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Reference R8377

Mediterranean Restaurant in South London For Sale

Register to see map and to make an appointment Situated in a parade, excellent trading position, near SW LONDON

Turnover 17,500
Price 350,000

Features

Attractive Fully Fitted Licensed Mediterrean Restaurant

Outstanding opportunity to acquire a well fitted Restaurant catering for Greek, Turkish & Italian Food.

SPACIOUS SINGLE FRONTED RESTAURANT with wood effect stone tiled floor, part brickwork to walls, ceiling with inset spotlighting plus hanging lighting over the bar area. 2 air conditioning/heating units. 2 group coffee machine, coffee grinder, ice machine. Tables & chairs plus upholtered bench seating for approximately 60 persons.

Cloakroom with w.c. & wash hand basin

KITCHEN AT REAR with tiled walls, plus stainless steel cladding to walls, 6-burner gas cooker, 3-burner grill, double deep fryer, dishwasher, 2-deck pizza oven, commercial microwave oven, 2 sinks, wash hand basin etc.

Staff cloakroom with w.c. & wash hand basin

Turnover

WE ARE INFORMED the turnover averages 17,500/20,000 p.w. in our opinion offering further potential to increase in the right ands. We are further advised that the sales year ending 31st October, 2016 showed 774,006 with a gross profit of 507,212 (before wages of 171,703.

Staff

At present operated by 1 partner with the assistance of 6 full time plus 1 part time chefs plus 2 kitchen porters. Restaurant area 8 waiters/bar staff.
In our opinion with more active owners, the wage bill could be reduced.

Trading Hours

8 a.m. - 10 p.m. (last orders) seven days per week

Accommodation

The accommodation comprises a SELF CONTAINED FLAT on the first floor, comprising:

2 Bedrooms (1 double, 1 single)
Bathroom with bath, w.c. & wash hand basin
Large Lounge/Kitchen area

We understand the flat is let on a 2 years contract from the 24th February, 2018 & provides a rental income of 1,380 per month.

In addition situated on the first floor are 2 SELF CONTAINED BEDSITTING ROOMS each with shower room, with shower, w.c. & wash hand basin.

We understand the bedsitting rooms were refurbished last year & are currently let on shorthold tenancies providing a rental income of 600 per month each at the present time.

Tenure

The landlord, subject to satisfactory references is prepared to grant a new 20 years full repairing and insuring lease in respect of the Restaurant with flat & 2 bedsitting rooms over at a rental of 65,000 p.a. exclusive of rates for the first 4 years with rent review at that time and thereafter every 4 years. (As will be appreciated with the rental income from the self contained flat & the 2 bedsitting rooms currently of 30,960 the net rental is only 34,040 p.a. exclusive of rates. Alternatively the landlord is prepared to grant, subject to satisfactory references, a new 20 years full repairing and insuring lease in respect of the Restaurant only at a rental of 40,000 p.a. exclusive of rates for the first 4 years, with rent review at that time and thereafter every 4 years.

PERSONALLY INSPECTED AND HIGHLY RECOMMENDED

MUST BE SEEN T BE FULLY APPRECIATED

Price

TO INCLUDE THE NEW LEASE, GOODWILL, FIXTURES & FITTINGS 350,000 plus STOCK AT VALUATION
SUBSTANTIAL LOAN TO AN APPROVED APPLICANT

Finance

Subject to status, you maybe able to borrow up to 175,000 (lease) to purchase this business, with a house or additional security you maybe able to borrow the full amount. Free Quote

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