Restaurant/cafe for sale in London Street, Norwich NR2

£29,995
Restaurant/cafe for sale
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Property description

Business
Hilton Smythe welcomes to the market Subway London Street Norwich. This Subway was opened by our client in 2008, due to other business opportunities our client is now relucatantly looking to sell this profitable business, we feel this would be a great investment for an owner operator, as our client runs the business remotely.

Since Fred DeLuca opened his first submarine sandwich store in Connecticut, usa in 1965, Subway has grown into a multi-billion-pound business. The sale of this store gives someone the opportunity to become part of that.

Over the many years it has been operating, the chain has finely tuned and developed its franchise system. The system is both efficient and effective, proving itself time and time again throughout the world.

One of the key strengths behind the success of Subway is the solid support network and robust processes in operation.

There is scope to develop the store further, as the current owner has drawn up plans to remodel the shop under a full refurbishment campaign that will bring in more eat in seating.

Hilton Smythe highly advise early viewing to avoid disappointment.

Location
A new fabulous opportunity has arisen to purchase this Subway store in the city centre of Norwich.

Norwich is a thriving city with a population of 133,512 people that live in the City of Norwich, from the 2011 census and the population of the Norwich Travel to Work Area is in the region of 282,00, which is a 2009 estimate.

The business itself is located on London Street, in the heart of the city surrounded by many other local businesses that bring an extremely high foot fall to the local area daily.

Within this area is a large amount of offices, therefore, the Subway branch is extremely busy at lunchtime.

Norwich is an attractive city that is easily accessible by road or rail and it is in the county town of Norfolk.

Premises
Outside the store is an area giving seating for 8 customers across 4 Bistro style tables.

The store is entered directly off London Street and into the foyer area with standard Subway fittings. Seating for 4 customers at a breakfast bar.

The serving area has the standard Subway chiller/picker fridge, Bain Marie for meatballs etc, Cookie stand, Crisp stand, till card machine.

Behind the counter is the standard Subway equipment including microwave, drinks chiller, hot drinks machine, oven sub stores etc. There is a staff access from the foyer to the serving area used for cleaning purposes as staff gain access to the store from the side/rear.

Behind the serving area is a lobby with access from the side/rear for the staff, this also has a gate in order to let air flow through in the warmer months.

Lobby has access down to the basement area and access to the walk in 2m x 2m freezer. Within this area is an upright double fridge, sinks, stainless steel preparation table and CCTV screen.

The basement is a large storage area with plenty of racking, staff table, drinks machine, 2m x 2m walk in chiller, the main CCTV screen, a small storeroom off and the staff toilet off.

Tenure
We are advised the business is being sold as a leasehold business opportunity with a 15-year lease from 2008. The annual rent is £20,000, a reasonable figure for a city centre position and the rates are payable at £9,396 per annum.

Hours
Monday – Wednesday: 7am – 6pm

Thursday: 7am – 7pm (Late night shopping in Norwich)

Friday – Saturday: 7am – 6pm

Sunday: 10am – 4pm

Staff
The business has 4 members of staff.

Financial Profile
Subway London Street Norwich generated an advised turnover of circa £197,794 as an average of the 2017 and 2018 accounts, with a gross profit of 38.4% and a net profit of 10.1%.

We estimate the average adjusted net profit, allowing for an owner/ operator to run the business would be in the region of £40,000.

The assets being sold with the business are worth in the region of £20,000.

The average stock value is in the region of £1,000.

Arrange Viewing

For more information about this property, please contact
Hilton Smythe Commercial, BL1 on +44 1204 351867 * (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 Hilton Smythe Commercial, and do not constitute property particulars. Please contact Hilton Smythe Commercial 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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