Restaurant for sale

High Street, Colchester, Essex, CO1

£79,950
207 sq. m.

Property Description

Commercial information

  • Business for sale
  • 2,228 sq ft (207 sq m)

Key features

  • LEASEHOLD
  • Ref 14207 J

Full description

Tenure: Leasehold

LOCATION
Viet Garden occupies one of the most enviable and central trading locations on the main High street in Colchester.

Sitting alongside the country's major banks, restaurant chains and takeaway brands including KFC and Burger King and more importantly facing the town's most desirable department store Fenwicks which has recently undergone a 20 million facelift. The store attracts a heavy footfall which will set to increase with new restaurant concessions been introduced into its customer eatery level.

Colchester is a town in the county of Essex, in southeast England and dates back to Roman times with Colchester castle previously a Norman keep, built on the foundations of a Roman temple.

The centre of town is reached via the A12 link road which connects Chelmsford 24 miles to the west and Ipswich 18 miles to the east. The A12 also connect commuters to the M11 and M25 London orbital motorways.

The mainline train station and bus station are less than 5 mins walk away and there are several multi storey carparks around the business.

BUSINESS
Hilton Smythe are delighted to present to the market Viet Garden. A superb Vietnamese restaurant, established in the town by our client in 2011 and relocated to this prestigious site early this year. It is now offered for sale to allow our client to concentrate on his other business interests.


The new location offers an unlimited scope for development by any new owner who could both double the current number of covers by using the full height lower ground level as well increasing the current opening hours. The large student population would also be a desirable market to add deliveries through Just Eat or Hungry House or even manage in house.


The unique Vietnamese restaurant opportunity offers diners both gluten free and vegan food choices. Our client offers a chef's speciality set menu. The restaurant attracts both shoppers, diners and students and currently does not offer any deliveries or Groupon vouchers. An aspect of marketing the purchaser could consider.


The menu includes appetisers of Vietnamese spring rolls, salad rolls, green papaya salads, sweet paradise with prawns, chilli and garlic squid, soft shell crab, choice of meat and non- meat salads, soups, soup noodles and hot and sour soups. Mains include lemongrass stir fry, coconut curry, spicy beef stew, deep fried tilapia, deep fried catfish, stew fish, sizzlers, stir fry glass noodle and selection of sides. Desserts include ice creams, plantain fritters, Pandan pancakes, deep fried ice cream and coconut cream with banana and tapioca.


Due to its prime trading location, the restaurant currently enjoys a very busy lunchtime period, however adopting some new advertising and leaflet drop in the vicinity, could increase the evening trade period.


An alcohol licence is in place to serve from 11.00am -10.30 Monday to Friday, Saturday 11.00am -11.00pm and Sunday 11.00am -10.00pm which through further application could be extended later.

The excellent website will be included in the sale with full handover from our client.

PREMISES AND EQUIPMENT
A prestigious retail unit, our client has spent in the region of 50,000 transforming the unit into a fully equipped and relaxed dining restaurant experience . It has been completely rewired with new fire alarm system and cctv throughout.

Ground floor - 48 covers with selection of different table sizes. Newly fitted central bar servery with 2 x glass fronted drinks chillers, sink , computer and till , card machine , and ample storage shelving . Includes traditional Vietnamese lighting and decoration.

Separate ladies and gents toilets.

Kitchen - stainless steel heat cupboard, grease trap ( a Colchester A3 necessity), double stainless steel sinks, stainless steel central prep fridge, fixed wall shelving, undercounter fridge, triple marble topped stainless steel prep fridge, 2 x microwaves, warming cupboard and plate stack, 6 x gas burner stove, large extraction unit, 5 x wok Chinese stove, 2 x chest freezers and 1 x upright freezer.

Rear storage - including dry store cupboard, additional equipment including falcon fryer, salamander, 2 gas burner and fire exit.

TENURE
We are advised Leasehold.
The original lease length is 12 years
11.5 years remaining.
Rent is 38,000 per annum.

Business rates are currently 11,000 per annum.

HOURS
The business currently opens:-

Monday to Saturday 12 noon to 4.00pm and 5.00pm to 9.30pm
Sunday 12 noon to 3.00pm.

STAFF
The business is owner run with the assistance of 3 full time kitchen staff and 3 full time front of house staff.

Our client informs us due to the large student population he finds it very easy to attract staff.

FINANCIAL PROFILE
According to the 2016 accounts turnover is in the region of 300,000 with a gross profit circa 72%.


Nearest stations

  • Colchester Town (0.4 mi)
  • Colchester (0.8 mi)
  • Hythe (1.3 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

Hilton Smythe, Bolton

20 Wood Street, Bolton, BL1 1DY

01204 299002 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

Map & Street View

Nearest stations

  • Colchester Town (0.4 mi)
  • Colchester (0.8 mi)
  • Hythe (1.3 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

Hilton Smythe, Bolton

20 Wood Street, Bolton, BL1 1DY

01204 299002 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

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