Vendor has other business interests and is looking for a quick sale, hence the priced well. Business currently turning around £2,500 per week (unconfirmed) but would do very well in right pairs of hands, has lots of potential.
Vendors is looking a premium in region of £52,500 for business / leasehold interests but would take reasonable offers. Standard references are required from the ingoing tenants by the Landlords.
The property consists of front retail area decorated to a high standard with 40 covers with potential to expand. This is then followed by customer WC, storage, kitchen and preparation area, and rear garden.
Within the right experienced hands, this business could be very lucrative.
Location & Surroundings
Maryland is a location in east London, England. It forms the north eastern part of Stratford in the London Borough of Newham. The area borders Leytonstone to the north, Stratford New Town to the west and Forest Gate to the east, with the centre of Stratford to the south-west.
The 2011 census records the population of London Borough of Newham as 310,500. The 2001 census identified Newham as the most ethnically diverse district and has one of the youngest overall populations in England and Wales.
The surrounding areas are densely built up with residential property which results in a high demand for local trade. The restaurant is situated on a long high street with is surrounded by local businesses including solicitors, estate agents, post offices, and local pubs.
Business Description & Takings
The business currently caters for fast food and grill with delivery and boasts from a strong residential following within the local community.
The business benefits from overhead flues, large cooker range, fridge and freezer display units, gas grill, and other ancillary kitchen utensils and necessities.
Oakville Real Estates have been advised that the current taking of the business is currently around £2,500pw (unverified).
Opening Times & Staffing
Currently the business is open from Monday to Sunday and is currently run with minimal staff.
Tenure & Lease Terms
Currently held on a 20 year lease commencing in 2013 with a passing rent of £18,000 pa and a 4-yearly rent review period.
Owner is seeking offers of £52,500 for the leasehold interest and business goodwill.
Tenant to pay a contribution towards the landlord’s solicitor’s costs.
Viewings highly recommended. If you are interested in viewing this property please contact your agent at ORE on 02084729090.
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