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Property Listing Details

Restaurant/cafe for sale

St Mary At Hill, London: Billingsgate EC3R

  • Business for sale

£198,000

(£20,903.18/sq. ft)

Property details

  • Floor area 11 sq. ft

Listing view statistics

Last 30 days: 110 page views

Since listed: 651 page views

Description

Ref: 8233 Leasehold

Highly impressive authentic Korean Restaurant and Bar offered on a Free of Tie Lease, located in the highly sought after ward of Billingsgate in the heart of the City of London

Prominent and well positioned business situated in the prime ward of Billingsgate, City of London.

Good sized inviting and relaxing Lower Ground Restaurant and Bar (circa 50 covers) and a versatile and multi-functional basement Restaurant and Bar (circa 50 covers) plus 2 Karaoke Rooms.

Fully equipped Commercial Catering Kitchen.

Advised current turnover circa £450,000 (incl. VAT).

Trade derived from circa 70% food sales and 30% wet sales. Undoubted potential for catering/event orientated operators.

Long lease - private free-of-tie with approximately 19½ years remaining.
An exciting opportunity to acquire this truly superb business proposition offering immense growth potential

location


This superbly presented Restaurant and Bar is situated in the heart of the City of London in the highly sought after ward of Billingsgate which is one of the 25 Wards of the City of London. Its name is derived from being the City's original water gate, and this small City Ward is situated on the north bank of the River Thames between London Bridge and Tower Bridge in the south-east of the Square Mile.
This excellent Restaurant and Bar is extremely well positioned enabling the business to draw trade not just from the extremely high levels of footfall and passing trade due to its central position, but also from within the catchment area of many similar affluent wards and suburbs which provide an excellent level of repeat and passing trade. An enviable place to reside and a compelling trade opportunity.
The property


This impressive business and property occupies a superb trading position within this densely populated commercial and residential location in central London.

Main entrance at the front leading into the lobby with stairs leading down to the lower ground floor Restaurant and Bar.

Lower Ground Floor Restaurant and Bar (circa 50 covers) is a good sized versatile room and is extremely well furnished with an excellent range of specialised dining tables with inset temperature controlled barbeque grills and pull down brass effect extractors above each table and a good range of upholstered chairs. There is also a return bar servery with a solid polished counter and a back fitting with shelving and refrigerated bottle coolers (not tested). There is also a Lounge Area with comfortable leather sofas.
Stairs leading down to the Basement Restaurant and Karaoke Rooms.

Basement Restaurant and Bar (circa 50 covers) is a good sized room set within 2 dining areas and offers a versatility and multi-functional usage; ideal for a variety of events including private functions, wakes and private parties etc. Being well furnished with a bespoke range of specialised dining tables with inset temperature controlled barbeque grills and bench style seating. There is also a return bar servery.

There are also 2 Karaoke Rooms and a Dry Goods/Wash-Up Room.

Catering facilities (situated on the lower ground floor) include a fully equipped commercial Kitchen with stainless steel appliances and preparation surfaces (appliances not tested). There is also a Wash-Up room.

Office

Ladies and Gents W.C.s. Situated on both the Lower Ground Floor and the Basement.
Trading & licensing


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:
Monday – Saturday – 10.00am – 11.00pm
Sunday – 10.00am – 10.30pm
The current opening hours are as follows:
Monday – Friday – Midday – 3.00pm & 5.30pm – Midnight
Saturday – 5.30pm – Midnight
Sunday – closed

nb. Important. Prospective purchasers wishing to continue to operate this Restaurant and Bar should ensure that they gain the aplh Qualification in readiness for their intended operation of this business.
General remarks


The business is offered for sale as a lease assignment with approximately 19½ years remaining of the private Free of Tie full repairing and insuring agreement. We are informed that the rent is currently £59,000 per annum. We are advised that the inn benefits from all mains services (no services seen or tested). Business rates payable are advised as currently being circa £33,615 per annum.
The business


Our vendor client operates this well established and successful business as ‘sole trader’ on a full time basis with the assistance of 2 full time and 4 part time members of staff.
Trade is currently derived from circa 30% wet sales and 70% food sales, thereby providing massive scope for a new hands-on owner operator partnership with previous experience of running a catering/events orientated operation to take this business to the next level by exploiting the functions potential that is to be found here. There are many areas of potential to increase sales and profitability by implementing a strategic marketing campaign to utilise the premises for private parties, business meetings and wakes etc. There is also immense potential due to the high level of footfall and passing trade emanating from the exceptionally busy local commercial businesses and shops; to facilitate increased trading hours offering morning breakfasts and coffee etc which would have an incredible positive impact on the turnover and profits. This is truly an exciting business opportunity for those seeking a lifestyle change.
Advised current turnover circa £450,000+ (incl. VAT). This delightful business is a well-established and successful business and in our opinion with the above areas of potential we would quite easily expect a fully focussed and fully committed operator to achieve a turnover well in excess of £550,000 (incl. VAT).

Accounting information will be made available to interested parties after viewing.
This business was viewed by Martin McConnell who would be delighted to discuss further details.
Viewing appointments must be made by contacting Guy Simmonds.

Details Prepared: March 2019

Note: Size quoted is usually the Total Useful Floor Area taken from the EPC and is for guidance purposes only and no responsibility is assumed by Guy Simmonds for the accuracy.
If size stated =1m2, this is because no measurements are available at this time.

Viewing: All appointments must be made through Guy Simmonds. Please note that these Sales Particulars are issued on the strict basis that all negotiations, viewings and contacts in connection with this business are conducted through Guy Simmonds who are appointed by the vendor to act under a Sole Selling Rights agreement with total confidentiality. Any breach of these terms may make you liable in law to litigation and damages. Under no circumstances must you approach the owner direct without a formal appointment or disclose to other customers and staff that the Premises are for sale.

Finance for purchasing A licensed property: We are in constant touch with a leading finance broker who specialises in arranging Business Finance for Licensed Properties. Whether you are purchasing a Licensed Property through ourselves, or another agent, we will be pleased to contact on your behalf our specialist who can arrange the necessary Finance Package for you at preferential rates. Please telephone for free and no obligation advice with regards to financing a Business.

Guy Simmonds for themselves and for the vendors or lessors of this property and/or business whose agents they are give notice that:-
(I) These particulars are a general outline for the guidance of intending purchasers (or lessees) and do not constitute an offer or contract, nor any part of an offer or contract.
(II) All descriptions, dimensions, distances, maps/plans, references to condition, trading figures and other items in these particulars are given as a guide and no responsibility is assumed by Guy Simmonds for the accuracy of individual items. Intending purchasers (or lessees) should not rely on them as statements of representations of fact and should satisfy themselves as to the correctness of each item by making independent enquiries.
(III) Intending purchasers (or lessees) should make their own independent enquiries regarding the use of the property, necessary permissions for use and occupations, potential uses and any other matters affecting the property prior to purchase.
(IV) Guy Simmonds do not make or give whether in these particulars, during negotiations or otherwise, any representation or warranty in relation to this property. No responsibility is taken by Guy Simmonds for any error, omission or mis-statement in these particulars. Guy Simmonds do not warrant the accuracy of any accountancy information supplied and purchasers are advised to take independent advice in order to satisfy themselves.
(V) Guy Simmonds are unable to give any warranty as to the working order of any apparatus, equipment, fittings or services associated with the premises and therefore, cannot verify they are in full working order. Purchasers are strongly advised to obtain specialist reports prior to exchange of contracts in order to satisfy themselves.
(VI) All statements and descriptions are made without responsibility or warranty by Guy Simmonds, the vendors or lessees. Neither do Guy Simmonds nor the vendors/lessees hold ourselves responsible for any expenses whatsoever incurred by applicants inspecting Businesses which may be sold or withdrawn, to include travelling, valuation/survey, legal fees etc.
(VII) No person in the employment of Guy Simmonds has any authority to make or give any representation or warranty whatever in relation to this property.
(VIII) It should not be assumed that the contents of any photographs are included in the sale.
(IX) All prices quoted are excluding stock at valuation.

Map & Nearby

Local Amenities

  • London Bridge City Pier 0.2 miles
  • Tower Millennium Pier 0.2 miles
  • Sir John Cass's Foundation Primary School 0.4 miles
  • David Game College 0.4 miles

Local map of the area

Map and Street View Map showing location of property

Local Amenities

  • London Bridge City Pier 0.2 miles
  • Tower Millennium Pier 0.2 miles
  • Sir John Cass's Foundation Primary School 0.4 miles
  • David Game College 0.4 miles
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Property descriptions and related information displayed on this page are marketing materials provided by Guy Simmonds. Zoopla does not warrant or accept any responsibility for the accuracy or completeness of the property descriptions or related information provided here and they do not constitute property particulars. Please contact Guy Simmonds for full details and further information.