Restaurant for saleLucano Restaurant, Victoria Street, Kirkwall, Orkney Islands, KW15
- Business for sale
- Use class orders: A3 Restaurants and Cafes
Lucano Restaurant is a popular and renowned Italian restaurant and is presented to the market to allow new owners to drive this successful business to the next level. Lucano's provides a quality business with exceptional fixtures and fittings plus a strong reputation for excellence in food provision and service. The business trades from a format of quality Italian cuisine which is prepared from fresh, locally sourced produce wherever possible. The business is named after Lucania an ancient district of southern Italy renowned for its earthy and honest food reflecting the area's rural traditions. A key selling feature of this restaurant is the modern quality décor and the high level of service support facilities. The charming ambience of the restaurant plus the strong trading location makes this a most attractive business and investment proposition. Set to around 50 covers, the trading area covers an area of approximately 79.2m2. The service support areas extent to 73.3m2.
Lucano's has a sustainable trading model with its appeal to both locals and tourists alike. The demand for excellent cuisine on the Island is high especially during the busy summer month's resulting in the business operating at a high level employing around 9 staff. The current owner does not work directly within the business which means that a new proprietor with a strong desire to have a hands-on role could drive a higher level of profitability. The present operation trades 6-days a week being closed on Mondays.
The present owners have operated Lucano's since December 2010, but it is their desire to focus on family issues on the mainland which brings this desirable and highly profitable business opportunity onto the market.
Lucano's is found in Kirkwall on the beautiful Orkney Islands. Kirkwall is the Islands main town with around 9,000 inhabitants. This welcoming community is supported by well-established infrastructure and social facilities locally. There are excellent sports facilities and leisure facilities and the £15 million Pickaquoy Centre in Orkney is recognized as a first class facility. The standard of education in Orkney is also extremely high with Kirkwall Grammar being recognized as one of the best in the Country. Kirkwall is a major administrative and communications centre with Ferry Services to Aberdeen and Lerwick. The Town has a strong history encompassing pre-history, Pictish and Viking heritage which is reflected in the many places of interest to visit. The islands are home to around 19,000 islanders, who enjoy an enviable quality of life, amidst stunning and varied scenery, all bounded by the ever-changing sea. Besides abundant wildlife, Orkney holds possibly the greatest concentration of archaeology in NW Europe, including the unique Neolithic village of Scara Brae, and the group of sites clustered around the Ring of Brodgar, and known as Orkney's Neolithic Heartland, which was granted World Heritage status by UNESCO in 1999. Visitors can also enjoy the vibrant contemporary culture and a wide range of activities including excellent fishing, bird watching, golf, climbing, walking and sailing, though many enjoy the peaceful ambience of the islands.
Lucano's is of traditional construction under slate roof. The building benefits from modern fixtures and fittings throughout and has accommodation laid out to two floors.
From the front of the building the main door opens into an open-plan area which provides access to the customer seating area which can comfortably sit 50 diners utilizing free-standing tables and chairs. To the left is an area with fixed seating and is a waiting area for customer ordering take-away products. The bar is also accessed from this open plan area and is stocked with a fine range of wines and other beverages. It is immediately obvious that the current owners have invested significantly and wisely into the infrastructure and furnishings. The ambience of the trading area perfectly matches the functionality of the business. The customer facilities extend to disabled, gents and ladies W.C.s, which area also well-presented.
The service areas are well-appointed with a large modern kitchen which is ideally suited to both a busy take-way service plus a vibrant restaurant trade. The business benefits from a modern walk-in chiller and freezer. There is ample ambient dry-goods stores and beverage stores. On the second storey is an office facility and a staff W.C.
There is no private accommodation with this sale but there are many residential properties within the Kirkwall area.
Mains electricity, water and drainage plus bottled propane gas for cooking only. The business has a modern electric boiler providing hot water.
The property has an Energy Performance Certificate rating of 'tbc'.
Lucano Restaurant operates under the Licensing Scotland Act 2005 and a copy of this will be made available to interested parties post viewing.
Trading figures for the year to 30th Nov 2014 show a turnover of c£433,000 net of VAT and adjusted net profit of c£122,000. The Restaurant business closes Mondays which provides enthusiastic new owners with an opportunity to increase turnover and profitability.
OFFER TO PURCHASE CONDITIONS
Capital Premium: £150,000; Rent: £24,000 p.a. rent; Rent Payments: Monthly in advance; Lease Duration: 5 Years; Option to purchase: 100% Capital repayment if freehold purchase is secured within 5 years; 75%). Stock at valuation.
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