UNDER OFFER - The Vic Bar - 1P4895
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It's easy to end up in the Vic Bar on Victoria Street. Just find your way to North Richmond station or take the 12 or 109 trams that stop almost directly out front of the venue. On Summer days you can perch yourself out front with a drink and watch the very colourful street traffic. The front of the bar has been turned in to a sort of halfway house between inside and outside which accommodates the smokers who can handily access the bar from right there.
The bar runs along the right hand side of the venue and leads in to an area of comfy leather couches and booths and the ever popular airplane seats. From these you can entertain yourself with a range of childhood favourite video games or go head to head on the Playstation. Opposite the bar is stool seating and a DJ booth to keep the patrons entertained. Out past the toilets, which house their own speakers, is a storage area and cool room with an eight line glycol beer system installed. Above the cool room is a small office area. Deliveries are made off Park Street through a roller door directly in to the storage area. There is no kitchen on site.
The Vic Bar has an On Premises licence and Council recently increased the capacity from 40 to 100. There are eight years left on the lease made up of 3+5 with the landlord agreeable to negotiate an extra term on transfer. Rent is only $1275 a week including GST with no equipment or supplier lease agreements in place. The landlord has agreed to waive 66% of the rent and to provide a 50% reduction in rent to the tenant for the first two months after the restrictions are lifted. This will greatly minimise the operational risks to the present and any future tenant.
The Vic Bar is run completely under management so much so that even the staff are paid through an outsourced payroll company. The vendors have been there many years and have created a very profitable passive income. So this venue suits either an owner operator with its associated cost savings or an individual looking for a low risk passive income. Nothing needs to be done to the venue and there is also the benefit that the Vic Bar has a great brand and reputation. A good set of books show a nice profit that can be increased so the vendors are looking for offers in the region of $395,000 for this exclusively listed venue.