Cool Street Bar - Superb position King Street Newtown
Stock Included: —
Stock Value: —
Years Est: —
Gross Revenue: —
Business Headline : Cool Street Bar - Superb position King Street Newtown
Price : $59,000
Category : Food/Hospitality, Leisure/Entertainment, Alcohol/Liquor, Restaurant, Bars/Nightclubs
This is a rare opportunity to acquire a cool, street bar / restaurant in the thriving food and bar hub of Newtown. Currently run Under Management, the bar has been recemtly set up by an established industry icon. An amazing lease has been secured – 6 months remaining then 3yr + 3yr + 3yr lease
The business holds a rare Primary Service Authorisation license – allowing the sale of alcohol without food. Venue is extremely popular with locals, professionals and students.
Key Features include:
- Prime King Street location, close to icons Marlborough Hotel, Leadbelly, 1989 Bar etc
- Inspiring, intricate and recent fit-out over 120 square metres of internal space.
- Fit-out designed by industry-leaders in the bar industry, provides abundant seating and fully equipped modern kitchen.
- Licensed for 95 people, with Monday – Saturday until 12am (Sundays until 10pm)
- Current Trading hours 4pm to midnight, Tuesday to Saturday.
- Mexican / Latin-American Menu created by expert chef in Latin-American cuisine with beautifully complimenting beverage options such as premium Tequilas and cocktails.
- Amazing 2 months rent-free agreed with landlord at the start of first 3 year term.
- Strong social media base and outstanding feedback from online review platforms.
- Extensive promotions have been undertaken to initially market the venue.
- All design, branding, social media elements are available and in place to ensure a solid platform of success for the new owner.
- Owner has secured best price contracts for F&B costs, leveraging off their strong reputation across many venues.
- All systems and processes, licenses, certificates and approvals have been set up by owner who is a renowned pioneer in the bar restaurant movement in Sydney. Bar is fully operational, compliant and expertly set up. Therefore the timely and arduous process of set up is avoided and business risk is minimised.
- Sales are on track during current ramp up phase. Detailed forecasts have been prepared by the owner. Note, business is still in ramp up phase. Target achievement expected by mid 2019. Contact broker for detailed financial forecast.
- Running as a managed-business, significant upside to be enjoyed for owner-operator.
- Upside revenue potential in opening for weekend lunches, catering and increased corporate function or venue-hire trade.
- Planner advises that transition of use (and license) to ‘Small bar’ should present no issues, if incoming operator wishes to change use.
- The functional kitchen could easily support a variation in the current menu based on owner’s creative ambitions.
To receive further information please complete the below registration: http://www.abbagroup.com.au/?p=4747542#enquire-now
Annual Rent : $66,000 - Weekly Rent : $1,269
Annual Turnover : Not Disclosed - Weekly Turnover : Not Disclosed
Annual Gross Profit : Not Disclosed - Weekly Gross Profit : Not Disclosed
Annual Ebit : Not Disclosed - Weekly Ebit : Not Disclosed
Premise : Leased
Lease Commencement : Oct 2018
Lease End : May 2019
Lease Option: 3 + 3 + 3 years
Current Outgoings pa: $5,000
Total Land Area : 120 Square Metres
Total Floor Area : 120 Square Metres
Total No of Parking : 2
Franchise : No
Approximate Stock Value : $9,400
Year Purchased : 2018
Year Established : 2018
Days Trading : 5
Staff : 2 Full Time - 3 Casual
Reason for Sale : Divestment for other projects
Location : Newtown
Business Potential : • Running as a managed-business, significant upside to be enjoyed for owner-operator. • Upside revenue potential in opening for weekend lunches, catering and increased corporate function or venue-hire trade. . • Planner advises that transition of use (and license) to ‘Small bar’ should present no issues, if incoming operator wishes to change use. • The functional kitchen could easily support a variation in the current menu based on owner’s creative ambitions.
Parking Comments : 2 cars - 2 Car spaces in lease.