The subjects comprise retail premises which are arranged over the ground and basement floors of a four storey and basement traditional stone built mid terraced tenement property. The upper floors are in residential use.
Internally, the subjects have been fully upgraded and refurbished to form a quality sandwich bar/coffee shop with preparation area/kitchen to the rear.
There is a seating area to the front with a service counter and preparation area behind. Completing the accommodation is a toilet to the rear. A hatch behind the counter provides access to the basement storage area.
The service counter comprises a cold refrigeration display unit and juice fridge. Fitted with modern base kitchen units with worktop areas, the preparation area is equipped with a coffee machine, oven, baked potato oven, panini grill and various fridges. Our client has just installed a stainless steel extractor hood in addition to a stainless steel lined wall to the cooking area.
To the rear of this is an area which is utilised for dishwashing which has also just been refitted with a stainless steel unit containing a sink unit and underneath a new commercial dishwasher.
Location
Situated within a parade of retail units serving the local community, the subjects are located on the Northeast side of Ashley Terrace between the junctions with Slateford Road and Harrison Gardens.
Ashley Terrace is situated in the Slateford area of Edinburgh, a short distance from Polwarth and Merchiston, approximately two miles to the Southeast of the city centre.
Terms
THE BUSINESS - Our client has operated the business for around ten years, having established a loyal customer base during this time. Our client is now reluctantly seeking to retire due to ill health.
Income is generated from a mix of sit in and takeaway sales. A varied menu is available to include breakfast rolls, baked potatoes, salads, filled rolls, etc all of which are reasonably priced.
Many appetising fillings are available to include vegetarian options and our client prepares all the fillings, cakes and soup on the premises daily.
There is a known demand for outside catering, however, due to our clients circumstances this service has been reduced.
Our client operates the business hands on with part time assistance from his wife and opening hours are currently Monday – Friday, 8 am – 2.30 pm.
Financial documentation will be provided to interested parties only after viewing and confirmation of interest.
Sales for the year ended 31 May 2015 were £XXX a similar level to that generated in 2014 and the years prior to this.
Our client has suffered from ill health and, as a result, the business was closed from October 2015 until March 2016. As a result of ongoing health issues and holidays, the business operated for circa 10 months out of the year to March 2017, with sales in the region of £XXX for the year. There is undoubtedly scope to increase sales through full time opening and potentially additional trading hours and/or days. Income for the 12 month period to March 2018 is likely to be closer to £XXX
TRADE INVENTORY - The asking price includes the trade inventory which, we are advised, is owned outright and is not subject to any lease purchase, hire contract or similar finance arrangement.
RATES - Reference to the Assessor’s website has shown that the subjects are entered in the current Valuation Roll at Rateable Value £XXX
TENURE - Leasehold. The subjects are held on the basis of a full repairing and insuring lease, which is due to expire in 2029.
The passing rent is £XXX per annum with a 3 yearly review provision. The next review is due in 2019.
As would be expected under the terms of a traditional lease, the incoming tenant will be required to demonstrate their ability to fulfil their obligations under the lease, in particular financial obligations, and references will be requested at an early stage, without exception.
PRICE - A fixed price of £XXX is sought for our clients leasehold interest to include goodwill, fixtures and fittings, with stock available over and above at valuation.
ENTRY - Early entry can be afforded on conclusion of Legalities.
VIEWING & OFFERS - Strictly by appointment with the sole selling agents with whom all Offers should be submitted in Scottish legal terms.
FINANCE/BUSINESS MORTGAGES - DM Hall are in regular contact with the specialists involved in the financing of business and property purchases in Scotland and would be happy to effect the necessary introductions if required.
Specification
- Well presented sandwich takeaway/coffee shop (16 covers)
- Popular business with excellent reputation
- Compact, easily managed unit