Karaoke Irish Bar with Late Licence Traspaso For Sale

Business description

This Irish owned Karaoke bar, is being offered for both traspaso and freehold sale. Situated in the busiest tourist nightspot on the island, Centro Commercial Atlantico - Puerto Del Carmen, there is a consistent year round trade of tourists and locals enjoying their nights out.

The unit is situated on the ground (road level) floor and is easily found by entering the rear commercial centre entrance or the left commercial centre entrance. The commercial centre operates a PR system and each bar is currently licenced to have one PR to allow them to bring customers directly to the bar - although common place in many holiday resorts this is not common place in Lanzarote and is exclusively licenced to this commercial centre.

The bar has with full licencing and all of the correct measurements are in place for this bar to operate until 4am - this includes a double door porch area, air conditioning, soundproofing and smoke extraction.

The unit has two walkway terraces that the current owner chooses not to use, but as other bars in the area illustrate could be used to generate more income. One terrace has a pool table (which is contracted on a 50/50 income basis) and a couple of chairs, the other terrace is currently not used. There are many different options open to new owners should they wish to change the current operation but keep the existing licence - we would be able to advise on these options.

Property information

Real Estate:

Lease

Lease terms:

The bar is being offered for leasehold and freehold sale (please ask for details about the freehold if interested) - the new owners can expect a new 5 year lease with the purchase.

Location:

The bar is situated in the busiest commercial centre on the island based on the main strip in Puerto Del Carmen - a large number of tourists and locals flock to this centre every night for their entertainment.

Other information

Expansion potential:

Both of the terraces are not being used to their full potential and we would suggest that this could be a good expansion opportunity.

Competition / Market:

The bar is in a competitive centre that operates with PRs to guide customers in - new owners would need to be energetic to ensure they are competitive.

Support & training:

The owners are willing to spend up to 4 weeks with new owners to ensure an easy transfer of existing customer base.

Reasons for selling:

The owners have a young family and are finding the late nights is having an impact on their family life here.

Trading hours:

6pm - 4am

Financing available:

There is an option to buy the freehold of this bar and we would be able to assist to find financing up to 60% of the valuation of the business premises.

Furniture / Fixtures value:

€5,000 (included in the asking price)

Inventory / Stock value:

€1,500 (included in the asking price)