LICENCED RESTAURANT PREMISES
LEASE FOR SALE
Located in the heart of Oxford city with the benefit of frontage to the historic High Street and close to the prime retailing areas of Queen Street and Cornmarket Street, the premises are well placed to attract custom from the local residents, students and the many visitors to the city throughout the day and into the evening.
Currently trading as a long established licensed Indian restaurant, the premises would also be suitable for other cuisines.
The mid-terraced property provides deceptively extensive accommodation laid out over 4 floors. On the first floor is the 80 cover restaurant with bar area and kitchen/storage to the rear. On the upper floors are the customer toilets, a bed sitting room (previously used as a party/function room), 6 further rooms and a bathroom suitable for staff accommodation. The premises are leasehold with the current term expiring 2014.
- VERY BUSY CENTRAL LOCATION
- DECEPTIVELY LARGE PREMISES PROVIDING BUSINESS AND RESIDENTIAL ACCOMMODATION
- LONG ESTABLISHED BUSINESS FOR SALE OR CLASS A3 PREMISES SUITABLE FOR OTHER RESTAURANT USES
- 80 (UP TO 95) COVER FIRST FLOOR RESTAURANT, KITCHENS AND STORAGE. UPPER FLOORS PROVIDE BEDSIT WITH SHOWER ROOM PLUS 6 FURTHER ROOMS AND BATHROOM
- LEASEHOLD EXPIRING 2014
THE PREMISES (All dimensions approximate and for guidance only).
Staircase up from High Street to:
On the First Floor
RESTAURANT 33′ 8″ x 21′ 3″ (602 sq. ft.) with tables and chairs seating 70. Corner BAR area with lager pump, stainless steel 1½ bowl sink unit, Sammic glass washer, Servis fridge.
KITCHEN 314 sq. ft. Fitted and equipped for the trade with commercial stainless steel double bowl double drainer sink unit, stainless steel preparation table, Polar chiller room, Tandoori oven, Falcon 4 burner gas hob and oven, Vulcan 6 burner gas hob and oven, extraction system, Lincat 2 pan deep fat fryer.
There are 2 staircases from the first to the second floor providing separate access to the residential and business accommodation. There is also a separate staircase from the kitchen down to the ground floor providing service/delivery access.
On the Second Floor
LANDING Panelled radiator.
ROOM 1 6′ 2″ x 5′ 10″.
2 x CUSTOMER TOILETS each with low level W.C. and hand wash basin.
REAR STORE ROOM 14′ 3″ x 14′ 1″. Cupboard enclosing boiler supplying gas fired central heating.
On the Third Floor
LANDING Walk in cupboard.
ROOM 2 13′ 7″ x 8′ 3″. Panelled radiator.
ROOM 3 16′ 8″ x 8′ 9″. Panelled radiator.
ROOM 4 (Bedsitting Room) 19′ 8″ x 12′ 6″ with stainless single drainer sink unit and SHOWER ROOM with hand basin, low level W.C. and shower cubicle.
On the Fourth Floor
LANDING Store cupboard.
ROOM 5 16′ 8″ x 15′ 4″. Panelled radiator.
ROOM 6 17′ x 8′. Panelled radiator.
ROOM 7 13′ 5″ x 8′ 3″. Panelled radiator.
BATHROOM Low level W.C., hand basin and panelled bath.
EQUIPMENT The above mentioned presents the main items of equipment although a detailed inventory will be attached to the Contract of Sale.
TURNOVER Copies of our clients trading accounts will be available for inspection to bona fide prospective purchasers at the appropriate time. Sales for the year ending May 2005 amounted to £108,752 exclusive of V.A.T. generating a gross profit margin of 76%. Accounts have not yet been prepared for the last financial year although a net turnover of £110,000 is estimated.
As the proprietors are Muslim they have chosen not to sell alcohol and operate a ‘bring your own’ policy. Selling alcoholic drinks with meals would undoubtedly have a positive impact on turnover if introduced by the new owner.
STOCK To be taken at valuation at cost price in addition and expected to approximate.
HOURS 7 day trading, 12 noon to 2.30 p.m. and 6.00 p.m. to 12 midnight.
STAFF The business is run by the husband and wife proprietors with the assistance of 3 x part-time employees.
GENERAL INFORMATION
TENURE The premises are held on a 13 year lease from July 2001 expiring July 2014 on an effective fully repairing and insuring basis although the landlord is responsible for the roof and main structure. Rent reviews is in 2011. Present rent payable £28500 per annum, exclusive of rates– further details on application.
RENT DEPOSIT Subject to the status of the assignee, the landlord may require a rent deposit equivalent to 3 or 6 months annual rental, to be held for the duration of the lease. Purchasers should take this into consideration when preparing financial forecasts and budgets.
RATES Rateable Value: £19,500 (2005 Assessment)
Rates Payable: £ 9151 per annum (2006/2007).
SERVICES All mains services connected. Telephone installed (Subject to British Telecom regulations).
PRICE For the Goodwill, Leasehold Premises, Trade Fixtures, Fittings and Equipment
LEGAL COSTS Each party to be responsible for their own legal costs in the transaction.
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