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London

£175,000

Business rates & charges may apply

Guy Simmonds Business Transfers Limited, National Licensed Property
SECTOR
Restaurant for sale

Property description

Tenure: Leasehold

REF: 8233 FREE OF TIE LEASEHOLD.

HIGHLY IMPRESSIVE AUTHENTIC KOREAN RESTAURANT AND BAR OFFERED ON A 'FREE OF TIE' LEASE, LOCATED IN THE HIGHLY SOUGHT AFTER WARD OF BILLINGSGATE IN THE HEART OF THE CITY OF LONDON


* Prominent and well positioned business situated in the prime ward of Billingsgate, City of
London.
* Good sized inviting and relaxing Lower Ground Restaurant and Bar (circa 50 covers) and a
versatile and multi-functional basement Restaurant and Bar (circa 50 covers) plus 2 Karaoke
Rooms.
* Fully equipped Commercial Catering Kitchen.
* Advised turnover circa £450,000 (incl. VAT).
* Trade derived from circa 70% food sales and 30% wet sales. Undoubted potential for
catering/event orientated operators.
* LONG LEASE - PRIVATE FREE-OF-TIE WITH APPROXIMATELY 19½ YEARS
REMAINING.

AN EXCITING OPPORTUNITY TO ACQUIRE SUPERB BUSINESS PROPOSITION OFFERING IMMENSE GROWTH POTENTIAL

LOCATION
This superbly presented Restaurant and Bar is situated in the heart of the City of London in the highly sought after ward of Billingsgate which is one of the 25 Wards of the City of London. Its name is derived from being the City's original water gate, and this small City Ward is situated on the north bank of the River Thames between London Bridge and Tower Bridge in the south-east of the Square Mile.

This excellent Restaurant and Bar is extremely well positioned enabling the business to draw trade not just from the extremely high levels of footfall and passing trade due to its central position, but also from within the catchment area of many similar affluent wards and suburbs which provide an excellent level of repeat and passing trade. An enviable place to reside and a compelling trade opportunity.

THE PROPERTY
This impressive business and property occupies a superb trading position within this densely populated commercial and residential location in central London.

Main entrance at the front leading into the lobby with stairs leading down to the lower ground floor Restaurant and Bar.

Lower Ground Floor Restaurant and Bar (circa 50 covers) is a good sized versatile room and is extremely well furnished with an excellent range of specialised dining tables with inset temperature controlled barbeque grills and pull down brass effect extractors above each table and a good range of upholstered chairs. There is also a return bar servery with a solid polished counter and a back fitting with shelving and refrigerated bottle coolers (not tested). There is also a Lounge Area with comfortable leather sofas.
Stairs leading down to the Basement Restaurant and Karaoke Rooms.

Basement Restaurant and Bar (circa 50 covers) is a good sized room set within 2 dining areas and offers a versatility and multi-functional usage; ideal for a variety of events including private functions, wakes and private parties etc. Being well furnished with a bespoke range of specialised dining tables with inset temperature controlled barbeque grills and bench style seating. There is also a return bar servery.

There are also 2 Karaoke Rooms and a Dry Goods/Wash-Up Room.

Catering facilities (situated on the lower ground floor) include a fully equipped commercial Kitchen with stainless steel appliances and preparation surfaces (appliances not tested). There is also a Wash-Up room.

Office

Ladies and Gents W.C.s. situated on both the Lower Ground Floor and the Basement.

TRADING & LICENSING
We are advised that the business trades with the benefit of the Premises Licence (not seen) which permits the sale of alcohol during the hours of:
Monday - Saturday - 10.00am - 11.00pm
Sunday - 10.00am - 10.30pm
The current opening hours are as follows:
Monday - Friday - Midday - 3.00pm & 5.30pm - Midnight
Saturday - 5.30pm - Midnight
Sunday - CLOSED

NB. Important. Prospective purchasers wishing to continue to operate this Restaurant and Bar should ensure that they gain the APLH Qualification in readiness for their intended operation of this business.

GENERAL REMARKS
The business is offered for sale as a lease assignment with approximately 19½ years remaining of the private Free of Tie full repairing and insuring agreement. We are informed that the rent is currently £59,000 per annum. We are advised that the inn benefits from all mains services (no services seen or tested). Business rates payable are advised as currently being circa £33,615 per annum.

THE BUSINESS
Our vendor client operates this well established and successful business as 'sole trader' on a full time basis with the assistance of 2 full time and 4 part time members of staff.
Trade is derived from circa 30% wet sales and 70% food sales, thereby providing massive scope for a new hands-on owner operator partnership with previous experience of running a catering/events orientated operation to take this business to the next level by exploiting the functions potential that is to be found here. There are many areas of potential to increase sales and profitability by implementing a strategic marketing campaign to utilise the premises for private parties, business meetings and wakes etc. There is also immense potential due to the high level of footfall and passing trade emanating from the exceptionally busy local commercial businesses and shops; to facilitate increased trading hours offering morning breakfasts and coffee etc which would have an incredible positive impact on the turnover and profits. This is truly an exciting business opportunity for those seeking a lifestyle change.

Accounting information will be made available to interested parties after viewing.
Viewing appointments must be made by contacting Guy Simmonds.

Details Prepared: March 2019

Energy Performance Certificates

EPC

About Guy Simmonds Business Transfers Limited, National Licensed Property

Coppice Farm, Ashby Road Melbourne, DE73 8BJ

Guy Simmonds have been established for over 30 years specialising in the sale of quality Freehold and Leasehold Licensed businesses - including pubs, inns, restaurants and hotels.

Guy Simmonds are leading NATIONAL Licensed Property Agents and consequently offer for sale and lease quality lifestyle licensed businesses throughout the whole of England and Wales.

For those of you looking for a change of career and lifestyle, an inn/restaurant can offer an enviable and f

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Notes

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Disclaimer - Property reference 8233. The information displayed about this property comprises a property advertisement. Rightmove.co.uk makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and Rightmove has no control over the content. This property advertisement does not constitute property particulars. The information is provided and maintained by Guy Simmonds Business Transfers Limited, National Licensed Property. Please contact the selling agent or developer directly to obtain any information which may be available under the terms of The Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations 2007 or the Home Report if in relation to a residential property in Scotland.

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