LEASEHOLD RESTAURANT/BAR NEAR FAREHAM

0 Sq Ft
£99,950
  • Ref: HW1534
  • Type: Licensed Premises, Licensed Restaurants / Cafes
  • Availability: For Sale
  • County: Hampshire
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Property Features

  • OPENED NOV 2016 & FITTED TO HIGH STANDARD
  • 15 YEAR LEASE; RENT/SERVICE CHARGE £18,000
  • 60 C0VERS INSIDE; 20+ COVERS OUTSIDE
  • WEEKLY REVENUES OF £8K TO £10K
  • SPLIT: DRY 60% WET 40%

Property Summary

LEASEHOLD RESTAURANT/BAR NEAR FAREHAM
OPENED NOV 2016 & FITTED TO HIGH STANDARD
15 YEAR LEASE; RENT/SERVICE CHARGE £18,000
60 C0VERS INSIDE; 20+ COVERS OUTSIDE
WEEKLY REVENUES OF £8K TO £10K
SPLIT: DRY 60% WET 40%

LOCATION:

The recently-opened brasserie occupies an imposing detached character building in the centre of a village square close to Fareham and the M27 in Hampshire.

BUSINESS:

Having only opened in November 2016 the owner, a trained chef with 20 years' experience, recently suffered an unexpected personal set-back forcing the reluctant sale of his superbly presented, fully-equipped Brasserie and bar. With 60 covers inside and space for a further 20 to 30 covers outside, the brasserie is located in a unique village setting and enjoys a loyal following of local residents and those from neighbouring towns and surrounding villages. In only its 3rd year of operation, the business continues to grow. TripAdvisor reflects its popularity with 237 "Excellent" ratings and 37 "Very Good" out of 290 posted reviews. The menu below gives an indication of the style of cuisine on offer plus various Daily Specials:

BUSINESS PREMISES:
(all sizes are approximate & should be considered 'nominal'.)

The brasserie occupies an imposing detached character building in the centre of the village square. A modern, glazed frontage with double doors opens into the 1,380 sq ft (130 sq m) customer seating area measuring 46 ft deep x 30ft wide (14m x 9.3m). The interior is heated via warm air electric storage heaters with solid oak flooring and illuminated via feature suspended lighting. The fully-equipped 400 sq ft open kitchen measures 23ft x 17ft 6ins (7.5m x 5.3m). There is a beer cellar, Customer WC facilities and a Dry Store to the rear. Stairs lead up to a mezzanine floor currently used for storage of catering equipment and furniture.

EQUIPMENT INCLUDED IN THE SALE

The vendor invested around £70,000 to £80,000 to fit out his kitchen with top of the line equipment still under manufacturers' guarantees including a Rationale Combi Oven; 2 Solid Top Blue Seals Gas Oven & Hob; a time-saving Thermo Mix; Robot Coupe Food Processor; Foster & Williams fridges; 2 x Chest freezers; a Gram Bradley Food Smoker; Hobart Commercial Dishwasher all complemented by Diaz cutlery and Tafelstern crockery. A full inventory of equipment and fixtures and fittings will be included in the sale contract.

Note:
Where items of equipment and appliances are mentioned, no warranty is given or implied as to their operational condition.


PRIVATE ACCOMMODATION:
(all sizes are approximate & should be considered 'nominal'.)

There is no private accommodation included with this opportunity

OUTSIDE:

The detached restaurant property sits at one end of the village square with free on-street parking close by.

TENURE:

This is a leasehold opportunity with a 15 year lease in place which expires in November 2031. The lease is a protected lease within the terms of the Landlord & Tenant Act 1954 and therefore renewal rights apply. The current annual rent and service charges payable total £18,000. There is a 5-year break clause with 5-yearly rent reviews with the next review due in 2021. Please be aware that the landlord will require references to support your application as a tenant and satisfactory bank and trade references will be requested. In addition, the landlord may ask for a rent deposit equal to 3 or 6 months dependent upon quality of references and status of the buyer.

RATES:

The rateable value of the business premises is £__________, with rates of £ payable in 2019/20.

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:

Accounts inspected by Adams & Co for the year ended 31 March 2018 show turnover of £307,403 (£6k per week) with gross profits of £195,602 (64%). Sales shown on the last 4 VAT returns submitted to HMRC to 30 June 2019 total £381,077 (c.£7,000 per week) suggesting gross profits of approximately £243,889 and an impressive increase of 25% over the previous year. The business turnover continues to grow and we are advised by the vendor that sales now regularly exceed £8,000 per week.
Please note that if a business is VAT registered, all figures exclude VAT.

HOURS:

Monday and Tuesday CLOSED
Wednesday and Thursday 17:00 to 22:00
Friday and Saturday 12:00 to 23:00
Food service 12:00 to 14:00
17:00 to 22:00
Sunday 12:00 to 21:00
Food service 12:00 to 19:00

STAFF:

The kitchen is under the leadership of a full-time head chef who joined the vendor from a Michelin-starred restaurant. He is supported by ______full time and ______ part-time staff.

STOCK:

The vendor informs us that the value of the stock varies throughout the year but averages approximately £10,000.

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 took the reluctant decision to sell his Brasserie so he can concentrate his time and energy looking after his two young children following a personal family tragedy. This unfortunate situation does however, create an exciting opportunity for a new owner to build on the solid foundations laid down by the current operator.
Financial information will be made available to seriously interested purchasers after they have formally viewed the business.

LOCAL AUTHORITY:

Winchester City Council Telno: 01962 840222

INTERNET:

Potential buyers wishing to find out more about the surrounding areas are invited to 'search' under 'Fareham', where numerous sites are available for perusal, or specifically go to 'upmystreet.com' and use the post code 'PO17'.

VIEWING

If you wish to discuss this business opportunity in greater detail, or arrange an appointment, please call Nick on (023) 8025 3910

PLEASE DO NOT MAKE CONTACT DIRECTLY WITH THE BUSINESS OR APPROACH THE STAFF REGARDING YOUR INTEREST