Restaurants for sale in Ingatestone

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John Peacock (Feb 2017)
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Leasehold Price: £150,000 Annual Turnover: £234,000
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Business Description
Busy Trading Location
Established Since 1996
Annual Turnover £234,000
3 Parking Spaces To The Rear
Customer Seating For 50
Free Of Tie
3 Bedroom Accommodation
Retirement Sale
Potential to Add Delivery Service
Scope To Increase Trading Hours
EPC - B
REF 6317 – Leasehold Chinese Restaurant & Accommodation

Blacks Brokers are pleased to bring to the market this leasehold Chinese restaurant with accommodation located in a much sought-after area of Ingatestone, Essex.

INTRODUCTION

Tim's Palace has been trading on High Street since 1996 with our client in ownership since 2011. The business has become a very well-known and popular restaurant with a large base of regular customers and a good reputation. Tim’s Palace caters for a large amount of takeaway customers in addition to dine-in customers.

LOCATION

The business is positioned on a busy street in Ingatestone close to many other local businesses, shops and the town Church. The area is well linked by the A12 with excellent public transport links in place and there are three parking spaces to the rear with roadside parking in the immediate vicinity.

REASON FOR SALE

Tim's Palace is only being offered for sale due the retirement of our client. This presents an excellent opportunity for a new owner-operating team to take the business to the next level.

LEASE

The building is available on a Full Repair and Insure lease (FRI lease). This is the most common form of commercial lease. The current lease is 25 years and began in 1996 at a cost of £601 per week. This lease includes the accommodation positioned within the first floor of this spacious property.

BUILDING LAYOUT AND DESIGN

Tim's Palace operates from the ground floor of a spacious, end-terraced property within a parade of local shops and businesses. The business has large signage in place above a mainly glazed frontage with central entrance. Inside, the main dining area offers seating for 50 and is presented well with traditional Chinese themed décor throughout. The bar is fitted with one draught beer pump, glass washer, wine chiller and fridge freezer. The service area includes a plate warming cabinet. There are ladies and gents toilets positioned to the rear of the space and the kitchen and store room are to the side. The kitchen is fully fitted with an air extraction system, rice cooker, hot cupboard, 9-hob gas cooker with double oven, a large rice/pancake/noodle steamer, 8 hob wok range, stainless steel food preparation unit, three upright fridges, three chest freezers and a microwave oven. All equipment is of good quality.

The first floor comprises of a spacious flat – this comprises of three bedrooms, kitchen, utility room and bathroom. This is currently occupied by staff and could benefit from some cosmetic upgrading.

STAFF

The business is currently operating with two members of part-time staff in addition to our client working on a full-time basis.

FINANCIAL DETAILS

Tim's Palace has traded solidly since opening. We are advised that the business currently has annual turnover of £234,000.

SUMMARY

This is a well-established high street restaurant that has been serving Chinese cuisine since 1996 and can easily be adapted to offer an alternative menu such as Thai, Vietnamese, Japanese, Nepalese or Indian. There is plenty of scope for growth with the introduction of a website, online ordering system and delivery service. Additional income can be generated form renting the flat above, however it will require refurbishment or can be continued as staff accommodation. This proposition would ideally suit an owner operating team who could push the business forward and build upon the solid and impressive trading foundations. Early viewings are strongly advised. Fixtures:
Fully fitted bar with one draught beer pump

Glass washer and fridge freezer and wine chiller

The service area includes a plate warming cabinet

The kitchen is fully fitted with an air extraction system

Rice cooker

Hot cupboard

9 Hob gas cooker with double oven

a Large rice/pancake/noodle steamer

8 Hob wok range

Stainless steel food preparation unit

3 Upright fridges

3 Chest freezers and a microwave oven
Trading Hours:
Mon - 5.30pm - 11pm
Tue - Sat - 12pm - 2.30pm / 5.30pm - 11pm
Sun - 1pm - 11pm

Tenure: Leasehold

Location Details: Ingatestone

Leasehold Term: Rent: £601 Per Week

Listed by: Blacks Business Brokers Limited

Find out more about this business opportunity.

 
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6317
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