Old Town Hastings Quality Restaurant Two Flats Above For Sale

Business description

Situated in an excellent trading position this well established restaurant offers 32 covers inside + 10/12 outside (pp for awning), plus a cellar for storage, fully equipped kitchen and 2 flats above inc 1 x 2 bedroom (let at £600pm) and 1 x 1 bedroom, either of which can be used for owners accom, rental income or staff. Trades only 4 eves (Weds-Sat) and weekends from 11am with T/O of £175,000pa (ave £3,430pw) and combined with good margins and low overheads it shows a healthy profit. Long lease, rent £15,000pa inc flats. Fully equipped.

Property information

Property:

Leasehold

Lease terms:

The property is being offered with the benefit of a long renewable lease with a current total rent of £15,000 per annum

Leasehold rent:

£15,000 per annum

Living accommodation:

With its own separate access, the living accommodation above the property is arranged as 1 bedroom flat with lounge, kitchen and bathroom, plus a 2 bedroom flat with lounge, kitchen and bathroom. On the third floor there is a small hall with access to a large loft space and is it worth noting that the property has two separate gas boilers providing hot water and central heating to the two apartments.

Location:

LOCATION
This attractive property is located in a very good trading position in the pedestrian area of the sought-after Old Town area of Hastings in East Sussex.

Situated within this main shopping & restaurant area, the business benefits from good passing trade and is surrounded by a number of other eating establishments, independent retailers, art, antique and gift shops, etc, and having been established for sometime now, it is well known and regarded. Parking for customers is easily available in nearby car parks on the sea front.

Premises details:

The property briefly comprises of a character terraced property with the restaurant at ground floor level together with separate living accommodation over 3 floors above the restaurant comprising of a 1 bedroom flat (currently used for storage, but with an anticipated rental of £300 per month) and a further 2 bedroom flat that is currently let on a short tenancy agreement at a rental of £600 per month.

The Restaurant Premises
On the ground floor, the restaurant has an eye-catching frontage, main display window and side entrance door. Inside, the restaurant is currently arranged to seat 32 covers together with tables & chairs for 10/12 more outside (we understand that planning permission was also recently given for an awning to be installed and that a retail vitality grant may also be available for this).
Beneath the restaurant is a large cellar for storage and to the rear of the restaurant a cloakroom leads through to the customer toilet which is ½ tiled with a wash hand basin, low level WC and hand dryer, etc.

Business Operation

Expansion potential:

could open longer hours

Reasons for selling:

family commitments

Trading hours:

trades only 4 nights per week (Weds-Sat) with last orders at 10.30/10.45pm and all day from 11.00am on Saturdays & Sundays

Employees:

The business is run by the owner who is a Chef, with the assistance of 2 part-timers in the kitchen (an assistant & kitchen porter)

Years established:

5