Licenced Italian Restaurant in North London For Sale

Situated in a Parade, excellent main road trading position, residential, office and commercial area, NORTH LONDON

Turnover £ 16,000
Price £350,000

Features

Licenced Authentic Italian Restaurant

6 DAYS OPENING
4 STAR HYGIENE RATING

DOUBLE FRONTED PREMISES in the region of 2,150 ft² WITH ELECTRIC CANOPY, ceramic tiled floor, ceiling with spot lights & chandeliers, surround sound, Tables and chairs providing seating for 100 People, CCTV system (21 cameras, 1 monitor), Bar, cash register, Stone Bake Pizza Oven.

Ladies' & gentlemen's Toilet with w.c. and wash hand basin.

Kitchen with stainless steel extractor unit, Gas 6-burner Cooker, Gas 4-burner Cooker, slicer, deep fryer (2 pan), pasta boiler, salamander grill, pass through dishwasher, double sink and drainer, refrigerated making table, 3 fridge table tops, hot plate.

Walkin coldroom.
Staff Toilet with w.c. and wash hand basin.
Staff room..
Stock room with shelving & 2 deep freezers

Turnover

WE ARE INFORMED by the owner the turnover currently averages £16,000 p.w. with a Gross profit of 65% approx. (10% ONLINE SALES)

Staff

The business is at present operated by the Husband & Wife team with 6 full time & 2 part time staff.

Trading Hours

6 Day week
TUESDAY, WEDNESDAY, THURSDAY 5pm - 10pm
FRIDAY - 12.30pm - 3pm then 5pm - 10.30pm
SATURDAY 12.30pm - 10.30pm
SUNDAY 12.30pm - 9pm

Accommodation

THE SELF CONTAINED ACCOMMODATION with Electric Heaters, Double-glazed windows, at present let on a shorthold tenancy providing a rental income of £2,000 per month. The accommodation comprises:

3 Bedrooms (2 double, 1 Single).
Kitchen / Lounge
Bathroom with bath, w.c. and wash hand basin.

Outside

Rear yard plus Parking space for 3 car.

Tenure

Premises held on 2 leases

WE HAVE BEEN INFORMED BY THE VENDOR that the premises are held on a SECURE RENEWABLE lease (private landlord) granted for 15 years in 2014 with reviews every 5 years (next review 2025) at a current rent of £32,500 p.a.

The vendor owns the Freehold and subject to satisfactory references are prepared to grant a new granted for 14 years in 2025 with reviews every 5 years (next review 2025) at a rent of £25,000 p.a. for the first 5 years.

Business Rates from April 2024 £5,500 approx. (Please contact local authority to confirm)

THE BUSINESS HAS BEEN IN THE SAME HANDS SINCE 2014, AND NOW OFFERED FOR SALE SOLELY DUE TO OWNERS ILL HEALTH

Price

TO INCLUDE THE SECURE RENEWABLE LEASE, GOODWILL, FIXTURES & FITTINGS £350,000 plus STOCK AT VALUATION
SUBSTANTIAL LOAN TO AN APPROVED APPLICANT.

The Freehold maybe available

Finance

Subject to status, you maybe able to borrow up to £ 175,000 (lease) to purchase this business, with a house or additional security you maybe able to borrow the full amount. Free Quote