Business for Sale in Royal Arcade, Norwich NEW PRICE! BUSY CITY CENTRE CAFE - ROYAL ARCADE, NORWICH
- For Sale
- Annual Sales
- £375,000.00 Exc. VAT
- Prime City Centre Location
- Extremely Well Presented Throughout
- Owner Operator or Investor
- Very Busy & Popular
- 5 Star Food Hygiene Rating
- High Turnover of c. £375,000
- Strong 2020 & 2021 Trading Figures
- Good Profit Levels
- Covid Ready
- Many 5 Star Reviews on Google Businesses
EM&F are delighted to present for sale this exceptionally busy and popular cafe situated within the prestigious Royal Arcade in Norwich City centre. The cafe is extremely well presented and fitted out to a high standard, offering an excellent opportunity for either an owner operator or a more hands off investor to come in and continue to benefit from the excellent trade the business currently enjoys.
The vendors have been very proactive during the various lockdown periods which has ensured the business is Covid ready and as such they were able to re-open and enjoyed strong trading figures with 2021 takings now exceeding those pre-pandemic, even with reduced seating capacities.
THE BUSINESS ITSELF
Having been operated by the current owners for over 10 years the business is only coming onto the market due to their wish to slow down and retire. During this time the vendors have built the business up to where it is now with yearly turnover figures consistently in the region of £375k, which is extremely high for a cafe of its size.
The husband and wife team currently work in the region of 20 - 25 hours each per week meaning that this business could appeal to a variety of buyers. There is the option for another owner operator to come in and operate it on a full time, or part time basis, however it could also appeal to an investor who would like a more hands off investment. There is currently a part time manager in place and with some additions to staff hours or numbers the business could easily become fully staff led. Even allowing for this the business will return a healthy and worthwhile profitable return.
ALL MEASUREMENTS ARE APPROXIMATE AND FOR GUIDANCE ONLY.
Set under cover in the Royal Arcade, the cafe is in a prime location for attracting the passing shoppers as well as local business employees seeking a spot of lunch or a quick coffee to take away. The business can provide 50 covers inside with further under-cover tables outside accommodating a further 30 people.
The restaurant area is well presented in modern neutral colours, well lit and with large windows to the two main elevations offering a warm welcome to all customers, with varying seating options which can be easily reconfigured to suit demand.
There is a large service area with two cold display counters, one hot plate and EPOS till point with a feature Elektra Crema Caffe coffee machine. Behind the counter you will find a hot chocolate machine, filter coffee machine, bean grinder and hot water urn. Also within this good sized space is a microwave, grill, blender, feature jacket potato oven, double panini grill and built-in hob. Furthermore there is a under counter oven, preparation fridges and a range of storage cupboards.
Through to the rear is an additional preparation area with chest and upright freezer, dishwasher, double door fridge and a range of racking and storage cupboards. There is then also access through to the toilet and a further small storage area.
The main cafe area including service counter measures c. 850 sqft with the rear area a further c. 175 sqft with the benefit of air-conditioning as well as convenient in and out entrance/exit doors. The business also has been awarded a 5 Star Food Hygiene rating and enjoys many 5 star reviews on their Google Business listing.
8:30am to 5:00pm Monday to Friday. 8:30am to 5:30pm Saturday. 10:30am to 4:00pm Sunday.
The existing lease is due to expire in 2022, however we believe it to be within the Landlord & Tenant Act with the right to renew. We understand though that a new lease could be negotiated now by an approved purchaser with the current owner having commenced discussions with the landlord in this regard. We have been advised that the use of the external space is by separate agreement with the Landlord.
£39,500 per annum although we would expect this to be revised as part of the lease negotiations. We understand that there is an additional rent payment of £1,000 per annum for the use of the external space.
The purchaser will be responsible for the landlords costs and fees in connection with the assignment of the existing lease or for the grant of a new lease.
The Rateable Value is currently fixed at £29,750.
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.
‘C’ Rating - Full EPC available on request.
For the benefit of the goodwill, fixtures, fittings & equipment (excluding any leased equipment). Stock payable in addition on completion at valuation. This is a business for sale as a going concern.
Call our East Anglia office on (01603) 662 662 to make an appointment.
Finance may be available to suitable purchasers.
BUSINESS TO SELL?
Let us know as soon as possible! Just ask for a FREE NO OBLIGATION VALUATION and one of our valuers will carry out a detailed marketing appraisal of your business at a time of your choice.
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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 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.
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Your Regional Director Chris Ruggles
EM&F East Anglia
116 - 118 Prince of Wales Road