Pizza Restaurant and Coffee Shop in Mile End For Sale

Situated in a Parade, excellent trading position, residential and commercial area, NEXT TO UNDERGROUND STATION, MILE END, LONDON, E1.

Turnover £ 3,750
Price £199,000

Features

Pizza & Coffee Shop with Accommodation

6 DAYS OPENING
AUTHENTIC PIZZA OVEN (not used)
4 STAR HYGIENE RATING

EXCEPTIONAL SINGLE FRONTED AIR CONDITIONED PREMISES, in the region of 800 ft², Tiled flooring, plasterboard ceiling with track lights, feature wall lights and pendants, cctv (11 CAMERAS.).

Tables and chairs seating 25 people.

Sales Counter - 'Square' card payment facilities, display chiller, 2 group coffee machine, grinder, knock out drawer, wash hand basin, glass washer,

Stairs to BASEMENT in the region of 500 ft².

Preparation area, double sink with drainer, diswasher, induction hob. Dual fuel (wood and gas) pizza oven with extraction system, turbo fan, etc.

Cloakroom with toilet and sink.

Turnover

WE ARE INFORMED by the owner the turnover currently averages £3,500 p.w. - £4,000 p.w. with a Gross profit of 65% approx.

Historically the premises has traded as a pizzeria ( specialising in pizza and fresh pasta) which could easily be reintroduced, sales achieved were £7,000 p.w - £8,000 p.w. including delivery.

Staff

The business is at present operated by the vendor with the assistance of 1 part time staff.

Trading Hours

6 Day week
MONDAY - SATURDAY 8 a.m. - 5 p.m.
CLOSED SUNDAY

There is huge potential and local demand for longer hours.

Accommodation

THE SELF CONTAINED ACCOMMODATION entrance via door to the rear of the shop to Flat above comprising;

Fitted kitchen / diner.

3 Bedrooms each with ensuite shower room (Shower, toilet and wash hand basin)

We are advised two of the rooms are each let at a rental income of £1,100 pm

Outside

First floor terrace.

Tenure

WE HAVE BEEN INFORMED BY THE VENDOR that the premises are held on a lease (private landlord) granted for 15 years in 2017 with reviews every 5 years (next review 2027) at a current rent of £48,000 p.a. We are advised the Landlord will want a 6 month rent deposit.

We are advised, to an approved applicant, the Landlord will consider granting a new lease at terms to be agreed.

NIL Business Rates after full relief (Please contact local authority to confirm)

THE BUSINESS HAS BEEN IN THE SAME HANDS SINCE 2019 AND OFFERED FOR SALE DUE TO THE VENDOR'S OVERSEAS BUSINESS INTERESTS.

Price

TO INCLUDE THE, GOODWILL, FIXTURES & FITTINGS £199,000 plus STOCK AT VALUATION
SUBSTANTIAL LOAN TO AN APPROVED APPLICANT.

Finance

Subject to status, you maybe able to borrow up to £ 99,500 (lease) to purchase this business, with a house or additional security you maybe able to borrow the full amount. Free Quote