Business for Sale in City Centre | Norwich, Norfolk NEW LEASE > Asian Style Karaoke Bar

Key Information

Reference

M35436E

Tenure

Leasehold

Status

Under Offer

Region

Norfolk

Sector

Bars

Rent Payable

£20,000 per annum, plus VAT.

Business Rates

£4,990 per annum (post Covid).

Accommodation

No

Business Information

We are delighted to present this exciting opportunity to acquire the leasehold interest in this beautiful property situated on the corner of Exchange Street and Guildhall Hill, directly opposite Jarrolds and overlooking the thriving Norwich market. With extremely favourable lease terms-including a current rent of just £5,400 per annum and Small Business Rate Relief meaning no rates are payable at present-the premises offer incredibly low overheads for a property in such a prime location.

No doubt such an opportunity will be of huge interest to a range of potential new tenants, and so we urge those with a genuine and proceedable interest to contact us at your earliest convenience to arrange a viewing.

THE BUSINESS:

The current tenant has successfully run their restaurant business from these premises since 2016 and is only looking to move on now due to other interests they wish to pursue. They have decided not to offer the business for sale as a going concern, meaning that a new tenant would be free to create their own vision for the premises from scratch, but with the benefit of a fully fitted kitchen and restaurant in place to enable them to start operating instantly.

PREMISES:

The property is situated in one of the best spots in the city and is highly visible to the thousands of people that pass by daily. With large feature windows and doors, as well as balconies to fully take in the location and views, it is a great place to both dine and work.

The ground floor entrance leads to stairs up to the first-floor restaurant and bar, with a further three floors above this where you will find an additional restaurant room, office, W.C.s, storage, and the well-equipped kitchen.

The first-floor bar features original stripped wood floorboards, exposed brickwork and timbers, as well as large bay windows overlooking the market-all of which help to create an intimate yet atmospheric drinking and dining area. The mix of high and low-level seating provides space for 21 covers, with some further seating at the bar, which is equipped with three draught taps, an iced slush/cocktail dispenser, glass dishwasher, three under-counter fridges, and an EPOS till.

Overall, the room measures approximately 7.5m x 4.6m, including the bar and stair area.

The stairs continue up to the second-floor restaurant, which is similarly styled to the first floor but also includes a brick fireplace and large doors opening out to a balcony, which again looks out over the market and city centre. The room is currently set for 26 covers; however, it can easily be utilised for private functions and events if so wished, with this room measuring approximately 5.4m x 4.6m. From the landing, there are also two well-presented toilets for customer use.

Up to the third floor, you will find off the landing a larger room used for storage, with a tall fridge, freezer, and a range of shelving and racking. There is a manager's office off this room, together with a boiler/storage cupboard. Further off the landing is an additional room for storage and a staff W.C.

Lastly, on the fourth floor is the light and airy kitchen with windows over Exchange Street and a door out to a further balcony, thus providing a good working environment. The kitchen is fitted out with non-slip vinyl flooring and hygienic metal and plastic-covered walls, as well as being equipped with a Turbofan oven, six-ring gas hob and oven, griddle plate, four fryers, a large commercial extraction unit, stainless steel workbenches with two three-door fridges under, and a warming cupboard. There is a further space off the stairs with a double stainless steel pot wash sink, dishwasher, tall freezer, and stainless steel bench and shelving.

A dumb waiter, with hatches on each of the floors, assists in the service of food. Please note that this remains the landlord's equipment, included as part of the lease and not as an asset included in the sale.

ACCOMMODATION:

There is no residential accommodation included within the lease to be assigned.

KEY INFORMATION:

REFERENCE NUMBER: R36090E.

OPENING HOURS: The premises licence permits opening, including the sale of alcohol from 10:00am to 12:00am (Midnight), Monday to Friday. Saturday 10:30am to 12:00am, and Sunday 12:00pm to 11:30pm.

TENURE: Leasehold. The lease runs from August 2020 for a term of 12 years.

The purchaser will be responsible for the landlords costs and fees in connection with the assignment of/or the grant of a new lease.

RENT PAYABLE: £5,400 per annum with Rent Reviews in 2025 and 2030.

RATES PAYABLE: Nil. We are advised that the business benefits from Small Business Rate Relief.

This information has been provided to us by the vendor and any interested party is advised to enquire of the local authority to check the position with regards to business rates that will apply to a new owner.

STAFF: None.

EPC: The Energy Performance Certificate for the property shows a 'C' rating and a score of 68 - full document available on request.

PRICE: £50,000.--.

For the benefit of the assignment of the leasehold interest in the property and fixtures, fittings and equipment as separately listed. Stock payable in addition on completion at valuation. This is NOT a business for sale as a going concern.

VIEWING: Viewing is strictly by appointment only. Please contact us at your earliest convenience to schedule a time that suits you.

FINANCE: If you require assistance with business financing or commercial mortgages (subject to eligibility), we may be able to help. Let us know if you would like our support, and we will gladly put you in touch with our recommended whole-of-market broker.

BUSINESS TO SELL: Thinking of selling your business? That's our specialty. If you're curious about its value, we offer a free, confidential valuation service. Simply pick the day and time that work best for you, and we will provide an honest, professional assessment. Feel free to get in touch with our office at your convenience to book an appointment.

PREMIER MARKETING: We are passionate about showcasing each business in a way that truly stands out. Our listings include high-quality property details and comprehensive information across all major online platforms, as well as our own website. If you want your business to shine, call us to arrange a complimentary valuation.

DISCLAIMER:

1. Money Laundering Regulations: Intending purchasers will be asked to produce identification documentation at a later stage and we would ask for your co-operation in order that there will be no delay in agreeing the sale.

2. General: While we endeavour to make our sales particulars fair, accurate and reliable, they are only a general guide to the property and, accordingly, if there is any point which is of particular importance to you, please contact the office and we will be pleased to check the position for you, especially if you are contemplating travelling some distance to view the property.

3. Measurements: These approximate room sizes are only intended as general guidance. You must verify the dimensions carefully before ordering carpets, flooring or any built-in furniture.

4. Services: Please note we have not tested the services or any of the equipment or appliances in this property, accordingly we strongly advise prospective buyers to commission their own survey or service reports before finalising their offer to purchase.