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Restaurant/cafe for sale

£34,995

3 Duke St, Margate CT9

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Property description

Business
Business being sold as Leasehold with assets included

Hilton Smythe are delighted to offer to the market this superb investment opportunity.

Recently re-opened after closing over the winter, this 1950s American themed Diner has had a great Easter opening and is now open five days a week, moving to seven days a week in the summer.

We are advised over £35,000 has been spent on the premises refit, with a high level of catering equipment. This stylish premise is circa 158sq metres and all fixtures and fittings are still in situ, enabling a purchaser to quickly re-establish a similar business.

In addition, there is unused restaurant dining space on the lower ground level.

Early viewing is highly recommended.

Location
This superb investment opportunity is located on Duke Street, in the heart of the old town in Margate, Kent.

Margate is a famous seaside destination on Kent's, south east coast and it lies 38 miles north east of Maidstone. Recent investment including the opening of the Turner Contemporary art gallery 5 years ago which is less than 2 mins walk away and the newly opened Dreamland is also less than 2 mins walk on the seafront.

Duke street is an historic street located just off the Marine drive which links tourists to the Canterbury Road which links to the A299 and M2 motorway which leads commuters and visitors to both the M25 and London.

Margate railway station is located just by nearby Dreamland and there is lots of pay and display including a large multi storey for tourist parking.

Premises
Detached Victorian building with 8 x covers to the external front area and 40 covers arranged to the ground floor level.

Open plan dining area includes traditional 10 x red leather stools, chairs, banquet seating and American solid wood and metal tables. All of which can be moved to cater for different party sizes.

The curved service bar allows customers to sit and watch their food be freshly prepared in the open plan kitchen. The downstairs sitting area is also fully air conditioned.

Open plan kitchen / bar servery includes - post mix system, 4 x pot Bain Marie, double freezer, combi oven, music system, 2 x double fryers, 1 x commercial microwave, 1 x single griddle, 1 x double griddle, fire extinguishers, 1 x fridge freezer, 1 x single beer fridge, hot water earn, filter coffee machine, double stainless steel fridge with preparation counter top, triple stainless steel fridge with counter top chilled salad prep section, dishwasher, ice machine, stainless steel preparation sink, leases till system, hand sink, selection of blenders and milkshake makers.

Lower ground floor - includes separate gents and ladies’ toilets.
Door to - large function room / additional dining area which would allow additional 40 covers . Individually designed to highlight the period brick work and ceiling supports. The room includes it own bar servery positioned to the right of the room. The beautifully designed bar includes a triple under-counter fridge, ice machine, hand wash sink.

2 small storage rooms or offices.

Large store room includes further shelving, 2 x chest freezers, 1 x tall upright fridge and 1 single freezer.

Tenure
We are advised leasehold.
The original lease is 7 years, as of December 2014.

Rent is £17,000 per annum.

The current business rates are just over £200 per month.

Hours
Wednesday-Friday 12pm-4pm and 6pm-9pm

Saturday 12pm-9pm

Sunday 12pm-5pm

Staff
The business is owner run and managed with the assistance of a supervisor who manage daily operations with 4 members of part time staff.

Financial Profile
Annual turnover is around £85,000 – currently operating on seasonal trading from April to October.

What Zoopla users think of Margate

Overall rating:

  • currently 3 stars
Good - 58% (201 ratings)

Ratings breakdown:

  • currently 3 stars
Community & safety
  • currently 2.5 stars
Entertainment & nightlife
  • currently 3 stars
Parks & recreation
  • currently 3 stars
Restaurants & shopping
  • currently 3 stars
Schools & public services
  • currently 3 stars
Transport & travel

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Community & safety
  • currently 0 stars
  • 4
  • 1
  • 0
  • 3
  • 2
  • 5
Entertainment & nightlife
  • currently 0 stars
  • 4
  • 1
  • 0
  • 3
  • 2
  • 5
Parks & recreation
  • currently 0 stars
  • 4
  • 1
  • 0
  • 3
  • 2
  • 5
Restaurants & shopping
  • currently 0 stars
  • 4
  • 1
  • 0
  • 3
  • 2
  • 5
Schools & public services
  • currently 0 stars
  • 4
  • 1
  • 0
  • 3
  • 2
  • 5
Transport & travel
  • currently 0 stars
  • 4
  • 1
  • 0
  • 3
  • 2
  • 5

Nearby transport

  • Margate (0.5 miles)
  • Westgate-on-Sea (1.9 miles)
  • Broadstairs (3.0 miles)
  • Manston Airport (3.6 miles)
  • London Southend Airport (32.1 miles)
  • Lydd Airport (35.6 miles)
  • Ramsgate Ferry Terminal (4.5 miles)
  • Dover Eastern Docks Ferry Terminal (18.4 miles)
  • Dover Western Docks Ferry Terminal (19.1 miles)

Nearby schools

View all schools in Thanet
  • Margate, Holy Trinity and St John's Church of England Primary School (0.3 miles)
  • Salmestone Primary School (0.8 miles)
  • Drapers Mills Primary Academy (0.9 miles)
  • The King's School Canterbury (14.9 miles)
  • CATS Canterbury (15.0 miles)
  • Southend YMCA Community School (31.0 miles)
  • Hartsdown Academy (0.9 miles)
  • St Anthony's School (1.3 miles)
  • St George's Church of England Foundation School (2.3 miles)
Note: Distances are straight line measurements

Local info for Thanet

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For more information about this property, please contact
Hilton Smythe Commercial, BL1 on +44 1204 351867 * (local rate)

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Disclaimer

Property descriptions and related information displayed on this page, with the exclusion of Running Costs data, are marketing materials provided by Hilton Smythe Commercial, and do not constitute property particulars. Please contact Hilton Smythe Commercial for full details and further information. The Running Costs data displayed on this page are provided by Zoopla to give an indication of potential running costs based on various data sources. Zoopla does not warrant or accept any responsibility for the accuracy or completeness of the property descriptions, related information or Running Costs data provided here.

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