, lounge and bathroom facilities

Planning Consent:

No planning consent is currently in place but there has been consent previously to convert the buiding into flats and residential status

Energy Performance Rating:
C

Business Operation

Expansion Potential:

There is potential to increase trading hours as we are currently only trading for 4 and a half days a week. Currently a preferred caterer for the local council at its wedding venues and we offer outside catering when required. There would also be an opportunity to convert the 1st floor into rooms for a small boutique hotel.

Competition / Market:

The local hotel has just closed their food outlets so we have increased footfall from the hotel. There is a massive house building project planned within 2 miles which is for 200+ houses. The university is just over a mile away and we are just a short walk from the Castle and town centre.

Reasons for selling:

We are looking to relocate to the South Coast nearer to our family and to invest in a smaller business

Trading hours:

Wed- Thur 12-3 and 6pm - 10pm
Friday 12-3 and 6pm - 11pm
Sat 12 - 11pm
Sunday 12 - 4pm

Employees:
14
Years established:
2014

Other Information

Support & training:

As owners of the business we would be willing to stay on after the sale to provide support and guidance to the new owners

Furniture / Fixtures value:
£125,000 - included in the asking price
Inventory / Stock value:
£15,000 - included in the asking price
Website:
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Leasehold asking price:
£299,000 - Furniture / Fixtures and Inventory / Stock included