Restaurant for sale

Relentless Steak & Lobster Restaurant, 39 The Boardwalk, Port Solent, Portsmouth, Hampshire, PO6 4TP

Guide Price £495,000

Property Description

Commercial information

  • Business for sale

Key features

  • Newly refurbished restaurant
  • Open plan restaurant (80 covers), 218 sq m
  • T/O 521,209 for 9 months to 30/06/16
  • Weekly takings in July & Aug 20,000-27,500
  • Outside seating (40 covers)
  • Free parking, Energy Rating C

Full description

Tenure: Leasehold

Description

Relentless Steak and Lobster Restaurant represents a fantastic opportunity to acquire a highly successful and well known restaurant in the heart of the desirable Port Solent Marina development.

The recently refurbished, fully fitted ground floor lock up restaurant is situated directly opposite the newly built children's play area.

Location

Relentless Steak and Lobster Restaurant is situated in the highly sought after Port Solent Marina development, which can be accessed directly off the M27 en route to the city of Portsmouth.

The marina features a range of retail outlets, restaurants, a David Lloyd gym and cinema complex.

Internal Details

Open plan restaurant (90 covers), ice cream counter, kitchen, office, disabled toilets and ladies and gentlemen's WCs.

Fixtures & Fittings

Fixtures and fittings are included within the purchase price and an inventory will be provided to prospective purchasers.

Tenure

Leasehold. The restaurant is held on a repairing and insuring lease for a period of 10 years from 2015. The current annual rent is £20,000 and is subject to five yearly rent reviews and no annual RPI rent increases.

External Details

Outside seating (40 covers) and two walk in fridge freezers.

The Opportunity

The business sees consistent trade throughout the year, with a significant boost in the Summer months as well as benefitting from visitors attracted to the range of retail shops and amenities in the development and the free parking on site.

The restaurant's ice cream parlour has been a very successful addition to the restaurant with plans to offer lunchtime sandwiches and light bites.

Staff

Please note that staff will transfer with the business in accordance with TUPE and a full staff list will be provided.

Trading Information

Net turnover of £521,209 for nine month period to 30 June 2016, with an adjusted net profit of £54,686. Note, this includes £80,000 worth of restaurant refurbishment costs. Advised weekly takings of between £16,000-£23,000, increasing to £20,000-£27,500 in July and August.

Trading Hours

Monday-Sunday: 10am-10pm

Business Rates

The Rateable Value is £19,750 for the year commencing 1 April 2017. There is an additional annual service charge of £26,000.

Regulatory

Premises Licence.
A3 Restaurant use.


More information from this agent

Nearest stations

  • Cosham (1.3 mi)
  • Portchester (1.3 mi)
  • Hilsea (1.9 mi)
Distances are straight line measurements from centre of postcode

Floorplans

Map & Street View

Nearest stations

  • Cosham (1.3 mi)
  • Portchester (1.3 mi)
  • Hilsea (1.9 mi)
Distances are straight line measurements from centre of postcode

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