Restaurant for sale

Cecil Square, Margate, Kent, CT9

Under Offer £69,950

Property Description

Commercial information

  • Business for sale

Key features

  • Well established licenced restaurant, club and bar
  • Average weekly income c. £11,000
  • 4am alcohol license, potential to extend opening hours and increase food sales
  • Excellent central location, viewing highly recommended

Full description

Tenure: Leasehold

DESCRIPTION
This is a rare and exciting opportunity to acquire a long established and well known licensed restaurant, club and bar which occupies a prime trading position in the vibrant city centre of Margate, which has been one of the leading seaside resorts in the UK for many years, drawing visitors to its miles of sandy beaches.

The Gallery is proudly located within Margate's Pleasure Beach Area close to the sea front, bus stations and train stations and is regarded as one of the prime leisure and tourist parts of the town. The area around the Pleasure Beach has undergone a massive regeneration scheme in recent years, with numerous stylish bars, boutiques, cafes and restaurants thus attracting both locals and also holiday makers throughout the year.

Having successfully operated within the city since approx. 2000 and under the current ownership since 2010, The Gallery has acquired a truly enviable reputation for offering one the best destination settings within the town, as it literally offers something for everyone including 80's & 90's nights, live bands, birthday, stag and hen parties as well as being family friendly during the day, by offering a wide selection of food cooked fresh on the premises by a full time chef.

The business operates from a spacious and versatile property which is well presented throughout, with attractive décor and furniture creating a relaxing environment at all times, making families also welcome.

The Gallery is a thriving and highly lucrative business and although operates seven days a week, it only takes advantage of the 4am licence on a Friday and Saturday night, giving fantastic potential for future growth and increase in income.

The business would therefore be ideally suited to both an experienced independent operative or as an excellent addition to an established corporate portfolio of licensed outlets. There is the opportunity to extend the opening times which will undoubtedly increase the already healthy profits yet further, this certainly is an attractive opportunity for any buyer.

This is a rare opportunity to purchase a highly successful and well known city centre venue which is only now being offered for sale due to other business interests outside of the leisure industry and viewing is therefore highly recommended to fully appreciate the area in general..

ACCOUNTS
Current records and accounts can be inspected when viewing.

TRADING HOURS
Open 7 days a week
Monday to Wednesday 08:00 - 22:00
Thursday 10.00 - 03:00
Friday & Saturday 10.00 - 04:00
Sunday 10:00 - 21:00

STAFF
Run under management with assistance from the owner, along with additional part and full time staff.

PROPERTY
A substantial and highly visible two storey property which occupies a prominent roadside position within a densely populated area of the town centre, close to the sea front and within easy reach of the renowned Pleasure Beach area of Margate.

BAR/RESTAURANT/ANCILLARY AREAS
Ground Floor
The welcoming open plan customer areas have all been refurbished since 2013 and are well presented with tasteful and vibrant décor throughout. There is a spacious main bar & restaurant area with a dance floor and a well-equipped commercial kitchen, which was replaced at a cost of over £20,000 only recently. The main entrance leads into the welcoming bar area, which is neatly presented with subtle lighting, ample seating and also includes the DJ booth.

Lower Ground Floor
Tastefully presented ladies and gent's toilet facilities which again have been refurbished to an extremely high standard.

A beer cellar, spirit store and bottle store are also located on the ground floor.

CCTV
During the refurbishment programme, a state of the art CCTV system was installed at a cost approaching £30,000 and boats 32 camera's which can be viewed remotely giving peace of mind for the current and any new owner.

RESIDENTIAL ACCOMMODATION
There is no accommodation for owners or management.

TENURE
We are advised that the property is available as a Leasehold with a 10 year lease which commenced in 2010. The annual rent is £42,000 exclusive. We have been advised by our client that the landlord may be willing to extend the lease or grant a new 10 year lease on change of ownership with terms to be agreed.

We have been unable to check this information and advise prospective purchasers to consult their own solicitor for verification.

SUMMARY
A rare opportunity to purchase a terrific business with a fantastic reputation, which occupies such a prime city centre location with genuine future growth.

A viewing is highly recommended to fully appreciate the area in general and quality of the business premises.

More information from this agent

Nearest stations

  • Margate (0.5 mi)
  • Westgate-on-Sea (2.0 mi)
  • Broadstairs (2.9 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

ALTIUS GROUP LIMITED, Kings

Kings Business Transfer, 7b Edward Vii Quay, Navigation Way, Ashton-On-Ribble, Preston, PR2 2YF

01772 399199 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

  • Margate (0.5 mi)
  • Westgate-on-Sea (2.0 mi)
  • Broadstairs (2.9 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

ALTIUS GROUP LIMITED, Kings

Kings Business Transfer, 7b Edward Vii Quay, Navigation Way, Ashton-On-Ribble, Preston, PR2 2YF

01772 399199 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.

Disclaimer - Property reference 44085. The information displayed about this property comprises a property advertisement. Rightmove.co.uk makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and Rightmove has no control over the content. This property advertisement does not constitute property particulars. The information is provided and maintained by ALTIUS GROUP LIMITED, Kings. Please contact the selling agent or developer directly to obtain any information which may be available under the terms of The Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations 2007 or the Home Report if in relation to a residential property in Scotland.

Map data ©OpenStreetMap contributors.