LICENSED RESTAURANT IN HOVE LOW OVERHEADS

This is a fantastic opportunity to acquire a superb restaurant with an outstanding reputation. The restaurant comes to the market in very good condition and is located a few minutes’ walk from Hove’s seafront and is surrounded by residential properties, which is an up and coming area.  The restaurant is located on a buoyant parade of shops called Victoria Terrace, which is located on the Kingsway, the main seafront road traversing Brighton and Hove, which ensures a high footfall throughout the year. With a new bakery nearby and the opening of a new pub and the redevelopment of the seafront and the Alpha Leisure Centre. There are also several residential developments and plans for a new luxury hotel directly opposite the restaurant taking place. The restaurant is also only a short walk away from Church Road and the popular shopping area of George Street but has the benefit of much lower overheads compared to properties in that area. The restaurant has been in the current vendor’s hands for 10 years and during this time has created excellent goodwill, with a 4.6* rating on Google Reviews, 4.7* on Facebook and 4.6* on Trip Advisor. At present the vendor offers an Italian sharing concept menu on Friday and Saturday evenings, with a range of sandwiches and light bites available during the week. There is substantial area for growth by extending the opening times.

THE PREMISES: The restaurant and deli comes to the market in good condition with regular maintenance and decorating taking place. The ground floor provides covers for 24 inside with an additional 10 covers available outside should a new owner wish to capitalise on the pavement licence which is available. The council have also announced plans to extend the payment outside of the restaurant which would allow for a total of 20 covers outside. At the front of the premise is the serve over counter and refrigerated deli counter. There is also a small preparation and cooking area towards the rear of the premise which includes full extraction, and there is a larger kitchen area in the basement which is fitted with extraction and includes a double pizza oven and has a separate washing up area. There would certainly be an opportunity for the new owners to increase the seating on the ground floor, by fully utilising the kitchen downstairs. There is a separate store room downstairs along with an office and the customer toilet.

TURNOVER: The business is currently run by the vendor with the assistance of 5 part time front of house staff and 1 full time chef. The business trades between the hours 9am-2pm Monday Saturday and 6pm-10 on Friday and Saturday. The current average weekly turnover in the restaurant is £3,500 per week. During the day the vendor offers a takeaway option for sandwiches etc.

ALCOHOL LICENCE: - Alcohol consumed on the premises between the hours of 12.00-12.00 mid-night

Friday-Saturday 12:00 - 23:30 Sunday-Thursday.

TENURE:  The premises are held on a full repairing and insuring lease, which has approximately 7 years unexpired at a current rent of £14,000 per annum.  Rent reviews to take place every 3 years.

RATES: The rateable value is £8,200 per annum and the current rates payable are £800 with the small business rate relief scheme. Prospective occupiers should make their own enquiries to verify same.

GENERAL REMARKS: This business was personally inspected by the vendor’s sole agents who can thoroughly recommend this as being an extremely well-presented business. Ideal location in central Hove. With the developments in the area giving a strong future. Secure lease with a low rent. Excellent reputation. Alcohol licence. Daytime and evening trade. Proximity to Hove’s seafront. Both eat in and delivery revenue streams.

PRICE: We are instructed to quote for the lease, goodwill, premises licence, fixture, and fittings

Price £35,000 SAV

PLEASE NOTE – The name is not included in the sale

LEGAL FEES:  Each party to be responsible for their own legal cost.  The purchaser to pay the landlord’s reasonable legal costs.

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

ENERGY PERFORMANCE CERTIFICATE:  Our client is in the process of commissioning an EPC.

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:        6951C

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.