Business for sale

Business description

A well established town centre restaurant in amongst the newly developed arts, collage and leisure facilities.

A classic restaurant with a long and successful history situated at the heart of a thriving town. In excellent order with potential to develop the business further.

*Sales £144,000 Inc V.A.T. with high G.P. and low overheads.

*Main restaurant (40) with bar reception area and first floor restaurant (20)

*Ample car parking immediately adjacent to the restaurant.

*Extensive storage areas and staff rooms.

*An excellent well established, thriving business with high numbers of residents within walking distance.

*17 years of 20 year lease still remaining at competitive rent.

LOCATION (TS24)
Situated at the head of Church Street with the new Hartlepool college adjacent and the new arts centre this restaurant is ideally located to benefit from the busy foot fall through the area.

The new marina is within a short walk together with the hundreds of premium apartments and other housing developments existing and being developed all around the centre of Hartlepool.

The whole area has to be seen to be believed and must surely be one of the most exciting development areas next to Newcastle and Gateshead in the North East.

The prosperity now being developed in this area can clearly be seen in the quality and quantity of the developments, new and modern industrial estates are being developed just outside the town and many are highly specialist businesses not just retail.

This requires high levels of skills and management all going to act as a magnet for more affluent people to move into the area.

PROPERTY DESCRIPTION
The property is part of a terrace of purpose built retail units from around the 1930’s and are of brick construction under a tile roof. They benefit from large glass frontages with recessed doors lending a perception of quality to the building.

All are in good repair with busy retail and other leisure operations as tenants. The ground floor comprises of the main restaurant area (40) with a bar and reception, original stained wooden flooring and large feature light fitting. To the rear are the kitchens fully equipped with full extraction and laded walls.

In the basement there are two store rooms of a good size, a walk in cold room and a large beer cellar with modern cellar cooling. On the first floor landing are the ladies and gentlemans toilets and the first floor restaurant (20) with a lovely bay window and high ceilings lending a feeling a size to the room, which is extremely pleasant indeed.

On the second floor are three further rooms currently used for changing, office and storage, these would lend themselves to be converted into good owners accommodation.

OWNERS ACCOMMODATION
There is currently no owner’s accommodation.

EXTERNALS
The property fronts onto a semi pedestrian area and it may be possible to gain permission to have a number of tables and chairs in the immediate area. To the rear of the property is a delivery area serving all the retail units.

PREMISES LICENSES
The restaurant currently opens Monday evening 5-9pm Tuesday, Wednesday, Thursday, Friday lunch 11.30am until 2pm and evening 5pm until 9pm. Saturday 5pm until 9pm we understand that the permitted hours are 11am until 12 midnight. A personal licence will be required and are training associates will be only too pleased to assist with this.

TENURE
We are instructed to offer the business for sale by way of lease assignment of a 20 year free of tie lease with 17 years to run from 2005, fully renewable at no further premium with full Landlord & Tenant Act Protection at a business rent of £20,000 per annum.

SERVICES
The premises benefit from all mains services.

THE BUSINESS
Currently trading at £144,000 inc V.A.T. with good levels of G.P. and low overheads this is a lovely simple business ideal as a bistro or continental restaurant.

It has the benefit of a long successful trading making it well known in the area. And can only improve as Hartlepool continues its renaissance. There is an opportunity to develop Sunday trading and extend the existing hours and we believe that with the right operator this business is capable of achieving a turnover in excess of £300,000 p.a.

A clearly identifiable opportunity to excel in a rapidly developing area.

Accounts information will be made available to interested parties after viewing.

Ref: S4392L