SOLD OR WITHDRAWN FROM THE MARKET
Advert pending deletion

Well Appointed, Tapas, Wine Bar, Restaurant, Cocktail Bar Business, Late Licensed, Sherborne, Dorset

Sherborne, Dorset

Status

SOLD / WITHDRAWN

Date Submitted:

07/02/20

Advert ID

255839

Reference

BP.0070846 / Rightbiz
Leasehold: £150,000
Annual Turnover: £250,000
Annual Net Profit: Available upon request

Baker Payne are extremely pleased to offer For Sale the lease assignment of what is somewhat a jewel in Sherborne's crown. Situated in a prime position, everything about this leasehold premises excudes location, location, location. 

Currently A3 use, trading as a Tapas, Wine/Cocktail Bar & Restaurant, the business has reinvented itself successfully many times over the years, yet always maintained a consistent minimum turnover circa £4000 pw. The venue is locally renowned, yet benefits a solid tourist and passing trade also.

Always with a view to age retirement, the business was first offered to the market just prior to the Covid shut down in March 2020 and recently relisted following a substantial refurbishment/re-brand/re-launch

The property was first fitted out by our clients as a Thai Restaurant in 2018 and quickly built up a solid trade until Covid19 struck. The subsequent closure time was then used to refurbish, reinvent, invest and expand on the existing offering, resulting in this extremely well appointed, new fit out and concept, with quality fixtures, fittings, decor, and ambience throughout. Fixtures, Fittings, and Operational kit are currently valued at around £70,000 and are included in the sale. 

On reopening, and aside any pent up demand during the summer of 2020 and the 'eat out to help out' promotion, the business easily continues to grow, and is a popular destination venue with the added benefit of a late licence till 3AM. (fairly rare in its locale)

This lock up premises are no exception to the town's character rule, with a period stone facade, exposed internal timbers, period features, and much Tudor style character meets a modern, clean and contemporary decor. It was reputedly the former offices of Sir Walter Raleigh, giving it a real sense of history.

EPC Rated C | Total useful floor space of premises circa 1851 SQFT. 

Sherborne is a very affluent and popular location in the heart of North West Dorset sited on the River Yeo, and has a bustling market town centre with a population of circa 10,000 people. 6 Miles east of Yeovil, Somerset, with great links via the A30, Sherborne is full of history and lovely period buildings dating back to the 12th century. It is a regular tourist hot spot, yet retains its busy local repeat trade and insular economy out of season. 

The premises is sited amongst other businesses and many complimentary operators, with the town itself being surrounded by densely populated residential areas and the stunning Dorset countryside further beyond. 

Held on a 10 Year L&T protected/renewable lease with a private landlord/charity, subject to a rent currently £12,000 pa (2020) 8 yr term remaining from 2018. Renewable on its expiry. 

The business continues to grow rapidly, with weekly takings around £4000 to £5000 pw. Gross profit margins are an excellent 72% dry 69% wet. Hours are currently governed by further national lockdown criteria, with the business making full use of takwaway options at this time. Vendor finance options are available on the purchase price at favourable 50% LTV terms for the right applicant/s

This business and or premises was originally viewed and valued by Richard Payne (m) 07864 054440 who will be pleased to discuss the opportunity in further detail and arrange viewing access. 

Key Features
  • Attractive Business
  • Close to Local Amenities
  • Owner Financed
  • Established Business
  • Free of Tie Leasehold
  • Prime Location
  • Town Centre location
  • Fully Fitted
Contact Agent
Agent Name:
Advert Reference:
BP.0070846 / Rightbiz
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SOLD OR WITHDRAWN FROM THE MARKET
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