Restaurant with Bar Live music in Hampshire For Sale

Detached premises, prominent riverside loaction, close to the marina and station, Hampshire.

Turnover £ 12,500
Price £275,000

Features

Spacious Licensed Chinese / Asian Fusion Restaurant & Bar with Live Music Licence

6 DAYS OPENING

Private Car Park for up to 20 vehicles

BEER GARDEN to rear, over looking the marina, seating 50.

Double fronted air conditioned premises, in the region of 2,400 ft², hardwood flooring, suspended ceiling with spotlights.

Tables and chairs seating 140 people.

Dance floor and DJ booth, live music licence

Bar - EPOS cash register, Draft beer (1 pump), flash cooler, glass washer, soda gun.

Ladies & Gentlemans cloakroom with toilet and wash hand basin.

Separate Kitchen - Stainless steel extractor, 5 burner wok, hob, combi oven, rice cooker, 2 double basket deep fat fryers, counter top fryer, plate warmer, wearming lamp, bain marie (6 pot), automatic stir fry machine, 2 microwaves, 4 full height fridges, under counter fridge, 4 chest freezers, double sink and drainer, stainless preparation table, ice maker, etc.

Walkin chiller

Turnover

WE ARE INFORMED by the owner the turnover currently averages £12,000 p.w. / £13,000 p.w., with a Gross profit of 60% approx. (50% take away) Whnt trading with lunch service sales exceeded £20,000 p.w.

Staff

The business is at present operated by the vendor on a part time basis with the assistance of 3 full time staff and 2 part time staff and casual staff as required. The staff are locally trained and adept at a variety of cuisines.

We are informed the wage bill averages £2,750p.w. approx. With an active husband and wife team the wage bill can be reduced.

Trading Hours

6 Day week
SUNDAY - THURSDAY 5.30 pm - 10 pm
FRIDAY & SATURDAY 5.30 pm -10.30 pm
CLOSED MONDAY

Huge potential and local demand to offer lunch time and seven days service.

Accommodation

The spacious accommodation, with separate entrance and via the restaurant to flat above;

Fitted Kitchen
Living room
Dining room
4 double bedrooms (two ensuite),
Bathroom with bath, toilet and wash hand basin.
Cloak room with toilet and wash hand basin

Outside

Large outhouse storage to rear.

Beer Garden, over looking the marina, seating 50 people.

Tenure

The vendor owns the Freehold and subject to satisfactory references is prepared to grant a new SECURE RENEWABLE LEASE for 15 years with reviews every 3 years (next review 2027) at a proposed initial rent of £70,000 p.a. for the first 3 years.

Alternatively, should the accommodation not be required the vendor is prepared to grant a new SECURE RENEWABLE LEASE for 15 years with reviews every 3 years at a proposed initial rent of £50,000 p.a. for the first 3 years.

Business Rates from April 2024 £2,870 approx. after small business and hospitality relief (Please contact local authority to confirm)

THE BUSINESS HAS BEEN IN THE SAME HANDS SINCE 1993 AND OFFERED FOR SALE SOLELY DUE TO THE VENDOR'S OTHER BUSINESS INTERESTS.

Price

TO INCLUDE THE NEW SECURE RENEWABLE LEASE, GOODWILL, FIXTURES & FITTINGS £275,000 plus STOCK AT VALUATION
SUBSTANTIAL LOAN TO AN APPROVED APPLICANT.

Finance

Subject to status, you maybe able to borrow up to £ 137,500 (lease) to purchase this business, with a house or additional security you maybe able to borrow the full amount. Free Quote