Restaurant/cafe for sale in Wellington Street, Teignmouth TQ14

£20,000
Restaurant/cafe for sale
Interested in this property? Call +44 1803 268798 * or Request Details

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Property features

  • Valuable Subway Franchise Available
  • Turnover for Year End March 2018 £174,505 with Strong Abridged Net Profits
  • Low In-Going Costs
  • Excellent Owner/Operator Opportunity
  • Reduce to Facilitate Quick Sale

Property description

Teignmouth lies along a stretch of red sandstone coast to the north of the unspoilt estuary of the river Teign in South Devon. The town is both a popular holiday resort with many hotels and guest houses and also a thriving town in which to live and work. Wellington Street is in a central location with a selection of nation and independent retailers and just a short walk from the popular seafront. The City of Exeter is approximately 15 miles north of Teignmouth with excellent transport links including an international airport and the M5 motorway.

17 Wellington Street is trading under the very successful Subway franchise. This well located unit is available as a going concern with the next operator taking over this valuable franchise agreement. Subway is an internationally recognised sandwich business known for its production style service producing freshly made sandwiches to the customer’s specific requirements. This fully supported franchise is available fully equipped and with a solid customer base. The open hours are 8am-6pm, however these could be extended should the next operator choose to. The premises is covered by CCTV and fitted with an L2 Fire Alarm system.


Franchise agreement


Subway meet all the advertising requirements for the business. For this there is a charge of 4 ½ % of the weekly turnover. Subway also require a payment of 8% in royalties, making a total outlay of 12 ½% of the weekly turnover. The Subshop P.O.S. Is connected to an online app which generates sales reports. These are sent directly to Subway. The fresh produce is supplied by pj Produce and Bidfood Suppliers all at fixed costs negotiated by an elected board. We have been informed that stock values runs at circa £2,000. The Reginal Business Development Agent will have to approve any potential buyer and they will be required to go through the process of passing the Wonderlic test, UoS courses, 40 hours of in-store training before attending and passing franchisee training in Cambridge. Further information will be provided to interested parties.

The sale of this going concern Subway unit allows an operator to take over this franchise at a massively reduced ingoing premium. Should an operator wish to start up a new site the initial outlay is as much as £150,000.

Sign written glass frontage with side entrance leading to:-

Main Trade Area

Spaciously seating 22. Service counter with Subshop P.O.S, glass fronted refrigerated prep counter, overhead menu board and large drinks fridge (on free loan). Refrigerated back counter, extraction system, rapid cook oven, bread oven, microwave, enclosed bread cabinet, soda fountain (on free loan) and coffee machine.

Rear Preparation Area

Stainless steel prep table, Nemco easy slicer, retarder cabinet, fridge and freezer, storage units, soda storage and stereo system.

Ladies, Gents & Disabled Cloakroom

General Information

Rateable Value

£23,000. Please note this is not rates payable. For further information we advise you contact the Local Billing Authority, Teignbridge Council.

Tenure

We have been informed that the premises is available by way of a new lease, proposed term of 10 years at a rent of £22,500 per annum. Exact terms by negotiation.

Business

The business has potential to be extremely profitable and would suit an owner operator. The turnover for year ending March 2018 was £174,505 with strong abridged net profits. Accounting information will be made available to Bona Fide applicants following a formal viewing to be arranged through Bettesworths.

Inventory

To include furnishings and equipment as per an inventory to be supplied, but excluding the owner’s personal effects.

Stock

Wet and Dry stock in trade will be taken over by the purchaser at valuation on the day of completion.

Services

We have been informed the premises are connected to mains water and electricity.

EPC Rating C

Property info

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For more information about this property, please contact
Bettesworths, TQ1 on +44 1803 268798 * (local rate)

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Property descriptions and related information displayed on this page, with the exclusion of Running Costs data, are marketing materials provided by Bettesworths, and do not constitute property particulars. Please contact Bettesworths for full details and further information. The Running Costs data displayed on this page are provided by PrimeLocation to give an indication of potential running costs based on various data sources. PrimeLocation does not warrant or accept any responsibility for the accuracy or completeness of the property descriptions, related information or Running Costs data provided here.

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