Business for Sale in Norwich, Norfolk - BUSY CAFE - NORWICH CITY CENTRE, NORFOLK - Leasehold: £249,950

Key Information

Ref
R34888E
Type
Food Service Businesses: Cafes
Location
England: Norfolk
Tenure
Leasehold
Status
For Sale
Annual Sales
£375,000 Ex Vat
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  • Prime Location
  • High Turnover of c. £375k
  • Well Presented
  • 5 Star Food Hygiene Rating
  • Strong 2020 Trading Figures
  • Very Busy & Popular
  • Owner Operator or Investor
  • Good Profit Levels
  • Covid Ready
  • Call for Further Details

PARTICULARS
EM&F are delighted to be chosen to bring to the market this exceptionally busy and popular cafe situated within the prestigious Royal Arcade in Norwich City centre. Very well presented and fitted out, it offers an excellent opportunity for either an owner operator or a more hands off investor to come in and continue to benefit from the excellent trade that is currently enjoyed.

Having been proactive during the lockdown periods the business ensured that they were Covid ready and as such, once they were able to reopen, they have enjoyed strong trading figures with a number of weeks enjoying a higher turnover than in previous years.

THE BUSINESS ITSELF
Having been operated by the current owners for over 10 years the business is only coming onto the market due to their wish to slow down and retire. During this time the vendors have built the business up to where it is now with yearly turnover figures consistently in the region of £375k, which is extremely high for a cafe of its size.

The husband and wife team currently work in the region of 20-25 hours each per week meaning that this business could appeal to a variety of buyers. There is the option for another owner operator to come in and operate it on a full time, or part time basis, however it could also appeal to an investor who would like a more hands off investment. There is currently a part time manager in place and with some additions to staff hours or numbers then the business could become fully staff led. Even allowing for this the business will return a healthy and worthwhile profitable return.

ACCOMMODATION
ALL MEASUREMENTS ARE APPROXIMATE AND FOR GUIDANCE ONLY.

Set under cover in the Royal Arcade, the cafe is in a prime location for attracting the passing shoppers as well as local business employees seeking a spot of lunch or a quick coffee to take away. Previously set for 50 covers indoors it is now currently set up for 22 but with an increased number of tables outside in the covered public areas now accommodating a further 30 guests.

The restaurant area is well presented in modern neutral colours, well lit and with large windows to the two main elevations offering a warm welcome to all customers, with varying seating options which can be easily reconfigured to suit demand.

There is a large service area with two cold display counters, one hot plate and EPOS till point with a feature Elektra Crema Caffe coffee machine. Behind the counter you will find a hot chocolate machine, filter coffee machine, bean grinder and hot water urn. Also within this good sized space is a microwave, grill, blender, feature jacket potato oven, double panini grill and built in hob. Furthermore there is a under counter oven, prep fridges and a range of cupboards.

Through to the rear is an additional prep area with chest freezer and upright freezer, dishwasher, double door fridge and a range of racking and storage cupboards. There is then also access through to the toilet and a further small storage area.

The main cafe area including service counter measures c. 850 sqft with the rear area a further c. 175 sqft with the benefit of air-conditioning as well as convenient in and out entrance/exit doors. The business also has been awarded a 5 Star Food Hygiene rating.

FURTHER INFORMATION

OUR REFERENCE
R34888E.

OPENING HOURS
8:30am - 5:00pm Monday to Friday. 8:30am - 5:30pm Saturday and 10:30am - 4:00pm Sunday.

TENURE
Leasehold. The existing lease comes to an end in 2022 however we believe this to be within the Landlord and Tenant Act with the right to renew. We understand though that there may be the option of a new lease for an approved purchaser. We have been advised that the use of the external space is by separate agreement with the Landlord.

The purchaser will be responsible for the landlords costs and fees in connection with the assignment of the existing lease or for the grant of a new lease.

RENT PAYABLE
£39,500 per annum although we would expect this to be revised as part of the lease negotiations. We understand that there is an additional rent payment of £1,000 p.a for the use of the external space.

RATES PAYABLE
The Rateable Value is currently £39,500 however we understand that this has been re-evaluated and reduced down to £29,750.

This information has been provided to us by the vendor and any interested party is advised to enquire of the local authority to check the position with regards to business rates that will apply to a new owner.

VIEWING
Strictly by appointment only, please call our Norwich Office on (01603) 662 662 to make an appointment.

FINANCE
Finance may be available to suitable purchasers.

BUSINESS TO SELL?
Let us know as soon as possible! Just ask for a FREE NO OBLIGATION VALUATION and one of our valuers will carry out a detailed marketing appraisal of your business at a time of your choice.

PREMIER MARKETING
We take care to present our businesses to a standard like no other. Offering quality property particulars as well as detailed information on all of the online portals and our own website, make your business stand out from the crowd - call us today!

UNHAPPY?
Do you feel you are receiving the level of service promised by your agents? If not, we would be happy to carry out a FREE no obligation marketing appraisal of your business.

1. MONEY LAUNDERING REGULATIONS: Intending purchasers will be asked to produce identification documentation at a later stage and we would ask for your co-operation in order that there will be no delay in agreeing the sale.

2. General: While we endeavour to make our sales particulars fair, accurate and reliable, they are only a general guide to the property and, accordingly, if there is any point which is of particular importance to you, please contact the office and we will be pleased to check the position for you, especially if you are contemplating travelling some distance to view the property.

3. Measurements: These approximate room sizes are only intended as general guidance. You must verify the dimensions carefully before ordering carpets or any built-in furniture.

4. Services: Please note we have not tested the services or any of the equipment or appliances in this property, accordingly we strongly advise prospective buyers to commission their own survey or service reports before finalising their offer to purchase.

Copyright © EM & F Group Limited 2021 - Company No: 03035561 - VAT: 631 4000 02