Bistros for sale in Kirkwall

View the "Lucano Italian Restaurant, Orkney, Scotland" below and request further details. Alternatively, please view the similar businesses in the 'You May Also Like' box below.

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Sarah Davies (June 2014) View More
Freehold Price: £350000 Leasehold Price: £150000 Annual Turnover: £433,000 Annual Net Profit: £122,000
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Business Description
Outstanding licensed restaurant proposition located in a superb trading situation on Orkney Island

An excellent quality restaurant central to the Islands capital on one of the main thoroughfares with excellent passing trade

Trading year-round with strong rising turnover (c£433,000 - 2014) resulting in excellent profitability (c£122,000 - 2014)

Ideal business opportunity for experienced motivated new owners as there is strong business development potential

Lucano Restaurant is a popular and renowned Italian restaurant and is presented to the market to allow new owners to drive this successful business to the next level. Lucano’s provides a quality business with exceptional fixtures and fittings plus a strong reputation for excellence in food provision and service. The business trades from a format of quality Italian cuisine which is prepared from fresh, locally sourced produce wherever possible. The business is named after Lucania an ancient district of southern Italy renowned for its earthy and honest food reflecting the area's rural traditions. A key selling feature of this restaurant is the modern quality décor and the high level of service support facilities. The charming ambience of the restaurant plus the strong trading location makes this a most attractive business and investment proposition. Set to around 50 covers, the trading area covers an area of approximately 79.2m2. The service support areas extent to 73.3m2.

Lucano’s has a sustainable trading model with its appeal to both locals and tourists alike. The demand for excellent cuisine on the Island is high especially during the busy summer month’s resulting in the business operating at a high level employing around 9 staff. The current owner does not work directly within the business which means that a new proprietor with a strong desire to have a hands-on role could drive a higher level of profitability. The present operation trades 6-days a week being closed on Mondays.
Tenure: Freehold, Leasehold

Location Details:

Lucano’s is found in Kirkwall on the beautiful Orkney Islands. Kirkwall is the Islands main town with around 9,000 inhabitants. This welcoming community is supported by well-established infrastructure and social facilities locally. There are excellent sports facilities and leisure facilities and the £15 million Pickaquoy Centre in Orkney is recognized as a first class facility. The standard of education in Orkney is also extremely high with Kirkwall Grammar being recognized as one of the best in the Country. Kirkwall is a major administrative and communications centre with Ferry Services to Aberdeen and Lerwick. The Town has a strong history encompassing pre-history, Pictish and Viking heritage which is reflected in the many places of interest to visit. The islands are home to around 19,000 islanders, who enjoy an enviable quality of life, amidst stunning and varied scenery, all bounded by the ever-changing sea.

Besides abundant wildlife, Orkney holds possibly the greatest concentration of archaeology in NW Europe, including the unique Neolithic village of Scara Brae, and the group of sites clustered around the Ring of Brodgar, and known as Orkney’s Neolithic Heartland, which was granted World Heritage status by UNESCO in 1999. Visitors can also enjoy the vibrant contemporary culture and a wide range of activities including excellent fishing, bird watching, golf, climbing, walking and sailing, though many enjoy the peaceful ambience of the islands.

Leasehold Term:

Capital Premium: £150,000; Rent: £24,000 p.a. rent; Rent Payments: Monthly in advance; Lease Duration: 5 Years; Option to purchase: 100% Capital repayment if freehold purchase is secured within 5 years; 75%). Stock at valuation.

Downloadable Documents

Listed by: ASG Commercial
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