Chinese Restaurant with Entertainment Licence in Essex For Sale

Situated in a Parade, excellent main road trading position, residential and commercial area, Essex.

Turnover £ 10,500
Price £175,000 / £650,000

Features

Licensed Chinese Restaurant with Entertainment Licence

6 DAYS OPENING

5 STAR HYGIENE RATING

SINGLE FRONTED PREMISES, in the region of 2,100 ft², CCTV (8 Cameras), Tiled flooring, suspended ceiling with down lights.

Customer waiting area.

Tables and chairs seating 100 people.

Bar - Cash drawer, draft beer pump, under counter fridges, glass washer, wash hand basin.

Ladies' cloakroom with toilet and wash hand basin.
Gentlemen's cloakroom with toilet and wash hand basin.

Kitchen - Stainless steel extractor, 8 burner gas hob, oven, rice cooker, steamer, microwave, chest freezer, double sink and drainer, stainless steel preparation tables, etc,

Walkin freezer
Walkin coldroom

Turnover

WE ARE INFORMED by the owner the turnover currently averages £10,500 p.w. with a Gross profit of 65% approx.

Staff

The business is at present operated by the Husband & Wife team with the assistance of 7 full time staff.

We are informed the wage bill averages £2,500 p.w. approx.

Trading Hours

6 Day week
TUESDAY - SATURDAY 5.30 pm - 10 pm
SUNDAY 12 - 9.30 pm
CLOSED MONDAY

Accommodation

First floor flat accessed via the business or rear entrance, comprising;

6 bedrooms (4 doubles, 2 single bedrooms).

2 shower rooms each with shower, toilet and wash hand basin.

Outside

Yard.

2 dedicated parking spaces.

Tenure

The vendor owns the freehold and subject to satisfactory references are prepared to grant a new SECURE RENEWABLE LEASE for 20 years with reviews every 4 years at an initial rent of £38,000 p.a. for the first 4 years.

Business Rates from April 2024 £3,000 approx. after small business relief (Please contact local authority to confirm)

THE BUSINESS HAS BEEN IN THE SAME HANDS SINCE 1992 AND OFFERED FOR SALE SOLELY DUE TO THE VENDORS' RETIREMENT.

Price

TO INCLUDE THE NEW SECURE RENEWABLE LEASE, GOODWILL, FIXTURES & FITTINGS £175,000 plus STOCK AT VALUATION
SUBSTANTIAL LOAN TO AN APPROVED APPLICANT.

OR TO INCLUDE THE VALUABLE FREEHOLD PROPERTY, GOODWILL, FIXTURES & FITTINGS £650,000 plus STOCK AT VALUATION
SUBSTANTIAL MORTGAGE TO AN APPROVED APPLICANT.

Finance

Subject to status, you maybe able to borrow up to £ 87,500 (lease) £ 455,000 (freehold) to purchase this business, with a house or additional security you maybe able to borrow the full amount. Free Quote