LINCOLNSHIRE - BUSY RESTAURANT SITUATED ON A17 ROUNDABOUT

A17 busy round about location, ground floor Lock-up 'American Diner' style restaurant, successful profit making business - 8 year leasehold opportunity.

This business is located in a prime position sitting just North of Sutton Bridge on the major route A17 close to the Lincolnshire market town of Long Sutton. The property was a former Little Chef and is now owned and leased out by Travelodge where there is a 40-bedroom hotel directly next door.

Nearby points of interest include the popular town and small port of Boston (20 miles) and the thriving market towns of Wisbech (8 miles) and Kings Lynn (13 miles). The East coast and the rectangular bay of the Wash are also within easy reach. The nearby road network links are excellent with the nearby A17, A16 and A47 all set amongst a series of other 'A' roads providing easy access throughout this beautiful county.

This highly desirable licensed American diner is of brick construction and sits under a pitched tiled apex roof.

TRADE AREAS
A small welcoming entrance porch to the front provides access to the carpeted reception and open plan trading area. This consists of:

Diner & Grill (circa 70 covers) is an open plan area with a delightful warm, welcoming and relaxed atmosphere. Leather upholstered booth style seating is complimented by loose tables and leather upholstered chairs all sitting on a black and white chequered ceramic tiled floor. White painted exposed brick walls are complimented by black and white American themed photos adorning the walls throughout. To one end is a small wooden bar server that doubles up as a reception and drink service point. An open plan servery (with spacious kitchen area behind) runs the whole width of the diner having chargrills, hot plates, coffee preparation and service areas all on show.

There is a large and spacious fully equipped commercial catering Kitchen with 5* EHO rating, stainless steel appliances and surfaces (appliances not tested) and wash up/prep areas. There is also a walk-in chiller and walk-in freezer. Ladies, Gents and Disabled W.C.'s. Additional storage rooms / Staff area / Utility Room / Bottle stores / Dry goods store / Office.

OWNER'S ACCOMMODATION
There is no owner's accommodation for this business, it is currently a self contained lock up.

EXTERNAL
To the front of the property is a small grassed and gravel Al Fresco garden area with wooden picnic benches (circa 24+ covers). The garden area has attractive red and white striped Dutch awnings, established shrubbery borders and rolling Lincolnshire countryside views. To the front and side of the property is the patron's lined car park with space for circa 22+ cars.

The current ownership purchased this former Little Chef restaurant in 2014 and following a total refurbishment of the premises has since created a solid thriving and profitable casual dining business offering quality home cooked authentic American food and drink to a loyal, repeat, passing and desirable clientele. Due to our vendor client's other business interests they are now looking to sell the lease on. The business is currently operated by one of the owners assisted by circa 7 full and circa 7-part time/casual members of staff. This thriving business currently offers breakfasts, steaks, burgers, sandwiches, sweets, milk shakes and waffles to name but a few and is immensely popular by all that visit. This is recognised by the many exceptional reviews shining through on Trip Advisor and Google. The property is also a highly popular meeting point for American car rallies, scooter and bike meets.

New owners could continue to operate the business using the same highly successful formula or they may wish to take the business to the next level. In our opinion this could be achieved by taking advantage of the obvious opportunity to extend the opening hours or the introduction of a summer BBQ smoke grill and authentic Pizza offer. In our opinion this property could accommodate any style operation or world cuisine offer and does not have to remain as an authentic American diner.

It is our understanding that the year-end net turnover for February 2020 stood at £489,295 resulting in a net profit before tax of £55,824 per annum. Further accounting detail will be made available to serious parties following a formal viewing.

LEASEHOLD Offers Around £80,000 to include fixtures, fittings and goodwill. Stock at valuation in addition.

TERM: For a term of 15 years expiring September 2029
LANDLORD & TENANT ACT 1954: Inside Part II Landlord & Tenant Act 1954
ASSIGNABILITY: Assignable
RENT: Annual rent & service charge £20,588 - Paid monthly in advance
RENT REVIEWS: Rent Review to take place every year in accordance with RPI
REPAIR LIABILITY: Full repairing and insuring tenancy agreement. The tenant will be responsible for internal maintenance, repair and decoration as well as the decorative condition of the exterior of the property.
TIE: Free of all trade ties

No direct approach to be made to the business; please direct all communications through Sidney Phillips. Viewing strictly by appointment only.

We are advised that the business trades with the benefit of the Premises Licence (not seen) which permits the sale of alcohol during the hours of:
Mon - Sun 10am to 11.30pm

Permitted Premises Opening Hours are:
Mon - Sun 7am to midnight

Current opening hours are:
Mon - Sun 7am to 9pm

All mains services are connected.