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Restaurant for sale

Waterloo Street, Teignmouth, Devon, TQ14

£29,995
153 sq. m.

Property Description

Commercial information

  • Business for sale
  • 1,646 sq ft (153 sq m)

Key features

  • LEASEHOLD
  • Ref 14263i

Full description

Tenure: Leasehold

LOCATION
Chino's Restaurant is situated in the hidden coastal gem that is Teignmouth, within the county of Devon.
Easily located with prominent, visible, and vibrant signage, the restaurant has lovely kerb appeal and sits at the heart of the pedestrianised main walk way through the town, within the vicinity of plenty of other oper-ators and businesses both independent and major. There is plenty of parking throughout the town, and some free 1 Hour bays located adjacent the pedestrian area.

Teignmouth is a hidden gem of the Devon coast and although busy with tourism, also benefits from trade from a solid local year round community with a population circa 16000 people. The restaurant sits a short walk from the main attractions of the sea front, including Teignmouth Pier, the Central Gardens, and the promenade and sandy beachfront.

Public transport links are good, with an excellent road network via the A381 linking to Kingsteignton and the main A38 meeting the city Exeter circa 15 miles away.

BUSINESS
Hilton Smythe welcomes to the market Chino's Restaurant.
A popular A3 licensed restaurant with Mediterranean style cuisine. An imaginative Greek inspired menu offering popular staples such as Meatballs, Stifado, Hummus, Prawn Cocktail, and authentic Greek Mezze. Being licensed, there is a superb offering of accompanying beverages including wines by the bottle or glass, and coffee. High gross profiting food menus have been carefully selected and put together, with a spend per head average of around £20.

Locally renowned with a superb reputation, much repeat and regular clientele, the bookings diary is always busy to full, even on a part time opening basis of 3 days per week. Tripadvisor and similar websites speak volumes of the superb business our client has built up, making this a very attractive proposition at a keen asking price with low rent, and zero rateable value.

The business could benefit from some social media interaction, and a dedicated website but does perform strongly year-round with plenty of quality online reviews from tourist trade.
Although an already successful business that has been built up quickly over the past year, with an increasing turnover, there remains much scope and growth for a first-time business buyer, or husband wife team or partnership. Trading currently on a part time basis, 3 days per week, the opening times and hours could be extended very easily thus at least doubling the expected turnover.

PREMISES & EQUIPMENT
An extremely manageable premise circa 30 covers, on a lock-up basis or accommodation above by separate negotiation on assured tenancy basis.
Well appointed, presented, and maintained throughout, there is a lovely décor, vibe, look, feel, and ambience about the whole place. Very Mediterranean in its appearance as you would expect, although not out of character for such a lovely beach resort as Teignmouth.
A largely open plan single room premise with loose dining furniture for around 30 people. Rear counter, servery and waitress station, anti-slip catering floors throughout. Rear fully equipped stainless steel trade kitchen, recently fitted, all electric with extraction.
Patrons WC, storage and ancillary area.

Nicely proportioned with excellent flow and easy to manage.

TENURE
We are advised the business is being sold as a Leasehold business opportunity

Original lease length: 5 year renewable lease term
Remaining lease length: 4 years
Review period: 5 yearly
Rent for the business is £6500 pa.

Currently no business rates are payable.

HOURS
The business opens on an ad-hoc basis to suite our client, and trades part time only on 3 days per week. Opening times are largely governed by pre-bookings, and foot fall in the main.

STAFF
The business is run by a hands-on owner operator chef and part time family members.

FINANCIAL PROFILE

The business has a first-year turnover of around £60,000 with a gross profit of circa 70% from part time operating only.



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