The subject premise is located in Leven Street, Edinburgh opposite the Kings Theatre. The location constitutes a high footfall area throughout the day with commuters, students, and business people and with exceptional tourist trade from 0800 in the morning through till 1800 hrs. in the evening. The premise is located in a mainly residential area yet in a parade of similar styled retail/licensed and office properties on a main road close to Bruntsfield Links. Other retailers in close proximity include Scotmid, Joolz (Jewelers), the Tuk Tuk & Rigatoni restaurants, Sandersons the Butchers and the well-known Bennetts Bar. There is a bus stop outside the premise.
We are instructed to dispose of the lease of a popular coffee and sandwich bar/cafe with the addition of an internet studio to the rear of the cafe/bar. This is a well-established, busy and thriving business but still leaves opportunity for a new occupier to develop the business further to suit their tastes.
The subjects comprise a double fronted retail unit with a central recessed door on a busy route into Edinburgh. The premise is situated solely on the ground floor. Internally, the unit is arbitorially split between a front and a back sales area. Toilets are located to the rear of the property.
The front area is given over to the cafe/coffee bar whilst the rear has a number of computers laid out for customers use. The unit is well fitted and is well laid to suit our clients? needs but there is flexibility in the layout to create something unique to match the new occupiers imagination.
The subjects benefit from a Class 1 Retail Consent. All hot foods are freshly prepared and delivered to the site. The fare comprises coffee, specialist teas, homemade soups, a range of sandwiches, and a fine selection of cakes and pastries.
The business is thriving and is in walk-in condition.
This is a thriving and well established sandwich bar and coffee cafe with an enviable reputation built up over 3.5 years of trading. The business trades 7 days a week from Monday to Friday 1000am - 1800 hrs. Saturday and Sunday 1000 -1700 hrs. however there is potential to open longer hours to service locals, tradesmen and tourists. The business is presently staffed by 1 full time and 3 part time member of staff with other occasional staff.
The turnover for the year ending 2016 amounted to £55,306 with a gross profit of 46.9%. The turnover has been on an upward trend over the past few years.
Copies of certified accounts are available and can be made available to prospective buyers once they have viewed the business.
This offers an outstanding opportunity for a catering professional to expand their existing catering business or for someone moving into catering business. Although the rear area presently houses around 11 computers the area is flexible and could be used for an art/ photo gallery; retail space; craft shop or other ancillary uses.
According to our recent measurement survey the premises contain the following approximate net internal area:
Ground Floor 42.40 sq m (456 sq ft)
The property is held on a 10 lease with 7 years remaining of the lease at a passing rent of £10,000.
Our client is seeking a goodwill value of £40,000 to include the goodwill of the business and inventory.
According to the Scottish Assessor?s website (www.saa.gov.uk) the property has a Rateable Value of £8,200. The uniform business rate for the current year is £0.466 pence in the pound.
Occupiers may be eligible for rates relief through the small business bonus scheme if the combined Rateable Value of all their business premises in Scotland is £35,000 or less.
The properties are served by mains electricity, water and gas.
ENERGY PERFORMANCE CERTIFICATE
The Energy Performance Certificate rating is pending.
A copy of the recommendation report is 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.
If this property is of interest and you would like further details, or want to arrange a viewing, please contact our property agent on the following details.