Southside Restaurant | Highly Popular, Usually Fully Booked | Option to Purchase Building

$275,000 plus SAV

Description

For sale is a long established and highly popular Restaurant that is located in a Southside suburb of Canberra.

This business has been run by the current owner for almost 2 decades and in that time he has built a loyal following of regular customers who come like clockwork to experience the food and hospitality that the business provides and the Restaurant is almost always fully booked for all sittings. Currently it operates over a 4 day trading period to suit my clients lifestyle and pace but there is sufficent demand that it could open 5/6 or 7 days per week.

Having used the business to build wealth over a long period of time my client is now looking to find a new owner to take over his lucrative and popular business. My client owns the building that the Restaurant is located in and he is prepared to either offer a low cost 5×5 lease or alternatively he will sell the building to the buyer at market value.

For many first time buyers it can be challenging to secure a commercial lease with landlord proving increasingly reluctant to assign to buyers without the percieved experience and so this is a rare opportunity to bypass that process.

Ideally the buyer will have cooking experience to take over my clients role but it isnt compulsory, there is a transition plan that can be put in place that will allow a front of house owner operator to take over the business and my client is willing to stay on to provide enough support and help to ensure that the buyer is up and running successfully.

This is an exciting opportunity for any buyer who is looking to take over a highly popular and profitable business with the added opportunity to purchase a commercial property.

Staff No

A head Chef and Manager are both in place and prepared to play key roles in the future of this business.

Lease Info

If leased then a 5x5 year term has been drafted with an affordable base rent of only $40k per annum. If purchased the building will be offered at current market value of $400k. If the purchaser wants to buy the building but cannot afford it immediately then my client is willing to offer first right to buy clause in the lease and is open to selling the building after the sale offering the chance to build a separate asset.

Trading Times

Wed-Saturday Closed Sunday, Monday and Tuesday

Opportunity

Opening longer hours; 5 or 6 days would see immediate groth. Currently the business operates BYO, applying for a liquor licence would allow greater sales of alcohol

Reference No: RIMS0106

Business Listed by

Robert Illsley

Hospitality Consultant, Licensed Business Broker Canberra ACT @ GSE Hospitality Brokers

Robert Illsley is a licensed Real Estate Agent running the NSW Regional and Canberra office of GSE Business Consultants who specialise in selling food businesses.

I am very passionate about hospitality and have been involved in the industry for much of my working career. I trained as a Fine Dining Restaurant Manager and I have also been involved in the Wine Industry having spent 6 years working for one of th UK’s most well respected merchants.

In 2014 I set up my own specialty coffee shop which I ran for 4 years and I discovered a passion for broking when I came to sell my business. After a couple of bad experiences with brokers I discovered GSE and Paul showed me the right way to sell a business and he helped me to achieve a great price for my café in a reasonable time frame.

I understand that café owners are hard working people and when it comes to selling you want to entrust the sale to somebody who is as passionate about your business as you are.

I believe that selling a business works best in partnership between the broker and the seller and I work hard to gain an intimate knowledge of how your business works and what makes it special and unique and my passion and knowledge for the industry allow me to speak with authority when I am talking to buyers.

It is never too early to develop an exit strategy so if you have been thinking about selling or just want some help to understand what the process will be like when you do, then don’t hesitate to get in touch with me at any time.

Robert Illsley 0415 243 750

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The Prospective Buyer of the Business agrees to be bound by this deed as follows: All information of a confidential nature disclosed to the Prospective Buyer (including to Agents, legal & other advisors) may not be disclosed to any other party prior to, during a subsequent to the entering into by the Prospective Buyer of a contract.

All records of the Business, financial, intellectual or otherwise are confidential and must remain so. This deed does not prevent any party from making a disclosure required by the law and does not include information normally in the public domain.

The Prospective Buyer acknowledges information supplied by GSE Business Consultants: Is provided by and on behalf of the Business Owner. Is not guaranteed by GSE Business Consultants and it shall be the responsibility of the Prospective Buyer to do whatever is reasonably necessary at its own expense to verify such information GSE Business Consultants are not acting as an investment or financial advisor.

The Prospective Buyer confirms GSE Business Consultants, having supplied the material requested by the Prospective Buyer does so as agent only and as such bears no responsibility for the accuracy thereof or any errors contained therein and the Prospective Buyer will not hold GSE Business Consultants liable for any loss or damage sustained with respect to reliance on such information.

The prospective buyer hereby agrees not to approach any staff member or the business owner either directly or indirectly. When visiting the venue as a customer this must be done with absolute discretion.. Furthermore, the prospective buyer agrees not to discuss the sale of the business with anyone without first disclosing that person’s contact information to GSE.

All information and material provided under this deed will be returned, destroyed or otherwise dealt with in accordance with the Business Owner’s instructions if no contract is entered into. All contact with the business owner must be organised through GSE unless the business owner is advertising through The Six Steps to Sale Program offered by GSE.

The prospective buyer hereby accepts that their contact information may be shared with the seller of any business on which an inquiry has been made. GSE will not share the contact information of the prospective buyer with anyone outside of GSE with the exception of the business owner as referred to above.
In addition to accepting the terms outlined above, please be aware that by agreeing to the GSE Confidentiality Agreement, you also consent to receive marketing communications from GSE related to similar business opportunities. Your contact information may be shared with the seller of any business in which you express interest, as well as with GSE for the purpose of facilitating such transactions. Rest assured that GSE will not share your contact information with any third parties outside of our organization, except as mentioned above in relation to the business owner. Thank you for your understanding and cooperation in this matter.

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