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Exclusive Asian Restaurant In Limassol For Sale

Limassol, Limassol District
Asking Price:
€295,000 Furniture / Fixtures and Inventory / Stock included
Sales Revenue:
€400,000
Cash Flow:
€80,000

Location

This beautifully appointed restaurant is located in old Limassol’s historical Town Centre. While the whole area’s infrastructure has been recently upgraded and modernized, the traditional neighbourhood character and charm have been preserved. The area is characterized by listed neo-classic buildings, most of which have been converted to upscale restaurants, retail shops and offices. The modern commercial town centre, Technical University facilities and Limassol seafront, are all within easy walking distance making this an ideal location for a restaurant.

Premises

The detached, listed neo-classical building is built on a large plot (620 square metres) and is very well appointed with modern designer furniture, lighting and fixtures which, as can be seen in the photos, complement its traditional character.

The interior has a reception and bar area with antique floor tiles and three large dining-areas with hardwood floors, each with different LED lighting (amber, blue, red) and character. The ground floor also accommodates a fully equipped professional kitchen, a walk-in freeezer, two large refrigerators and several storage & ancillary rooms. There is also a mezzanine which accommodates an office and computer room. Finally, there is also a large attic for furniture and equipment storage.

The internal dining areas offer a unique customer experience, enhanced by 20 interactive dining tables with touch screens, which are connected to the restaurant’s computer system. These tables not only display the menu and detailed descriptions of each dish, but are also used by clients to order food or request the bill. As a result, there are significant payroll savings (fewer waiters needed – at least two) and higher spend per client due to the visuals, interactivity and entertainment value.

For al-fresco dining there is a large stone-paved courtyard (252 square metres). On one side of the courtyard there is an elevated deck with three curtained marquees for private dining (8-10 persons per marquee); an open-air area with tables of different sizes (70- 80 persons in total), a garden area and romantic lighting throughout.

Market Positioning

The restaurant’s theme is based on Asian fusion cuisine. The combination of authentic & proprietary Asian menu, quality service, professionally designed interiors and overall ambience, position this restaurant in the middle to high-end bracket with average ticket per client ranging from €35 to €50. It offers a unique and highly differentiated dining experience which ensures its continued commercial success. The restaurant is open all year round and does not rely on tourists, although there is a slight peak in sales during the summer months. The clientele is evenly balanced between Cypriots and foreigners who live permanently in Cyprus (British, Russian, German, etc.).

Permits & Licenses

The business has obtained all necessary permits & licenses (Town Planning & Cyprus Tourism Organization permits, alcohol and music licenses, Health Department certificate).

Value for Money

This is a very competitively priced, exclusive and profitable restaurant.

First of all, the Buyer will benefit from pre-paid rents in the amount of EURO 21.000. This practically means that the actual price is 21.000 lower than the Asking Price!
The investment in furniture, fixtures, equipment and building improvements exceeds the Asking price
The Restaurant brand & concept, as well as the proprietary recipees, are all included in the Asking Price.

The owners are aiming at a quick sale due to pressing needs of other businesses in which they are involved.

Property information

Real Estate:

Lease

Lease Terms:

Long-term, negotiable with landlord.

EURO 21.000 Security Deposit pre-paid, new owner does not have to pay Security deposit
(effectively this means the Price is 21.000 lower than the Asking Price)

Leasehold Rent:

€31 per annum

Size in square feet:
3.690 sq.ft. (365 sq.m.)
Planning Consent:

Town Planning, Restaurant License, Building Permit, Alcohol license, Live Music License, Health Department certificate

Business Operation

Reasons for selling:

Owners have several other businesses which require their full-time attention

Trading hours:

Currently Mon - Sun from 5:00pm until 11:00pm (can open for lunch also and stay open until 2:00am for special occasions)

Employees:
6 F/T and 2 P/T
Years established:
7

Other Information

Support & training:

Handover support for 1 year

Furniture / Fixtures value:
€300,000 - included in the asking price

Contact Broker

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