ITALIAN RESTAURANT SEAFRONT LOCATION WEST SUSSEX

Undisclosed, West Sussex

Status

FOR SALE

Date Submitted:

18/10/21

Advert ID

284601

Reference

6595C / Rightbiz
Leasehold: £275,000
Annual Rent: £35,000
Annual Net Profit: N/A

This outstanding restaurant located in a prime location in a coastal town in West Sussex and overlooks the English Channel. The town has seen exceptional growth and investment in recent years with additional high-end flats being built nearby. The restaurant is very well supported by local residents and visitors to many of towns key attractions such as the theatre. The business has been in the present vendors hands for 22 years and the premises had a full refurb 10 years ago. During this time has achieved an excellent reputation and is highly rated on Trip Advisor, Google Reviews, and Facebook. The vendors have now only decided to sell due to their wish to retire.

 

THE PREMISES:  The restaurant is located on the seafront and occupies a prime location and is clearly visible from the main road and benefits from a high footfall throughout the year. On entering the ground floor of the restaurant there are covers for some 70 persons, with a bar towards the rear of the restaurant. Adjacent to the bar is access to the   impressive fully equipped kitchen which has a wealth of fixtures and fittings. The vendor has also confirmed that all equipment is well maintained and regularly serviced.   A full inventory of the equipment will be made available to any bona fide purchaser. To the rear of the premises is a large walk-in chiller, as well as a dry store which is accessed via the yard.  There is also a disabled toilet available on the ground floor. On the first floor is additional seating for a further 48 covers inside and 18 covers on the balcony terrace which offers panoramic views of the pier and English Channel.   The first floor also has its own bar and is regularly used for private events such a wedding reception, birthday celebrations and corporate functions, to name a few. Towards the rear are the separate ladies and gents’ toilets, as well as staff changing area and alcohol storeroom. On the second floor there is additional storage and also access to the flat. Customers visiting the restaurant can either park in one of the many car parks or alternatively there is also on street parking available.

 

ACCOMMODATION: The premises benefits from a large self-contained flat which is accessed by the rear of the property and is located on the 2nd floor. The flat comprises of 2 bedrooms, kitchen, a large lounge and family bathroom. The flat is currently let for £1,000 per month. PLEASE NOTE: We were unable to carry out an inspection of the flat when visiting the premises.

 

TENURE:  The current lease only has one year remaining, and the landlord has indicated that they would offer a new 15-year full repairing and insuring lease, at a commencing rental of circa £35,000 per annum, with 5 yearly rent reviews. However, the exact lease terms will need to be negotiated with the landlord.  

 

BUSINESS RATES:  We have been verbally informed that the rateable Value is £12,000 and the current Rates Payable amount to £7,900 per annum. Prospective occupiers should make their own enquiries to verify same.

 

TURNOVER: The vendor is actively involved in the management of the restaurant, with the assistance of 3 front of house managers, along with 4 full time and 3 part time waiters. The kitchen staff consists of one full time chef, one sous chef and 3 chef de partie, along with 2 part time kitchen porters.  We are informed that the average weekly turnover is £20,000 per week. The current opening hours are Monday – Saturday 12pm – 12am. PLEASE NOTE: The vendors also close the restaurant every Sunday and all annual bank holidays, which equates to 60 days per annum. The vendor has previously held a number of events including comedy and opera nights which were incredibly successful, therefore this could be an ideal way of increasing the turnover further, by reintroducing these and similar nights.

 

GENERAL REMARKS:  This business was personally inspected by the vendors sole selling agents who consider this to represent an outstanding opportunity to acquire an outstanding business in the heart of the town centre. Obvious potential of this business will immediately be seen at the time of inspection. Secure lease. Proven turnover and profitability. Excellent reputation.

 

PRICE:   We are instructed to sell the goodwill, lease and trade fixtures and fittings for £275,000 SAV

 

LEGAL FEES:  Each party to be responsible for their own legal costs.

 

VIEWING: On no account should any approach be made to the Manager or the staff without a prior appointment through the vendor’s agents, Watkins Commercial, Telephone: 01273 709090. 

 

ENERGY PERFORMANCE CERTIFICATE: Our client is away an EPC is required for the property and we are awaiting the report

 

DISCLAIMER: Neither the Vendor nor the Agent gives or implies any warranty that the premises are fit for any particular use or that they comply with any relevant regulation or statutory requirement.

 

The agents have not tested any apparatus, equipment, fittings or services so cannot verify that they are in working order.  The buyer is advised to obtain verification from their solicitor or surveyor before proceeding with the purchase.

 

VAT:     All prices and rents are quoted exclusive of VAT.  Any intending purchasers or lessees must satisfy themselves independently as to the incidence of VAT in respect of any transaction.

 

MORTGAGE  & FINANCIAL PLANNING:  We shall be pleased to assist any purchaser in arranging finance to acquire this business or any other business you may be considering subject to status. 

 

Prop. Ref:         6595C

 

These particulars are believed to be correct but their accuracy is not guaranteed and

they do not form any part of any contract

 

APPLICANTS CONFIDENTIALITY AGREEMENT

I understand and agree that any information regarding any business supplied to by Watkins Commercial will be kept strictly confidential.  I also undertake that I will:

 

i)                View businesses registered with Watkins Commercial by appointment only.

ii)               Not contact any owner, staff, suppliers, competitors or customers of any business registered with Watkins Commercial

 

iii)              Not pass on any information supplied by Watkins Commercial to any third party other than a professional advisor et. Bank, solicitor, surveyor accountant, etc.

iv)              Submit any offers direct to Watkins Commercial with whom I will conduct all negotiations

v)               Be liable for any commission which would have been due to Watkins Commercial should I be party to negotiations or actions which seek to preclude, or are contrary to the interest of Watkins Commercial.

Key Features
  • Accounts Available
  • Fully Fitted
  • High Turnover
  • Unique Business
  • Established Business
  • Prime Location
Contact Agent
Advert Reference:
6595C / Rightbiz
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