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Licensed Thai Restaurant

0 Sq Ft
£49,950
  • Ref: HW1530
  • Type: Cafes / Tea Rooms, Licensed Restaurants / Cafes, TAKEAWAY FOOD
  • Availability: For Sale
  • County: Hampshire
  • Make Enquiry

Property Features

  • Mid-Hampshire Town Centre
  • Same Hands & Location 30 Years
  • Excellent Reviews On Trip Advisor
  • 20 Year Lease Expires 2028
  • Facebook Promotions
  • Weekly Takings Of £4,500 Excl. Vat

Property Summary

Licensed Thai Restaurant
Mid-Hampshire Town Centre
Same Hands & Location 30 Years
Excellent Reviews On Trip Advisor
20 Year Lease Expires 2028
Facebook Promotions
Weekly Takings Of £4,500 Excl. Vat

LOCATION:

This authentic Thai restaurant is in the centre of what is regarded by many as Hampshire's friendliest market town in the East Hampshire District. Alton is a delightful and welcoming place and the ideal base for exploring its surrounding historic villages being just 18 miles north east of Winchester on the A31 to Farnham which is only 8 miles away. It is also a popular commuter town with a mainline service to Waterloo. The surrounding area is renowned for its tranquil and unspoilt beauty. One attraction is the 17th century house where Jane Austen lived from 1809-1817 and wrote or revised her 6 great novels. Also nearby is home of the 18thC naturalist, Gilbert White, author of 'The Natural History of Selborne'. The Allen Gallery in the town houses one of Southern England's most outstanding ceramics collections and also attracts many visitors. A thriving country market town, with a fascinating history, Alton was built around a wealthy Saxon settlement and had the most valuable recorded market in the Doomsday Book. Saxon discoveries, including the famous Alton Buckle, are among the artefacts displayed in the Curtis Museum. The 11th-Century St Lawrence Church was the scene of the civil war 'Battle of Alton' and still bears the scars. At one time the town was notorious for the brutal murder of 'Sweet Fanny Adams'. Today a delightful mix of historic buildings jostle with modern shops and arcades. Tuesday is market day, and the town hosts many markets and fairs throughout the year. With a variety of places to stay, Alton is perfect for short breaks, a centre for exploring the literary and cultural heritage of this part of Hampshire. Surrounded by breathtakingly beautiful countryside, long distance footpaths and other rights of way offer many opportunities for walking and cycling. The population of the East Hampshire District area is 109,000.

BUSINESS:
A family-owned, fully-licensed, A3 restaurant offering an authentic Thai menu. With 60 covers, this popular restaurant benefits from easy access for lunch and dinner as it is adjacent to a large, open-air pay-and-display car park in the centre of this mid-Hampshire market town. It has been trading from the same location and in the same hands for more than 30 years. The restaurant has a loyal following and enjoys excellent reviews on trip advisor and Facebook. There is a 20 year lease in place which expires in 2028. The owner is now looking to retire and return to Thailand. Her Thai staff would be happy to stay on after the sale if required by the new owner.

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

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

The sizes shown in the table below have been taken from
the current rates assessment for the property by reference to the VOA website.

Floor Description Area m Area ft
Ground Restaurant 74 800
Ground Kitchen 15 160
Ground Internal Storage 9 100
Ground Restaurant/Bar 22 240
Total 120.75 1,300

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

"I have been a regular visitor to this restaurant for over 10 years. Great authentic Thai food, priced well, and always friendly and prompt service. Alton needs more places like this." Trip Advisor Review

OUTSIDE:
The restaurant is accessed via a courtyard in the building shown below. The photograph has been taken from the large, town-centre pay and display car park

TENURE:
This is a leasehold opportunity with a 20-year lease in place which expires in 2028. The lease is a protected lease within the terms of the Landlord & Tenant Act 1954 and therefore renewal rights apply. The current rent is £24,000 per year with quarterly service charges payable of £620.87. There are 5-yearly rent reviews with the next review due in 2023.
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 £17,000 with rates and water charges of approx. £8,000 payable in 2018/19.
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:
The last 4 VAT returns submitted to HMRC up to 31 December 2018 show recorded takings of £227,171. Accounts inspected by Adams & Co for the year ended 31 August 2017 show turnover of £225,470 with gross profits of £142,925 (63%). This compares favourably to the previous year with turnover of £218,918 and gross profits of £134,092 (61%).
Please note that if a business is VAT registered, all figures exclude VAT.

HOURS:
Serving lunch and dinner Monday to Saturday the restaurant is open at the following times:

Mon-Sat 12:00 to 14:00 18:00 to 23:00
Sunday Closed

STAFF:
The vendor manages Front of House full time and is supported by a full time chef and his wife who does the prep. There is one other full time sous chef and a full time waitress.

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 has run this restaurant successfully for the past 31 years and is now looking to retire. This has created an exciting opportunity for a new operator to build on the solid foundations laid down by the vendor.
Financial information will be made available to seriously interested purchasers after they have formally viewed the business.