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Business For Sale. Magnificent Floating Chinese Restaurant In East London

LISTING DETAILS
Firms For Sale ID:
34702
Vendor reference:
E7568FS
Vendor website:
     
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BUSINESS DETAILS
Location:
Primary sector:
Asking price:
£2,500,000  
Turnover / revenue:
Undisclosed
Net profit / cashflow:
Undisclosed
Trading hours:
Tues – Sun noon – 10.30 pm. (Closed on Mondays)

OTHER DETAILS
Business is relocatable:
No
Business is web-based:
No
Business is home-based:
No
PROPERTY DETAILS
Lease terms:
LEASEHOLD – Held on 25 year renewable boat mooring lease from 2013 with the rent reviews @ RPI at a current rent of £52,000 pa.
 
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BUSINESS DESCRIPTION
In an upmarket area, close to famous venues, large office blocks, residential area, etc. On 3 level decks, total 14,235 sq ft, 500 seats, beautiful decor. Tkg £2,200,000 pa. 25 yrs lse from 2013, Retail Price index rent reviews, rent £52,000 per Retail Price Index, rates £56,000. Est 25 yrs MAGNIFICENT FLOATING CHINESE RESTAURANT IN EAST LONDON

This floating restaurant is arranged on 3 levels and has an absolutely tasteful decor. The lower deck measures some 4,280 sq ft comprising a kitchen, stores, a walk-in freezer, male & female toilets and a fire exit. The main deck measures approximately 3,705 sq ft comprising a reception desk, main seating area over-looking the water front, 2 dumbwaiters leading to the lower deck kitchen, disabled toilet and a staircase leading to the function area on the upper deck. The upper deck measures approximately 3,250 sq ft comprising the function room and restaurant with a terrace. This beautiful floating restaurant is well maintained to a very high standard, has eating capacity for 500 people in and there are 2 parking spaces on the jetty for the owners.

EQUIPMENT: The business is very well equipped for the present trade.
RATES: Business rates payable £56,000 per annum.
COMMENTS: Price includes full ownership of the boat which was purchased for £1,000,000 prior to reinforcing and fitting out.

Market / Competition / Non-Competition Agreements
This magnificent floating restaurant has been established for 25 years and the owner now wishes to retire. The annual turnover is £2,200,000 @ 65% to 70% g.p.