Summary
Prominent corner cafe store in North Fitzroy, which has featured a 1st class specialty coffee operation for nearly 20 years, is now available for a new operator to create their own destination brand.
Revenue
$350,000 pa
Rent
$70,000 pa
Expenses
$264,000 pa
Net Profit
$0 pa
Location Details
332-334 St Georges Road
The much sort after high profile corner location is ideally suited on busy tram and bus routes with stops on its doorstep.
The venue is spread over two shop fronts and has further potential to expand and utilise its rooms and upstairs areas.
Potential
There is further opportunity to expand and develop the site. This cafe has been serious about its caffeine for over 20 years, and is now ideally positioned to offer expanded food and beverage offerings.
The rear room, where a coffee roaster is currently located (but will be removed as not part of sale), is ideally set up to create a commercial kitchen to significantly expand the food offerings at the venue.
The upstairs office area is currently sublet to return an additional $15g plus per annum for the venue.
Skills
The venue will suit a hospitality or retail professional who can add their skills and design influence to build on the existing venue attractions.
Hours
The venue may operate 7 days per week. The existing operation is open 6 days per week (7.30am-2pm M-F & 8am-1pm Sat).
Lease
Two leases
332 exp 10/9/25. Plus 4 x 3 yr terms.
334 exp 10/9/25. Plus 4 x 3 yr terms.
*Note Sublet Income $15g PA+
Employees
The venue currently operates with a day manager and another 1 to 3 service staff. There are a total of 10 casual staff currently employed by the existing operation.
Reason for Sale
The current owner/operator (operated on site since 2004) will shortly be moving to a new venue to concentrate on its coffee roasting operation. The venue will be provided unbranded for the new operator to create their destination brand. There will however still be the opportunity to serve and sell Eureka Coffee and Growers Espresso’s specialty roasted coffee under a separate agreement, however no rights or affiliation to the brands are included in the sale.
About the Business
This well-established venue epitomises the “Melbourne coffee scene” with its open plan design and urban fit out within an inviting converted space. This venue is famous for belting out regular cafe favourites and supplying a diverse range of coffee for almost 20 years by the original operator – Eureka Coffee and Growers Espresso. The open plan design is warm and friendly while the décor is rustic, raw and simple, yet, so effective and appealing.
Venue is provided fully furnished with all equipment (but not including coffee roasting equipment) ready for immediate operation.
Discounted sale price will be considered with a coffee supply agreement with the vendor in place.
BUSINESS HIGHLIGHTS:
Solid Annual Turnover
Assets included in sale - estimated value of $60,000
Average turnover of 20kg+ Coffee Per Week
Currently Open 6 days a week
Seating for 35 plus 22 outdoor
Annual rent of approx $70,000 + GST for 2 sites
*Upstairs office is currently sub let - returning an attractive $15,000 plus GST per annum to offset against rental.
All equipment in good condition including La Marzocco Espresso machines and Mazzer, Mahlkonig and Compak Grinders owned outright included in the sale
Prime corner location in the heart of Fitzroy North
Long term well respected and established operation on site.
Permitted use under leases: café, licensed bar, training, office, storage, processing and packaging of coffee.
Applicants must demonstrate that they have sufficient financial resources and business experience to meet the obligations under the lease. This will include provision of written references and relevant financial documentation prior to any negotiation taking place.
History
The existing operator, Eureka Coffee & Growers Espresso, has occupied the 332 St Georges Road venue since 2004 and further expanded into the 334 St Georges Road shop front in 2014.
The operator expanded its offerings by developing the rear courtyard at 332 in 2020/21.
The operation has provided solid and consistent returns over this extensive period to the operator.
The cafe operations, which are reported and relevant to this sale, are in addition to Eureka Coffee/Growers Espresso's roasting and coffee catering activities.
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