Business description

Latin/American restaurant/club for sale on Upper Street Islington N1.

This latin/american restaurant has been successfully established for 17 years and currently holds a music and dancing licence until 3am on Wednesday and Thursday, and until 5am on Friday and Saturday. The premises are fully sound proofed and comprise of a fully fitted kitchen at the rear, a 70 seaters restaurant on the ground floor which has just been refurbished and a storage area in the basement. .We believe that we are the only late licensed premises in the area and the scope to expand into theme nights or disco is huge as the area is very trendy and caters for lots of young and professional people. There are no restrictions of the use of the premises.

A new lease of 16 years will be granted to interested parties with rent reviews every 4 years. Asking price for the lease is £140.000 negotiable with an annual rent of £35.000. Turnover will be disclosed to serious buyers only.

Seller will grant a mortgage or payment facilities to a prospective buyer provided that 50% of the purchase price is put as deposit. Terms and conditions to be worked out.

The freehold of the restaurant and the upper parts which consist of two large one bedroom self contained flats can be available for sale for £1.8 million or offers.

Property information

Property:

Leasehold

Lease terms:

New 15 years lease with 3 yearly rent review. Starting rent at £35.000 per annum

Leasehold rent:

£35 per annum

Location:

Prime high street and trendy location, bustling with shoppers and revellers.

Premises details:

70 seaters restaurant and club on main street, with late night licence.on Wednesday, thursday , friday and Saturday

Other information

Expansion potential:

Potential to develop the music and dancing club side of the business as the premises are sound proof.

Competition / Market:

there are lots of diverse restaurants in the area. No other premises have a late licence until 5am on Friday and Saturday.

Support & training:

Seller can stay for up to 3 months after sale if required or can give advice.

Reasons for selling:

Due to ill health, the leaseholder is no longer able to cope with the business.

Trading hours:

Monday-Thursday 12am-11pm ( late licence Wednesday and Thursday 12am-3am next day)
Friday-Saturday 12am-5am next day

Owner financing:

Owner financing is available. Please contact the seller for more information.

Financing available:

Negotiable

Website:

www.la-piragua.co.uk