PRICE REDUCED – Busy Daytime Diner In Basingstoke

0 Sq Ft
£59,950
  • Ref: HW1529
  • Type: Cafes / Tea Rooms, TAKEAWAY FOOD
  • Availability: For Sale
  • County: Hampshire
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Property Features

  • Prime Trading Position; High Footfall
  • At Entrance To Popular Shopping Mall
  • Same Location For More Than 20 Years
  • Recorded Takings Of c.£7,000 Per Week
  • Gross Profits £4,500 Per Week (65%)
  • Lower floor available for outside business catering

Property Summary

PRICE REDUCED
Busy Daytime Diner In Basingstoke
Prime Trading Position; High Footfall
At Entrance To Popular Shopping Mall
Same Location For More Than 20 Years
Recorded Takings Of C.£7,000 Per Week
Gross Profits £4,500 Per Week (65%)

LOCATION:

The café stands by the entrance to Festival Place, a 1.1m sq ft shopping mall situated in the centre of Basingstoke, just off the M3. The mall includes a multi-storey car park providing covered pedestrian access to the shops. Housing over 140 big brand stores including Marks & Spencer, Apple, H&M, Debenhams, Next, Zara and Jack Wills, there are over 20 restaurants including Côte Brasserie, Ask Italian, Pizza Express, Wagamama, Pret, Gourmet Burger Kitchen, Las Iguanas and Nando's. There is also a 10-screen Vue multiplex cinema. The town boasts a growing, affluent professional population with an above-average family income of £32,000. There is a fast, mainline train service into London Waterloo. It is located 30 miles (48 km) northeast of Southampton, 48 miles (77 km) southwest of London, and 19 miles (31 km) northeast of the county town and former capital Winchester. It is part of the borough of Basingstoke and Deane and part of the parliamentary constituency of Basingstoke. Basingstoke is an old market town expanded in the mid-1960s as a result of an agreement between London County Council and Hampshire County Council. It was developed rapidly after World War II, along with various other towns in the United Kingdom, in order to accommodate part of the London 'overspill' as perceived under the Greater London Plan in 1944. Basingstoke market was mentioned in the Domesday Book of 1086 and remained a small market town until the early 1960s. At the start of World War II the population was little more than 13,000. It still has a regular market, but is now larger than Hampshire County Council's definition of a market town. According to the 2016 population estimate the town had a population of 113,776.

BUSINESS:

Established over 30 years ago, this popular, well-presented, family run diner has been providing a table service menu 7 days a week since 1982 when it first opened its doors. With its lively environment, well-trained staff and offering good value, no frills meals, it has built up a significant clientele who return time and again for breakfast, lunch or an early dinner. A take-away service is also offered with scope to add outside business catering.

A recent visitor posted this typical review on TripAdvisor:

"Extensive menu; friendly, welcoming & knowledgeable staff; all food cooked to order. Breakfast, lunch and dinner all catered for. Visiting today, there was a wide mix of people. Family groups, parents with young children, older couples, individuals, teenagers all comfortable. Clean and tidy with open view to kitchen and chef. Cash only payment, but cash point readily available opposite."

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

Divided over two floors, the 850 sq ft air-conditioned café on the ground floor offers 82 covers. There is also a spacious 620 sq ft basement currently used as a dry store, refrigeration area and staff rest room. However, the basement is suitable for food preparation if an outside business buffet or sandwich delivery service was offered.

Floor Description Area
Sq ft Sq m
Ground Retail Zone A 345 32.02
Ground Retail Zone B 335 31.16
Ground Retail Zone C 170 15.78
Ground Kitchen 230 21.4
Basement Internal Storage 537 49.92
Basement Internal Storage 83 7.74
Basement Public Toilets 32 3.04
Basement Public Toilets 48 4.53
Totals 1,812 165.59

"This café has been in town for years...and has served, without doubt, the best breakfasts in town for years! Old school quality food, freshly cooked and served with a smile. I've met friends for breakfast here over a number of years and it's always been excellent. 10/10 for breakfast." Trip Advisor Review

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

TRADE:
Accounts inspected by Adams & Co for the past 3 years show stable turnover and profits. Turnover for the year ended 31 March 2018 was £346,026 with gross profits of £229,210 (66%). This compares favourably with turnover of £336,333 and gross profits of £221,471 the year before.
Please note that if a business is VAT registered, all figures exclude VAT.


TENURE:

This is a leasehold opportunity with a 10 year lease in place which expires 28 September 2023. The current rent payable is £33,500 per year. There are 5-yearly rent reviews with the next review due in 2023. Service charges of £7,003 were payable in 2017/18.
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.

BUSINESS RATES:

The rateable value of the business premises is £20,750. Accounts inspected by Adams & Co for the year ended 31 March 2018 show £12,580 paid for rates and water.
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 main electricity and drainage services are connected to the property.

"This café has been in town for years...and has served, without doubt, the best breakfasts in town for years! Old school quality food, freshly cooked and served with a smile. I've met friends for breakfast here over a number of years and it's always been excellent. 10/10 for breakfast." Trip Advisor Review

HOURS:
Monday to Friday 08:00 to 18:00
Saturday 08:00 to 17:30
Sunday 09:00 to 16:00

STAFF:
Unlike many daytime cafes and diners this business offers a full table waiting service which is popular with diners. There are 12 employees; 7 working full-time for 30 hours or more per week with 5 working part-time between 6 and 18 hours per week. 7 of the employees are waiting staff with 2 waiters/general assistants. There are 3 chefs - one Chef/Manager and 2 chefs/kitchen assistants. 3 members of staff have been employed full-time for 4 years or longer.

STOCK:
The vendor informs us that the value of the stock is approximately £2,000.

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, who has operated this business since 1982 now seeks a change of pace creating an exciting opportunity for a new hands-on 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.