Bar Club And Restaurant For Sale

Business description

This is succesful bar located on the edge of luton town centre directly opposite Luton university.The bar is called Manhattans and was opened up in december 2007.Due to its unique location it is very popular with students and the 25 to 40 year olds,currently operating 7 days a week with a gross weekly turn over of approx £7,000.The venue had a full refurbishment back in December 2007,there is 9 years left on the lease and rent is 36,000 per annum reviewed every 5 years.The bar has themed nights weds eves is an Eastern European night called trashed , Thursday nights is quiz and karaoke night Friday is an acoustic night featuring live bands, Saturdays a dedicated soley to private functions which are currently booked up till the end of September, and sunday night is an over 30 s night which is the bussiest place in town on sundays.The bar opens daily from 10am and operates with a 5.00 am license on Thurs , Fri and Saturdays . Mon , Tues and Weds the bar operates with a 2.00am license.The bar has a steady flow of regular customers and food is a available 7 days.The venue also benefits from a second function room which has only recently been completed equipped with a bar disco lighting and dj console.The capacity of the bar is 250 + with an additional 50 in the new basement function room.The main bar area benefits from seating areas, disco console and lighting , large projection screen ,gaming machines , pool table juke box and vending machine for both confectionarys and cigarettes.There is also a huge 3 bed flat above the bar which brings in an monthly income of £960 per month , a double garage for the bar is located in the car park at the rear of the bar which holds approx 40 cars. The bar is tied to admiral taverns for all beers and soft drinks ,spirits alcopops , wines and ciders are free of tie ,however new deals are always available from admiral which have always been pretty reasonable.forthcoming developments include the construction of a hotel behind the bar which will no doubt attract new business there is also a nightclub opening at the end of April called Legends this venue is only a few hundred yards away and the owners have requested that manhattans tie in with them as a feeder bar , finally a huge arts centre is currently under construction once again a few hundred yards away from the bar which can only add to business.Accounts for the first year of trading will be available soon for any serious buyers to view, the lease is currently being renewed for a full 10 years .

Property information

Property:

Leasehold

Lease terms:

Apprx 9 years of lease remaining
Rent £36,000
Council Tax £650 per month

Living accommodation:

3 large double bedrooms 1 large kitchen 1 large dinning room bathroom wc Double garage storage cupboards

Location:

The bar is located at the junction of Cumberland St and Park St
both these roads are prime high street locations address :
4 CUMBERLAND STREET
LUTON BEDS

Other information

Expansion potential:

A small private function room has now been completed with a bar dj console and lighting this now enbles the bar to have two private functions on at anyone time.

Competition / Market:

Manhattans is the only bar of its kind in the area, manhattans can be operated as a nightclub as it has a late licence 2.00am mon to Weds and 4.30 am Thurs ,fri and Sat , Sun till 2.00am .There are a few small pubs nearby but not offering the same product and certainly no threat.

Support & training:

Admiral Taverns offer many free training courses

Reasons for selling:

plan to move to Cyprus this year

Trading hours:

10am - 5.00am thurs fri sat

Financing available:

I am willing to accept a sensible non returnable deposit from a serious buyer , I am also willing to accept a short secured repayment plan if required.

Furniture / Fixtures value:

£20,000

Inventory / Stock value:

£6,000

Website:

myspace.com/manhattansbarluton

Related documents:

• quiz/karaoke/private hire

• heart2heart over 30 s

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