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Investment Opportunity

Basildon, Essex
Leasehold Price:
£60,000
Status
FOR SALE
Advert ID
242714
Reference
B05213 / Rightbiz
Business
Hilton Smythe welcomes to the market this substantial sized investment opportunity located in the heart of Basildon. The property was formerally trading as Jessie Lou's, a contemporary rustic restaurant

The property is in the centre of the town, making it an ideal investment opportunity. The surrounding area is currently under major regeneration, with new businesses creating more interests.

The function room is a definite area of potential that could easily be adapted to suit any business.

There are many reasons to invest in this opportunity including:

  • Central town location
  • A major regeneration area with cinema due to be complete at the end of 2020
  • Fully refurbished premises


Location
This superb leasehold investment is located on East Walk, Basildon, Essex, which is a town that is undergoing a program of regeneration, which includes the new cinema complex which is being built close by.

Basildon has a population of 127,123 and is a growing town that is undergoing a regeneration program in the town centre where the property is positioned. The Basildon town centre master plan was approved in December 2012 and ensures that strong plans are in place to guide future development and ensure the viability of the town centre is secured now and in the future.

A vibrant and popular town centre that people want to use, visit and live in is vital to support the needs of local residents and businesses. The approved masterplan shows how a new 8-12 screen state of the art cinema could be the centrepiece of a remodelled East Square, a development that will become a new focus for the town, attracting new shops, family restaurants and coffee shops and providing Basildon with an evening economy.

Our client opened their business at the start of 2018, however, due to family commitments our client has not been able to run the business and has closed the business and is selling the assets and the lease.



Premises
To the front there is a seating area over which there is a canopy, this area can be used under licence at £70 per calendar month for seating. The entrance door leads directly into what was dining area with fixed seating in booths for 54 guests. The floor is wood throughout and the walls are also decorated in wood with mirrors and there is industrial style lighting throughout.

The bar area has 2 beer taps, coffee machine and grinder, under counter fridges, glass washer, sink, till. To the side of the bar area is a storage area for cutlery etc. There is a serving hatch from the kitchen in this area also.

To the rear of the dining room is a door that leads to the rear hallway, from here is the ground floor disabled toilet with baby changing facilities, stairs to the first floor area, door to the kitchen, door to the rear service area, where there are parking spaces available at £70 per month via Britannia Parking.

The 5* hygiene rated stainless steel industrial kitchen has:

  • Industrial extractor fan
  • 2 x Lincat gridles,
  • 1 x Lincat grill
  • 2 x Lincat double fryers
  • Lincat 6 ring hob
  • Dishwasher
  • Sink
  • Preparation tables
  • 2 x Buffalo grills
  • Under counter fridges
  • 2 x Buffalo microwaves.
First floor landing has access to the unisex toilets a door to preparation room and a door to the function room.

Preparation room has ice machine, beer kegs, syrups for shakes etc, potato rumbler.

The function room has enough room to seat a further 20 or so guests across different tables including some booths. Off the function room are two preparation and storerooms. In one of the rooms is a double upright freezer and double upright fridge.



Tenure
We are advised the business is being sold as a leasehold investment opportunity with a 10 year lease from January 2017 and an annual rent of £25,000+VAT

Our clients inform us that they pay business rates at £9,333 per annum



Hours
The premises was licenced until 11.30 each evening and the business opening hours were:
Monday - Saturday: 11.30am – 11.30pm
Sunday: 11.30am – 8.30pm




Staff
The business is no longer trading, our client is just selling the lease and the assets.



Financial Profile
When the business was trading as Jessie Lou’s they generated an advised turnover of £173,781 in the calendar year of 2018 and £50,164 in the first quarter of 2019.

The assets being sold with the business are worth in the region of £30,000.



Listing Details
Leasehold Price: £60,000
Tenure: Leasehold
Location: Basildon, Essex
Sector: Restaurants, Cafes
Financials
Annual Turnover: £200,000
Contact Agent
Telephone: Upgrade to view
Agent Name: Upgrade to view
Advert Reference: B05213 / Rightbiz
What's nearby
Within 1 milei:
C.E.Curity Locksmiths (Locksmith)
ESSEX CRATE HIRE (Moving Company)
The Picture Booth (Food)
Blissful Shine (Point Of Interest)
Anchor - Knights Court (Real Estate Agency)
Basildon Electrics (Electrician)
Martin S (Doctor)
Pest Control Basildon (Home Goods Store)
Grimston Road (Bus Station)
Grimston Road (Transit Station)
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