Licensed Indian Restaurant in Margate For Sale

Situated in a parade, excellent trading position, residential and commercial area, MARGATE, KENT.

Turnover £ 10,000
Price £120,000 / £695,000

Features

Spacious Licensed Indian Restaurant

LARGE DOUBLE FRONTED PREMISES 1,950ft² (Including Basement). Tables & chairs providing seating for 70 persons, Air conditioning with hot air, suspended ceiling with concealed lighting, carpet tiled and laminated strip floor.

KITCHEN with Tandoori oven, stainless steel extractor unit, 2 new fridges, additional fridge, sink, 12-burner cooker, 2 x hot cupboards, 3 chest freezers.

Additional Kitchen for washing up.

Stock room / Store room.

2 x Basements, used for storage purposes

Turnover

WE ARE INFORMED by the owner the turnover currently averages £10,000 p.w. with a gross profit of 65% approx.

Staff

The business is at present operated by the vendor with 6 full time staff employed.

Trading Hours

7 Day week
Sunday- Thursday inclusive - 12 p.m - 2.30 p.m & 5 p.m - 11 p.m
Friday & Saturday - 12 p.m. - 2.30 & & 5 p.m. - 12 midnight

Accommodation

FLAT 1 (USED BY STAFF):

THE ACCOMMODATION entrance via the shop. Electric Heaters, double-glazed windows over 2 floors:

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

Flat 2 (FREEHOLD OPTION ONLY):

THE SELF CONTAINED ACCOMMODATION entrance via door to the rear of the shop with Gas Fired Central Heating, Double-glazed windows in good condition over 2 floors, at present let on a shorthold tenancy providing a rental income of £900 per month: THE ACCOMMODATION comprises:

3 Bedrooms (2 doubles, 1 single)
Kitchen
Lounge
Bathroom with bath, w.c. & wash hand basin

Outside

Large rear yard.

Tenure

The vendor owns the Freehold and subject to satisfactory references is prepared to grant in respect of the restaurant with 1 flat, a new 20 years full repairing and insuring lease at a rent of £25,000 p.a. with rent reviews every 5 years.

NIL Business Rates after full relief (Please contact local authority to confirm)

OWNED SINCE 1993 RETIREMENT SALE

Price

TO INCLUDE THE NEW LEASE TOGETHER WITH 1 FLAT, GOODWILL, FIXTURES & FITTINGS £120,000 plus STOCK AT VALUATION
SUBSTANTIAL LOAN TO AN APPROVED APPLICANT.

OR PRICE TO INCLUDE THE VALUABLE FREEHOLD PROPERTY, 2 FLATS, 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 £ 60,000 (lease) £ 486,500 (freehold) to purchase this business, with a house or additional security you maybe able to borrow the full amount. Free Quote