The two retail premises are prominently located in Rose Street and South Clerk Street in Edinburgh both of which are high footfall areas throughout the day with commuters, business people and tourists trade. Both premises are located in parades of similar styled retail/licensed and office properties under traditional tenement buildings. There is also a well fitted out food preparation unit located on Captains Road, Edinburgh.
We are instructed to sell the Pizza business which comprises two City Centre outlets and the preparation unit. It is the intention to sell the business as a whole. The subjects are available on a leasehold basis by way of an assignation. Both of the subject properties comprise a ground floor sales area. Internally, the units are split on the ground floor between a front sales area and a kitchen/ preparation with the emphasis on the sales area.
The Rose Street and South Clerk Street units benefit from a Class 3 Hot food Consent. The units are well fitted, efficiently laid out in a customer friendly manner with extensively fitted with pizza ovens, preparation areas and customer seating.
This is a well-established, busy and thriving catering business.
THE LEASE DETAILS
On the Rose Street premises there are 12 years remaining on the lease at the passing rent of £16,000.
On the South Clerk premises there 9 years remaining on the lease at the passing rent of £18,000.
On the Captains Road premises there is 3 years remaining on the lease at the passing rent of £7,000.
This is a thriving and well established pizza and catering business with an enviable reputation built up over 5 years of trading. The business trades 7 days a week, Monday to Sunday, 1200hrs – 2200hrs.
There is a loyal and regular following with both retail units being open from lunch time to meet the demands of the customer base. In South Clerk Street which is a predominantly student area there are a number of student residencies as well as Pollock Halls the biggest single student residency campus in Edinburgh only a short distance away, the demand of which needs to be serviced.
The business does however benefit from a late license. The Rose Street outlet benefits from BYOB. However the late licenses are not used on a full time basis but are used during the summer festivals and at New Year. There is a dedicated web site with an order service on line, by telephone as well as attracting dedicated followers on Facebook, Instagram and Twitter. There is only a small level of commission paid on the dedicated business site. The “Just Eat” sales have been reduced to 10% of turnover in order to reduce the level of commission paid on those sales.
The business model is based on freshly prepared stone baked pizzas with a blend of counter sales & delivery which boasts a significant market share in their market.
The two locations are well suited to counter service and a delivery service to meet the demands of students, businesses, passing trade, regular households and are geared up to high volume of deliveries which is a specialty of the business. The Rose Street unit has a license for outside table seating which can be very busy with seat at a premium.
The business is trading well from the two well positioned outlets. The brand continues to be popular across a good and loyal client base with sales on the increase and becoming more consistent throughout the year although, given the locations, there are seasonal variances. The business is well run by a management team.
The sales for the year beginning November 2017 to the end of October 2018 amounts to £723,129, this equates to an increase of £30,200 in sales compared with the same quarter in 2017.
For the quarter ending October 2018 the sales figure of £210,600 represents the second highest quarter of sales since July 2018 which was £212,328. This produces a gross profit level of 33%.
Copies of certified accounts are available and can be made available to prospective buyers once they have viewed the business.
According to our recent measurement survey the premises contain the following approximate net internal area:
Rose Street, Edinburgh, EH2 4BA
Ground Floor 33.36 sq. m. (359sq. ft.)
South Clerk Street, Edinburgh, EH8 9NZ
Ground Floor 50.08 sq. m. (540 sq. ft.)
Captains Road, Edinburgh, EH17 8QF
Ground Floor 81.45 sq. m. (877 sq. ft.)
Our client is seeking offers over £150,000.
According to the Scottish Assessor’s website (www.saa.gov.uk) the Rose Street, Edinburgh property has a Rateable Value of £13,700.
The South Clerk Street property has a Rateable Value of £11,800.
The Captains Road property has a Rateable Value of £6,500.
The uniform business rate for the current year is £0.466 pence in the pound.
The properties are served by mains electricity, water and gas.
ENERGY PERFORMANCE CERTIFICATE
The Energy Performance Certificates rating are pending.
A copies of the reports available on request.
Each party shall bear their own legal costs in the preparation of the lease with the eventual tenant liable for any Registration Dues or LBTT thereon.
Upon completion of a formal missive under Scots Law.
VIEWING AND FURTHER INFORMATION
By appointment through the sole selling agent, IME Property Ltd.