965 sqm Waterfront Bar and Restaurant For Sale

Business description

This is the best and most awarded restaurant on the Gold Coast. Prime waterfront position occupying 965 sqm. Set amongst some of the worlds premier hotels. This restaurant is renowned for its 5 star service and food. Comes with a General Pub licence which has the provision for poker machines and 3 bottle shop licences. Current turnover $3299,142 pa. $1million refit completed just 18 months ago. Owner looking to retire and sell this incredible business. Great lease until 2020 with no market reviews!
Trading hours : 12 noon till late. 7 days
Time established : 12 Years
Current Owners : 3 Years
Sales : $3,299,142 pa
Annual rent : $304,527

Just $1,200,000 + stock (approx $60,000)

Property information

Lease terms:

Floor area (Internal) : 638 sqm
Floor area (External) : 327 sqm
Floor Area Total : 965 sqm
Annual rent : $304,527 (as per P&L)
Lease : April 2010
Lease Option : 5 Years to April 2015
Further Option : 5 Years to April 2020
Licence Type : General Licence – Provision for Poker Machines and 3 Bottle Shops within 10km Radius
Increases : CPI annually
Market Reviews : None

Location:

With its spectacular waterfront location overlooking the beautiful Broadwater, award winning restaurants, designer boutiques filled with the worlds top fashion labels, speciality stores overflowing with elegant homewares, gifts and exceptional artwork, it is one destination you cannot miss.

Other information

Expansion potential:

The whole indoor area of the premises is air-conditioned and the outdoor areas are shaded and protected from the wind. There is seating for approximately 108 patrons outside and 120 inside with the availability of more capacity if needed in busier times.
The properly is a very good inspection an is a credit to the owner. The aspect is unique and is the only Bar & Restaurant of its size on the Gold Coast with the flexibility of being a general license. Under a general license the owner has the right to acquire poker machines for the venue , serve alcohol without a meal, to sell takeaway liquor from the premises and the ability to
operate 3 satellite battle shops within a lOkm radius from the premises.
The trading hours are 12 noon till late (7 days) and the lease is very generous with the term going until 2020 with no rent reviews and minimal annual increases.

The general liquor license allows for the opportunity of acquiring gaming ma¬chine entitlements. The opportunity to operate three detached bottle shops within a 10 km radius of the Restaurant.

Competition / Market:

The business serves a wide range of cuisine from seafood, steak, chicken, pasta and pizza dishes. There is also has a huge gluten free menu so that it can accommodate the needs of every guest. With 250 seats, cocktail parties and functions of all types for all occasions are very popular. Be it weddings, launches, corporate meetings, private parties or any other event you can think of... this restaurant has a package to suit. Most of the dining is alfresco right on the water and the other areas consist of boat like decking timber floors and windows from floor to ceiling with an elevated view of the water and boats. Saks also has a very large bar and lounge bar where many cocktail parties take place every weekend.

Reasons for selling:

Retirement

Trading hours:

7 days

Furniture / Fixtures value:

$1,000,000 (included in the asking price)

Inventory / Stock value:

$60,000