1930s Themed bar set within an interesting unique building at the heart of the City’s Cultural Quarter
200 capacity plus “Street Café” (16c) 2 minutes from King Richard 3rd Centre
Local area renowned for its “Cafe Culture” close to City Hall, Leicester Cathedral & Richard 3rd Centre
Crying out for major “Branding” to capture local University & Fast growing Tourist business
15-year Landlord & Tenant Act protected fully renewable lease Free of Ties from 2009 (5.2% Rent £20,000 pa.)
LOCATION (LE11 RD)
Due to the confidential nature of this sale its precise location will be disclosed after initial discussions with GA-SELECT however we can confirm that it sits within The City of LEICESTER Cultural Quarter. 2 minutes from the World’s HOTTEST NEW TOURIST LISTING of The KING RICHARD 3rd - £4million VISITORS CENTRE which received 3000 visitors on its 1st day of opening and approx. 20,000 a week since and according to the Cities Tourist Board has boosted a further £482 million to the £1.48 Billion already generated by tourism from 29.4 visitors. The business sits close to The Leicester Cathedral, City Hall, Laics University Halls of Residence and major new shopping malls, Theatres.
A Stylish 1930s minimalistic themed former retail outlet over its ground floor (120+) and basement (80+) without restrictions of guest numbers. The upper storie is let separately and not within the sale. It features large pictures windows offering a high level of “see & be seen” topped with attractive “leaded windows”. The property is Grade 2 listed with stripped red brick walls. A small KITCHEN provides a limited food offering. The GROUND FLOOR LOUNGE has mainly a stripped Pine floor with a mixture of seating Inc. bucket seats, leather settees & wooden chairs set to stripped wood tables. THE BASEMENT is used as a function room & can be privately booked and has its own “events bar”. On the ground floor is located the MAIN BAR SERVERY which has T & G frontage with a polishes counter top on which there are RAL ALE PULLS & Bright Beer pumps. The back fitting has a modern cocktail bar image and merchandising boards. The BEER CELLAR is to the rear/side of the bar as are the Glass Washing facilities. The Unit had DISABLED, LADIES & GENTS washrooms.
The business is “lock up”.
A “Street café” (16) is set to the long frontage of the business and adds further to the “see & be seen” USP of the business. The locale has access to plenty of free & low cost on street parking along with Pay & Display car parks. Leicester City Council has over 8500 spaces plus the likes of NCP etc.
We are advised that the business has a Premises licence that allows opening of 9am till 12.30am Mon – Thurs with 1am closing Friday & Saturday. The business actually trades 4pm till 12 midnight Mon – Thurs with Friday & Saturday 12noon till 1.30am Closed all day Sunday. A Personal License will be required and our training associates can assist with this for you.
The business is held on a private 15-year lease from Sept 09 and is completely FREE of ALL TIES with a rent of £20,000 pa with 3 yearly reviews at Index Linking. Paid quarterly FRI with Landlord & Tenant Act (54) protection meaning that it is fully renewable under no less favourable terms at no further premium.
Mains water, electric & sewage are connected with heating by way of electric curtains. Rate payable are £10,468 Inc. Water.
Our client has owned the business since Sept 2011 and is offering the business to the market due to family situations. Sales are running to £400,065 Inc. VAT Y/E 31 /07/15 almost 100% Wet with a 60.6% GP of £200,016. The Recon NET PROFITS (after adding back one off items such as Directors Salary & Depreciation) run to £88,543 for the year. The only food that is currently offered is by way of Cheese Boards with catering being allowed to be provided by customers using the function facility. With the utilisation of the currently unused trading hours and provision of a basic food offer Inc. a “continental breakfast”, all day coffee & beverage service it would be possible to capture the lucrative tourist market available from the strong “footfall” of this site. The property is well suited for conversion to a modern “branded” outlet or “as is” a highly profitable business model with a “laid back” business approach.
THE POTENTIAL OF THIS SITE IS EMMENCE AND CAN RUN WITHOUT CHANGE HIGHLY PROFITABLY OR WITH EXPLOITATION OF ITS LOCALE BUILD ON AN ALREADY THRIVING BUSINESS INTO SOMETHING REALLY SPECIAL.
To secure this business a deposit of £5,000 will give you exclusivity on this business giving you a lock-out agreement with no further viewings or marketing taking place.
Accounts information will be made available to interested parties after viewing.
Our panel of financial experts are here to help; call for referrals: 01530 414140.
The Property was viewed by Graham Allman who will be delighted to discuss the opportunity with you 7 days a week on 07765 251 208.
Viewings appointments can be made via one of GA-SELECT Business Managers on 01530 41 41 40 who can also refer you to experienced solicitors, accountants, and other trade experts.
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