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Extremely Large Restaurant Bar Opportunity

City of London, London
Leasehold Price:
£275,000
Find more details, or book a viewing:
Status
FOR SALE
Advert ID
247525
Reference
B05468 / Rightbiz

Details

Business
Hilton Smythe are very excited to present a very large Restaurant / Retail opportunity with over 500m2 of available internal space including 2 x external areas ideal for outside dining terraces or additional retail space.

There is a highly desirable 25-year renewable Council lease with Lewisham council in place covering the 2 floors with an annual rent of just £18,000 being paid! This factor alone, we believe will generate considerable interest very quickly indeed.

The restaurant is currently run by our clients as ‘Mez Mangal Turkish Cuisine’, who have spent over £250,000 transforming the dated space into a renowned Turkish Restaurant recently reviewed by Timeout as 1 of the best Turkish restaurants in the area!

They opened the doors in 2018 and due to a change in family circumstances are reluctantly now placing the Restaurant onto the open market.

Mez Mangal offers diners an award winning choice of traditional hot & cold Turkish starters, an unrivalled choice of charcoal cooked kebabs using chicken or lamb, steaks, wings and vegetarian alternatives, oven dishes (prepare in the clay pizza oven), fish dishes all available  with an excellent selection of sides, cold drinks, wines, beers, traditional Turkish spirits and coffees.

 Any new owner could continue with the current menu they have developed which regularly achieves a healthy turnover of around £14,000 per week or look to change the menu focus of the restaurant to suit their own.

We believe there are many unique premises factors which will appeal to both restaurant operator, bar & club companies as well any major supermarket chain looking for an expansive new unit -

Highly visible unit covering 2 address numbers on a very busy roadside location

Unique corner plot with lots of unused space to both the ground and lower ground levels

Unusually large unused lower ground floor space which comes with independent access to the rear (ideal for large scale daily deliveries), includes several storerooms and an unused sweeping staircase linking to the ground floor level

Highly desirable Council lease with a low rent of just £18,000 per year

Very low Business rates for the tremendous space available of just £9,000 per year

Prominent dining terrace to the front aspect

A premises licence in place to serve alcohol until 2am at the weekends and 11pm during the week.

A current menu type scheduled to achieve a year-end turnover of approx. £700,000

Our clients concentrate on sit down customer trade only and there is very high demand for Restaurant deliveries within this area, any new owner could instantly add a further 40% to turnover levels by introducing either Just Eat, Deliveroo or Uber.

The business comes with excellent reviews including 5/5 from Facebook users, 4.5/5 Stars from TripAdvisor and Open Table.



Location
Mez Mangal Turkish Cuisine Restaurant occupies a highly desirable coned trading position along New Cross Road / Pagnell St in New Cross, London.

The size and position of this Restaurant makes is 1 of the largest in South East London and we therefore expect a high level of interest from both independent Restaurant / Bar operators as well as several large branded restaurants or even supermarket chains looking to find a large premise arranged over 2 levels.

The restaurant is surrounded by an extremely large and expanding residential community including over 10,000 students.

Goldsmiths University of London, Haberdashers Aske's Hatcham College and Addey and Stanhope School are all less than 5 mins walk away and there are several inspiring new residential developments attracting key professionals working in the City.

New Cross is an area located in South East, 4.5 miles south east of Charing Cross in the borough of Lewisham, undergoing considerable development.

The area is accessed just off the A2 link road in central London and the Restaurant benefits from being situated central to the 2 local mainline stations, New Cross Gate and Deptford Bridge which is only 1 stop from London Bridge.

The restaurant also benefits from a busy bus located to the front aspect as well as both metered and free parking spaces in the adjacent streets.



Premises
Over 500 m2 available over 2 floors upto 300 covers in total, the layout includes -

  • Outside covered - solid wood bench seating for up to 50 covers
  • External corner space - unused area with both ground and lower ground levels available
  • Ground floor restaurant (accessed by central double doors) - double width dining space decorated in traditional Turkish design with solid wood furniture and natural earthy colours throughout.
  • Open plan kitchen - includes a full length charcoal grill with large glass viewing window, glass fronted chiller, 2 x triple fronted stainless steel prep fridges, double fryer, gas oven and griddle, full length extraction unit, 4 x pan Bain Marie, microwave, store cupboards and shelving, Clay pizza oven.
  • Bar servery - solid wood bar with rear spirit shelving, glass fronted chillers, 2 x arm semi-automated coffee machine with grinder, ice machine, under counter storage
  • Dishwashing area - located behind the bar and includes large pass through dishwashing unit, plate and glass storage.
  • Lower ground floor (accessed by a front staircase as well as rear external access, there is also a large sweeping staircase located to the right of the dining area currently blocked in)
  • Preparation Room - recently refitted at a cost of £15,000 and includes a walk-in chiller, stainless steel classed walls, extraction unit, double prep sinks and storage units.
  • Large unused space - (equivalent in size to the upstairs space) which includes a large open plan room, ideal for additional dining space, a new function room, nightclub or separate bar area, supermarket delivery area. There are several smaller rooms of this space for additional storage or new toilet facilities
  • Rear external space - limited space to the rear with some unused outbuildings as well as fully enclosed terrace area to the right (ideal for customer smoking area or additional dining space).


Tenure
We are advised the business is being sold as a Leasehold with 5 years remaining on a 25-year council lease paying just £18,000 per year. Current business rates payable of £9,000 per year.



Hours
MONDAY - 5pm to 12am

TUESDAY - THURSDAY - 12pm to 12am

FRIDAY & SATURDAY - 12pm to 2am

SUNDAY - 12pm to 12am



Staff
The business is currently run by our clients with the help of 9 staff, 6 of which are waiting staff and 3 working in the kitchen / dishwashing areas.



Financial Profile
The business generates a weekly average of £14,000 with the current turnover scheduled to reach £700,000.



Seller Details
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Listing Details
Leasehold Price: £275,000
Tenure: Leasehold
Sector: Restaurants, Take Aways Businesses
Financials
Annual Turnover: £700,000
Location Statistics
What's nearbyi:
City of London Police (approx. 0 mile)
Frost Burgers (approx. 0 mile)
Wrap It Up! (approx. 0 mile)
Steptoe & Johnson (approx. 0 mile)
ABN AMRO Clearing Bank UK Branche (approx. 0 mile)
Scarlet Apt (approx. 0.2 mile)
Boots (approx. 0.2 mile)
St. Botolph's Orthodox Church (approx. 0.5 mile)
Jamie's Bar (approx. 0.5 mile)
giligun (approx. 0.5 mile)
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