Restaurant for sale

Castle Gate, Newark, Nottinghamshire, NG24

190 sq. m. | £94,950

Property Description

Commercial information

  • Business for sale
  • 2,045 sq ft (190 sq m)

Key features

  • REF: 1844
  • LEASEHOLD
  • GREEK RESTAURANT

Full description

Tenure: Leasehold

BUSINESS
Hilton Smythe is delighted to welcome to the market this well established and high quality Greek restaurant business with party venue in Newark-on-Trent, Nottinghamshire. The business was established by our client in 2007. Only now is the business offered to the market due to our client`s other business interests. The business is open six days per week and generates a turnover in the region of 286,000 per annum, with a gross profit of approximately 68%.

Our client offers authentic Greek cuisine including starters, A La Carte, steaks and Mezze and desserts, as well as having a chef special menu and set price menu. The business currently has two Greek chefs, who have modified many of the traditional Greek dishes to la carte, using only locally sourced produce wherever possible.

The business has three restaurant areas. The vaulted cellars offer a unique dining experience with several intimate dining areas with 76 covers. There are a further two dining areas to the ground floor with 32 x covers and first floor with 32x covers. The commercial kitchen has been expanded to maintain charcoal facilities for a distinctive smell and taste. We are advised that there are flats to the second floor of the property, which could be available by separate negotiation.

The business also benefits from a superb party room to the rear of the property with approximately 120 covers and its own bar area, buffet area and stage, where our client regularly holds Greek theme nights during the summer months. We feel the turnover could be increased by extending the opening hours. This is an excellent opportunity for a new owner to take this thriving and profitable concern to the next level; therefore early viewing must come highly recommended.


LOCATION
Greek Steakhouse occupies substantial two-storey premises, which is ideally located in Newark-on-Trent, Nottinghamshire. The business is surrounded by a wealth of complimentary shops and businesses and benefits from several public car parks within close proximity. The area is well served by the public transport system with several bus stops within easy walking distance of the property. The nearest train station is less than half a mile away.

The business is located on the very busy Castlegate and benefits from a vast amount of footfall and passing trade. Newark-on-Trent is a desirable place in which to live and work and is also popular with commuters, due to excellent road links across the region. Newark lies on the River Trent, with the River Devon also running through the town. According to the 2001 cencus, the town had a population of 25,376.

The area is well served by the A-road system with the A46 approximately mile away from the property, which links to the vast A-road and motorway networks. Lincoln is approximately 18 miles away and Mansfield is 19 miles away.

PREMISES
Two storey, mid-parade Grade II listed premises, briefly comprising:

Ground floor with:
Entrance hall with stairs leading to first floor office area.

Bar area with:
Soft seating area.
Bar with 2 x single door drink chillers, 2 x double door drink chillers, EPOS system, coffee machine, optics display area and glass washer.

Restaurant dining area with tables and chairs for 32 covers.

Ladies and gents WCs.

Commercial kitchen with:
2 x six burner cookers, chargrill, Bain Marie and hot cabinet, separate hot cabinet, 2 x commercial microwave ovens, full extraction system, grill, 3 x upright refrigerators, 1 x upright freezer, three door cabinet refrigerator, 5 x stainless steel preparation tables, 1 x double plate warmer, 1 x single plate warmer, commercial sink unit, racking and shelving to suit trade and dumb waiter.

Pot washing area with 2 x commercial sink units, commercial dishwasher and stainless steel shelving.

First floor with:

Restaurant dining area with tables and chairs for 32 covers.

Lower ground floor with:

Restaurant divided into several dining areas with 76 covers.
Dumb waiter to kitchen area.

Outside covered party venue area with:

Dining/party room with tables and chairs for 120 covers and stage area.
Bar area with 2 x large drink refrigerators, optics display area, EPOS system and buffet area.

Ladies/disabled and gents WCs.
Laundry area with washing machine and tumble dryer.
Brick built wine cellar with refrigerator.

External with:

Walk-in chiller to back of kitchen.
Outside shed with chest freezer.
Large wooden storage sheds.

The property is fully alarmed and benefits from CCTV with 8 x cameras.

TENURE
We are advised leasehold:

Original lease length: 10 years
Remaining lease length: 10 years
Review every: 5 years
Rent: 25,000 per annum.

HOURS
The business is open:

Monday - Saturday: 6.00pm - 10.00pm
Sunday: Closed

STAFF
The business is owner run and managed with 3 x full time and 10 x part time staff members.

FINANCIAL PROFILE
The business generates a turnover in the region of 286,000 per annum, with a gross profit of approximately 68%.


Nearest stations

  • Newark Castle (0.2 mi)
  • Newark North Gate (0.6 mi)
  • Rolleston (3.8 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

  • Newark Castle (0.2 mi)
  • Newark North Gate (0.6 mi)
  • Rolleston (3.8 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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