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Faversham, Kent

£29,999 2 bed Terraced house

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Buy-to-let£0
Primary residence£0
First-time buyer£0
Non-residential£0
  • Popular steak house and bar with 65 covers
  • 128K per annum - Health Issues requires quick sale
  • Densely populated residential and commercial area
  • Excellent condition throughout, viewing recommended


  • Reference - 46578

    Description
    The Saddlers is a popular steak house and bar located in Faversham, which is a traditional market town in Kent. The surrounding area is densely populated with a mix of residential and other commercial outlets.

    The business has an excellent trading position in the heart of the town and benefits from good signage. The restaurant has been fitted to a high standard and includes good quality fixtures and fittings throughout.

    The Saddlers first opened as a coffee shop in 2011 by the current owners but due to an ever increasing number of tea rooms and coffee shops, they felt Faversham deserved an exciting new destination outlet.

    As of January 2018, the business became Faversham's first steakhouse and bar which has been well received by not only the local area but also those further afield, such is the reputation for the quality of food served by the exceptional chefs.

    The area in general is busy throughout the day with passing footfall and those using the market which is in the town three days a week.

    Although the vast majority of the income generated each week comes from regular trade in the evenings and at weekends, there is also a busy lunchtime trade with most of the meat being supplied by the local butcher.

    The business was refurbished in late 2017 as part of the change of direction and provides, what is now a well renowned restaurant with approx. 60 covers, arranged throughout the building over the first and second floors as well as outside.

    The business is presented in excellent condition due to the total refurbishment prior to re-opening in early 2018.

    In our opinion however, the business is still not traded to its full potential and therefore still offers tremendous, genuine growth.

    Sales
    We have been advised that the average takings are in the region of £4,000 to £4,500 per week.

    Accounts
    Current records can be inspected when viewing.

    Trading Hours
    Monday – Thursday
    12:00 to 14:30
    18:00 to 21:00

    Friday
    12:00 to 14:30
    18:00 to 22:30

    Saturday
    12:00 to 22:30

    Sunday
    12:00 to 18:00

    Staff
    The business is owner run along with a mix of part and full time members of staff.

    Building External
    The business occupies a highly visible corner plot property, which is arranged over three floors.

    Building Internal
    The ground floor provides a welcoming feel when entering from the street via the two main entrances from the market square.

    The restaurant and bar area benefit from traditional tables and chairs, along with breakfast bar seating to create a laid back atmosphere throughout.

    There are approximately 30 covers in the main restaurant along with an additional 20 covers on the first floor which are primarily used for private functions. There are also 16 external covers.

    The fully fitted commercial kitchen, prep room and stock room are located on the first floor.

    Residential Accomodation
    Owners accommodation is split over the second and third floors.

    The second floor consists of a domestic kitchen, bathroom, and a living room/office.

    The third floor has two bedrooms, although one is currently used as a separate dining room.

    Tenure
    We are advised that the business trades with a 15 year lease which commenced in 2008. The annual rent is £24,500 exclusive which will increase by £500 per year over the next five years until 2023 (correct as advised on 07.08.18) Rent reviews are at 5 yearly intervals.

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

    Summary
    This is a superb opportunity to purchase a destination restaurant which benefits from a regular and loyal customer base which is constantly growing.

    An inspection is highly recommended to fully appreciate the location and overall business opportunity, which would ideally suit a hands on owner to maximize profits.
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