A3 Cafe/Restaurant In Portsmouth
Price:
Leasehold - £30,000
Location:
Hampshire , Southsea, Portsmouth
Business Type:
Food Service Businesses
LOCATION:
This established café/diner is situated on the eastern side of the thriving Hampshire city of Portsmouth in the densely populated suburb of Southsea. Over three million people travel to and from Portsmouth every year through the Continental ferry port and therefore Portsmouth is ideally suited for visitors. With access to the M27/M3 and approximately 70 minutes from London, Portsmouth is becoming a popular place to visit. It has many attractions, including the Naval Dockyard with The Mary Rose and HMS Victory and the new interactive naval attraction, Action Stations. The Harbour is one of only 12 UK landmark projects chosen to mark the new millennium and the £86m scheme will consolidate Portsmouth's position as an international waterfront city. Many new leisure and
tourist attractions are being created, including six kilometres of promenades around the harbour and the stylish Gun Wharf Quays retail development.
BUSINESS:
An established café/diner acquired by a new owner 7 months ago who has identified a non-competing new opportunity. This attractively-presented and easily-managed business enjoys a prime trading position on the main road through Eastney and is close to shops and schools. The main road position ensures constant passing trade and day-long trading. Planning consent allows 7am to 7pm trade but the current operator opens at 8am and closes at 3pm. The menu offers All-Day Breakfasts, plus cooked lunches including Traditional Roasts, Fish & Chips, ½ roast chicken and chips, egg & chips, burgers, jacket potatoes, omelettes, curries, chilli and rice and a wide selection of freshly-made toasted sandwiches; a selection of salads and cold drinks, snacks, teas and coffees also available. Weekly sales reported to have exceeded £300 per day. Rent approx. £165 per month. The Vendor has decided to leave the catering trade in favour of a complete change of direction.
BUSINESS PREMISES:
(all sizes are approximate & should be considered 'nominal'.)
The premises are fully equipped including a stainless steel extraction system (see photo opposite), numerous fridges, two microwaves, stainless steel Butler sink, oven, deep-fat fryer and griddle. The 100 sq ft seating area measures 18'5" x 12'9" (5.6m x 3.9m - 21 sq m).
Note:
Where items of equipment and appliances are mentioned, no warranty is given or implied as to their operational condition.
OUTSIDE:
The business is located on a busy thoroughfare surrounded by a wide selection of community shops including the Co-Op on the opposite side
of the road. Free on street parking. There is a hospital nearby. The premises include a garage to the rear.
TENURE:
The premises are secured on a renewable, fully repairing and insuring 10 year lease which commenced in December 2009 at a current annual rent of £8,500. There are 5-yearly rent reviews with the next review due in 2014.
RATES:
The rateable value of the business premises is £_______, with rates of £_______ payable in 2010/11.
NOTE:
This information has been obtained either from the current rate demand for the property, by telephone from the local authority or by reference to the VOA website. The amount payable is the standard rate for the Rateable Value shown. In some circumstances this may vary, and therefore it is recommended that potential buyers make their own enquiries through the local authority to check the applicable rateable value and whether the rates payable will be the figure quoted above.
SERVICES:
We understand from the vendor that all main services are connected to the property.
TRADE
The Vendor has owned the business for 7 months so there are no accounts or VAT returns available. We are advised that weekly sales average £1,200 to £1,500 with recent daily sales exceeding £350. Scope to increase.
HOURS
Monday to Saturday 08.00 to 15.00
Sunday Closed
STAFF:
In addition to the Vendor there is one full time chef working 6 hours per day, 5 days a week. The Vendor suggests that a new owner/chef could run the business with one full time waitress and a part time Saturday assistant.
STOCK:
The vendor informs us that the value of the stock is approximately £500.00
LEGAL FEES:
Vendors and Buyers each to meet their own legal costs, but if a lease is to be assigned from the vendor to the buyer they will also be expected to share the landlord's legal costs on a 50/50 basis. If a buyer wishes to negotiate a 'new' lease, they will be responsible for all the landlord's legal costs.
COMMENTS:
The Vendor is changing direction, taking up a new opportunity in a non-competing business creating an exciting opportunity for a new operator to build on the solid foundations laid down by previous operators
Financial information will be made available to seriously interested purchasers after they have formally viewed the business.
On a busy main road running through the centre of a suburban shopping district
The premises are secured on a renewable, fully repairing and insuring 10 year lease which commenced in December 2009 at a current annual rent of £8,500. There are 5-yearly rent reviews with the next review due in 2014.
Monday to Saturday 08.00 to 15.00
Sunday Closed
UK Non-Specific
£ 800,000
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