Property information
View Property PDF| Status: | For Sale |
|---|---|
| Price: | £159,500 |
| Tenure: | Leasehold |
Situation
South Sixteen is situated in the heart of the popular and sought after village of Braunton, just 5 miles North West of the regions administrative centre at Barnstaple and 2 or 3 miles from the magnificent sandy beaches of Saunton and Croyde. Population 7,500 (approx.)The village is a thriving community and enjoys additional tourist trade a full 12 months of the year with many self-catering holiday venues close by. The Championship Private Golf Courses at Saunton (2 miles) are ranked in the top 50 within the UK and surfers are drawn in their hoards to the challenging waves at Croyde, Saunton and Woolacombe. North Devon is indeed a most wonderful place in which to live, work and raise a family. Visit: http://visitdevon.co.uk/northdevon
Description
South Sixteen has been established as a Fish & Chip restaurant and Take-Away for over 50 years providing Braunton with quality produce and service recognised as a previous winner of “Best Food to Go” in the North Devon food awards.
Our client has owned and operated the business for the past 11 years. Having run the concern single handed (supported by a Manager and Staff) she now wishes to retire. We consider that this operation is ideally suited to a hands on partnership which would in turn reduce staffing costs considerably and drive profits forward.
Business Premises
Smart, well known premises having a wide glazed frontage beneath a large coloured illuminated fascia with matching signage. The front out-sales section is well fitted and is attractively styled with easy to maintain clad wall covering, non slip flooring and has a curved service counter. Prominently sited above the Kiremko Range is a large menu display and there is access to the well equipped stainless steel kitchen. To the rear is a well presented licensed restaurant with 45 covers in comfortable surroundings. Customer WC facilities. To the rear of the building are preparation & storage facilities and some customer outside seating, plus delivery access from the side.
Owners Accommodation
A spacious two-bedroom apartment that has separate access. The current owners rent this for £660 pcm although vacant possession will be given.
Tenure
Held by way of an FRI Lease (12 years) expiring in 2026. Annual rent £16,000. The Landlord has confirmed that they are prepared to grant a further 12 year lease, thus expiring 2038
Price
£159,500 leasehold, to include lease, trade fixtures, fitting & equipment and goodwill. Dry stocks to be purchased (at valuation) on completion.
Trading Hours
Monday – Thursday, 11.30 – 2pm and 5pm -8.30 pm
Friday & Saturday, 11.30 – 2pm and 5pm – 9pm
Closed on Sundays
Fixtures, Fittings & Equipment
A two-pan Kiremko range, fully fitted stainless steel kitchen, pizza oven, peeling machine, coffee machine and an integrated EPOS system
We are advised that all fixtures, fittings and equipment are to be included in the sale of the business.
Trading & Profit Analysis
We have analysed the most recent Trading & Profit and Loss Accounts (31.5.19). Turnover £230,000 (approx.) Gross Profit £128,000 (approx.) After deductions for normal running expenses (eg rent, heat, light , etc.) we anticipate a NET PROFIT SURPLUS in the region of £70-£75,000 pa can be expected, before wage expenses which will vary on the circumstance’s of the new owners.
Regulatory
Premises Licence
Customer Due Diligence Checks
The Money Laundering, Terrorist Financing and Transfer of Funds (information on the Payer) Regulations 2017 (as amended) require us to conduct due diligence checks upon all purchasers. When an offer has been accepted, the prospective purchaser(s) will need to provide, as a minimum, proof of identify and residential address; if the purchaser is a company or other legal entity, then any person owning more than 25% must provide the same. These documents must either be handled and copied by an Underwood Warmington employee, or certified copies be provided.
Contact/Viewing
No direct approach may be made to the business. For an appointment to view, please contact the vendor’s Agent.
Dean Warmington FNAEA (COMM)
T: 01271 378 731
M: 07971 830 881
W: www.underwoodwarmington.com
Accomodation Comprises
| Imperial | Metric | Sq Ft | m² |
|---|
Business rates
| Rateable value: | £7,800 |
| Rates payable for 2021/22: | £3,892 (approx) |
100 % relief from rates payment may apply with this property under the 'small business rates relief scheme'
Tenure
Existing & extended lease terms available
Viewing
For an appointment to view please contact:
| Dean Warmington | |
|---|---|
| Tel: | 01271 378731 |
| Email: | [email protected] |
| Mobile: | 07971830881 |
Property reference number
| Reference: | UW882 |
Important notice
These particulars are for guidance only. They are prepared and issued in good faith and are intended to give a fair description of the property but do not constitute part of an offer or contract.
Any description of information given should not be relied upon as a statement of representation of fact or that the property or its services are in good condition. Neither Underwood Warmington (nor its Joint Agents) not any of their employees has any authority to make or give any representation or warranty whatsoever in relation to the property.
The photographs show only certain parts and aspect of the property at the time they were taken. Any areas, measurements or distances given are approximate only.
Any reference to alterations to, or use of, any part of the property is not a statement that any necessary planning, Building Regulations or other consent has been obtained. These matters must be verified by an intending tenant.