8176L

HIGHLY POPULAR AND LONG ESTABLISHED LICENSED ‘FREE OF TIE’ RESTAURANT IN AN ENVIABLE AND SOUGHT AFTER LOCATION IN THE BUSY COASTAL TOWN OF GREAT YARMOUTH, NORFOLK

8176L


  • Well established and thriving traditional restaurant in a superb location close to the seafront and town centre.
  • 42 cover restaurant with a welcoming atmosphere.
  • Alfresco dining area (circa 10) with retractable awning.
  • Fully equipped servery with kitchen area.
  • Separate fully equipped commercial kitchen.
  • Extensive basement storage area.
  • Advised current turnover circa £229,112 inc. VAT.
  • Desirable new 12 year F.O.T. lease.
  • Freehold may be available to purchase, further details available on request
A RARE OPPORTUNITY TO ACQUIRE THIS POPULAR FAMILY RUN RESTAURANT IN AN EXCELLENT LOCATION WITH FURTHER GROWTH POTENTIAL


ASKING PRICE £69,500 LEASEHOLD TO INCLUDE FIXTURES & FITTINGS, GOODWILL,EXCLUDING S.A.V

Location

This business is situated in the large popular coastal town of Great Yarmouth and can be found nestling on the Norfolk Coast off the A47, A143 and A12. Enjoying an ideal location close to the beach and seafront just off the town centre. Great Yarmouth is a busy vibrant town world famous for its promenade sandy beaches and pier which offers a labyrinth of entertainments. This historic old quay is a great place of interest with its Tide and Time and Lord Nelson Museums. Yarmouth’s pleasure beach can be found on the seafront which is one of England’s largest static fun fairs. There is also a superb shopping centre. With its own train and bus station, many hotels and guest houses makes Great Yarmouth a popular place for tourists and holiday-makers all year round. For those who enjoy more sporting activities, there is also Yarmouth Stadium which hosts horse racing and stock car racing. The quieter town of Caister on Sea with its castle and car museum is nearby and Norwich City is only approximately 12 miles away. It should also be noted that 10 new shops, apartments and houses have been planned to be built directly opposite in the near future.

THE PROPERTY

Is part of a three storey terraced building of brick construction under a pitched tiled roof and has been well maintained throughout.

Restaurant (circa 42)

Is of a traditional style and has a welcoming atmosphere with wood effect flooring, wall lighting, pew style seating and matching tables and chairs and servery counter. Incorporating a fully equipped commercial cooking area with stainless steel extractor system, stainless steel surfaces, gas cooker, grill, fat fryers and microwave etc. Also fully stocked bar area with coffee station, chiller display cabinet, bottle fridges and a separate prep. area with dumb waiter.

Basement

This is a spacious area and comprises of the commercial kitchen, dry store, fridge and freezer, storage room, office, staff cloak room with w/c and cellar which is well maintained.

External

To the front of the property there is an alfresco dining area (circa 10) with a retractable awning and matching patio tables and chairs and to the rear there is a private access.

Ladies, Disabled and Gents W.C.s.

Located in the corridor all in good decorative order.

Catering Facilities

There is a fully equipped commercial kitchen located in the basement with stainless steel surfaces, stainless steel extractor system, heavy duty commercial oven with hot plate, deep fat fryers, separate washing up and prep area. Also there is a further commercial cooking area located within the bar servery.

TRADING HOURS

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:

Mon-TBC

Current opening hours are:

Mar – June Mon-Sun 11 am – 3pm

Jul – Sept Mon-Sun 11am – 8pm

Oct – Dec Weds, Sat, Sun 11am – 3pm

January – February Closed NB. Important. Prospective purchasers wishing to continue to operate the public house should ensure that they gain the APLH Qualification in readiness for their intended operation of the Public House.

GENERAL REMARKS

The property and business is being offered for sale as a new highly favourable 12 year Private FRI Lease Agreement as follows:

1. The asking premium will be £79,500.

2. The initial annual rent will be £19,000

3. The annual rental is simply RPI linked to inflation every 3 years, hence no rent reviews.

4. Rent payable quarterly in advance.

5. Lease re-assignable after initial 2 year period.

6. Free of all brewery and supply ties.

7. Each party responsible for own legal costs relating to the transaction.

We are advised that at the end of the term, the Lease (not seen by Guy Simmonds) should be renewable with no further premium – subject to the provision of the Landlord & Tenant Act 1954.

Freehold may be available to purchase, further details available on request. We are advised that the restaurant benefits from all main services, gas cooker/deep fat chip/fish fryer & grill, electric cooker and oven (services not tested). Business rates we are advised as being £2,500.

THE BUSINESS

This highly popular and successful restaurant has been run by the same family for the last 50 years and in which time they have built up an excellent and regular trade from the local community and surrounding area with a good reputation for a well run establishment offering good quality home cooked traditional food at a reasonable price and constantly receiving excellent reviews on Trip Advisor. Due to the superb location this business also enjoys a very high level of passing trade from the many visitors and holiday makers to Great Yarmouth especially during the Summer holiday season.

The business is currently being run by the owner full-time, full-time chef and kitchen porter, 2 full-time chef assistants, 1 full-time waitress and 3 part-time waitresses.

Our vendor client now wishes to retire and has decided to lease the business.

We are advised that the current takings are circa £229,112 inc. VAT per annum. There is true growth potential to build on the already very successful business by extending the opening hours possibly to all year round and later into the evening and by introducing a takeaway service and also by hosting theme nights and regular entertainment.

Accounting information will be made available to interested parties after viewing.

This business was viewed by Geoff Bryan who would be delighted to discuss further details and can be contacted on 07887 571720.

Viewing appointments must be made by contacting Guy Simmonds on 01332-865112.

Prepared: November 2018

ADDITIONAL IMAGES

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