Price: £149,950

An outstanding restaurant opposite Cliffords Tower.

Ref: C890

Tenure: Freehold

We are delighted to offer this well known and very successful restaurant which specialises in both English and Mediterranean cuisine and which enjoys what must be one of the finest positions in the city, immediately opposite the historic landmark of Cliffords Tower.  The Olive Tree has been a favourite venue for fine dining in York for many years during which time it has seen turnover rise to a substantial figure resulting in exceptional profits as shown in the 2017 accounts.  The restaurant is air conditioned and fitted and equipped to the highest of standards with no expense spared to ensure a dining experience of the highest quality.  The restaurant has covers for 70 comfortably but can accommodate up to 80, and is arranged in a roughly ‘L’ shape with the central area housing a fully equipped bar. High quality wc facilities including disabled facilities with baby changing area are  located towards the rear and there is a comprehensively equipped catering kitchen and preparation area.

Viewing of this fine establishment is highly recommended. PRICE JUST REDUCED FOR EARLY SALE !!

ACCOMMODATION ( note, all sizes are approximate )

Restaurant approx 136 sq m (1463 sq ft )

Kitchen approx 21.2 sq m  (228 sq ft)

Fully equipped with two gas hobs, Lincat griddle, stainless steel sink unit and separate wash basin, fully extraction facilities, 2 pan deep fat fryer, microwave, 1 tall fridge and 2 freezers, meat fridge, 2 under counter cold stores, 2 tier Pizza oven, range of stainless steel benches and preparation areas and various smaller utensils.

The preparation area lies adjacent to the kitchen and houses a stainless steel sink unit, shelving and a commercial dish washer.

There is a mezzanine store room  approx 14 .4 sq m ( 155 sq ft ) with chest freezer and walk in cold store.

The wc facilities are high quality with fully tiles walls and floors and comprise of ladies and gents wc’s with a separate larger area for use by disabled persons which includes a baby changing facility.

RATES

The premises have a RV of £33,250. Rates payable for 2017 / 2018 are understood to be £15,494. Interested parties are advised to check this information prior to proceeding.

LEASE

The property is held on a 20 year lease from 24/6/03 with 5 yearly reviews at a current rent understood to be £30,000 pa.

BUSINESS

Draft accounts for year Ended 31st May 2017 show turnover of £770,478. Net profit shown in the accounts is substantial. Full accounts information can be made available to genuinely interested parties after having viewed the business. There are 8 full time staff plus a resident owner and between 2 and 4 part time staff.

COSTS

The purchaser will be required to contribute 50 % of the landlords reasonable legal costs involved in assigning the  lease. Thereafter each party will pay their own legal costs.

PRICE

The sum of £149,950 is required for the business including all fixtures and fittings.

 

 

Viewing
By arrangement with The Agents on 01904 794812.
Important
Where staff are employed in a business, it is possible that they are unaware of any impending sale, therefore it is essential that all viewings are arranged through us and no direct approaches should be made under any circumstances.
Vat
All prices and rents are deemed to be exclusive of any VAT which may apply.
Note
Details and general information provided within these particulars have been confirmed by The Client, are given in good faith and are believed to be correct, however all proposed purchasers/tenants must satisfy themselves as to the correctness of the information provided. We understand that all services and items of equipment are in functional order, but no warranties can be given in this respect. Neither the agents nor any person in their employ bind themselves in any way, nor are any warranties given as to the correctness of the information provided. No part of these particulars form part of any contract or agreement for sale or lease

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