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Restaurant for sale

Custom House Quay, Weymouth, Dorset, DT4

£54,950
170 sq. m.

Property Description

Commercial information

  • Business for sale
  • 1,829 sq ft (170 sq m)

Key features

  • LEASEHOLD
  • Ref 13859 I

Full description

Tenure: Leasehold

BUSINESS
Hilton Smythe welcomes to the market the recently opened and furbished Adriatico Restaurant, For Sale due only to our client's emigration plans.

Adriatico simply means 'The Adriatic' which is what this immaculately presented, beautifully styled Mediterranean themed pizzeria, bar & restaurant is based upon. Truly authentic with imaginative menus. The only Theme restaurant in Weymouth with diverse menu using only fresh ingredients and homemade fresh pizza dough, grilled whole fresh fish and steaks, Italian and Mediterranean cuisine style. The restaurant also serves from time to time specials, with great English cuisine influence in order to attract locals.

A3 Licensed, the business also offers a largely stocked drinks bar with a fine wine menu. The business specialises in fresh produce, cooked to order and catering for an excellent mix of local repeat clientele, party and function trade, plus some tourism. Adriatico has begun to build its excellent reputation locally fairly swiftly.

Trading for around 1 year, the business invested a large capital expenditure to create the look and feel that the restaurant now enjoys, attracting a fairly steady clientele with an average spend per head of around £20 per person. With a good online presence and a Tripadvisor score averaging 4, the business enjoys really good feedback. Scope exists to grow the local social media side, and add a more formal website.

We are advised that Weymouth and Portland Councils are about to create a pedestrian zone in Custom House Quay, therefore the terrace will be available for customers to sit outside and enjoy meals and drinks, a fantastic asset for the business.

Opening hours could be extended to include breakfast, lunch and dinner, to allow organic growth to turnover now that the business has gained a strong footing. Equally there would be a high demand for fresh made pizza delivery throughout the town and outlying areas. Furthering the function and parties trade would also add further scope and growth. Ideal for a husband wife team or chef and partner to push this going concern to a new level.




LOCATION
Adriatico Restaurant sits on the main harbour, in the town of Weymouth, within the county of Dorset.

A highly prominent position on the quayside road which runs alongside the main harbour in Weymouth. Visibly striking with lovely kerb appeal, the business has vibrant backlit external menu displays, and clear signage, shared patron parking bays along the harbourside, and is in the vicinity of many other complimentary operators and businesses in this enviable location.

As you would expect from a town that hosted the sailing events for the London 2012 Olympic games, Weymouth is an extremely sea, harbour, and waterside led location. With a local population of circa 55,000 people, the town benefits huge tourism with a day visitor count of around 1.7 million per annum.

Local attractions include Weymouth Sealife Park, an award winning sandy beachfront with attractions and Jurassic coastal views. A picturesque town with largely Georgian architecture, and densely populated residential surrounds. Good public transport and an excellent road network, link up the nearby counties and towns, including Bournemouth, Poole and Lyme Regis.

PREMISES
Ground floor unit, with inner space of 145sqm, that makes up part of the Royal Dorset Yacht Club based at Custom House Quay.

A stunning looking and inviting character building with much kerb appeal. The ground floor premises itself is immaculately presented throughout, with lovely Mediterranean style colours, décor, look, feel, and ambience. Modern nearly new fixtures and fittings briefly comprise a mixture of loose bistro tables and dining furniture, laid out with plentiful space in the current configuration, to clean looking and contemporary timber style floors, and galleried areas with balustrades.

A central bar and servery in the style of a ship and nautical feel adds to the presentation. Local artwork and relevant pictures adorn the walls. To the rear of the premises is a shared and lovely looking Al Fresco decking space with awnings and umbrellas, whilst to the front there is a small bistro table pavement area.

The premises benefits from a substantial stainless steel, fully fitted, and well equipped trade kitchen with grills, ovens and extraction. No expense has been spared on general equipment which includes an authentic pizza oven and prep station, plenty of ancillary areas, prep/serve hot cupboard counters, dry stores, wash-up room, storage, utility rooms including fridges and freezers in all too much to list.
The equipment is modern and mostly all new costing £50,000.

TENURE
We are advised the business is being sold as a Leasehold business opportunity.
A renewable 10 year lease term has recently been agreed
7 years remain on the existing lease, as of 2017.
Review period: 5 yearly
Rent: £18,000 pa.

The landlord has agreed to negotiate a new 10 year lease with the purchaser.
According to the VOA website, the current rateable value is £15,500 pa.

HOURS
The business currently opens everyday from 4.00pm to 10.30pm, with the potential to expand to include lunchtime dining.

The business currently opens with slightly reduced hours in the winter months.

STAFF
The business is run by a hands-on owner operator, with the help of a full time chef, and mixture of full and part time waiting staff.

FINANCIAL PROFILE
We are advised the restaurant is currently taking around £500 per day with projected takings increasing to circa £1000 per day.

Following a large capital expenditure on set-up, and the depreciated value of any fixtures, fittings and equipment, the adjusted net profit is thought to be around £40,000


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