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Located in the main road of a very popular tourist destination town less than 100 km from Cape Town. The town is known for it’s excellent cuisine, craft beer, arts and crafts, theatre, events and festivals and is popular as old-world residential/retirement/holiday town. The restaurant was opened in 1998 and has been run by the current owners since 2003, who now want to retire.
Current market is mainly tourist. Little advertising is necessary due to the excellent location and exposure in the main road of the town. The business is promoted by various community/destination Facebook and Web pages. Business is driven by the various tourist seasons plus very popular events and festivals, when typically, all accommodation and eateries in town are fully booked.
The owners are both hands-on managers and operators. They have 3 full-time workers plus up to 6 part-timers, all under contract on hourly rates.
Management Accounts Jan 2003 to June 2017 on file. Most recent Annual Financial Statements for year ending Feb 2017 in progress. The property was valued at R3.2m and represents a very secure investment which should appreciate by 5 to 10% p.a. The 2-bedroomed cottage (74 sq m) could generate around R4 500 p.m. with a permanent tenant, alternatively could be let as tourist accommodation at around R1 000 p.d., i.e. could generate between R8 000 and R20 000 rent income p.m. The restaurant and pub (154 sq m) have joint sales of R100 000 plus p.m. At 25% Gross Profit, this income has contributed approximately R25 000 p.m. to cover the buildings’, restaurant and pubs’ running costs as well as the living costs of the owners, who live in the upper section (107 sq m) of the main building.
This is a very valuable property including a well-known and popular restaurant and pub, located in a prime spot in a busy choice tourist destination on the West Coast. New owners could add a coffee shop by utilising an existing street-facing room or even use the current owners’ living area to double the restaurant seats. Considering that the running costs of the property, the overheads of the going concern and the living expenses of the owners are fully covered whilst the property as well as the business are appreciating assets, this investment is an excellent proposition for early retirees or someone who wants to run his/her own restaurant in a unique small town, with numerous fringe benefits to be enjoyed.
Real Property Included
The top floor (approx 200 sq m) of the house is used by the owners as accommodation. The outside cottage of approx 100 sq m could be let as holiday accommodation.
Prime Main Street location.
Functions, catering, coffee shop cam be added or expanded.
10:00 to late
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