Internal Ref: B14632
Summary
NO RESERVE- MUST SELL BY 22ND OF APRIL 2024
Revenue
$540,000 pa
Rent
$68,200 pa
Location Details
One of the best locations in Phillip Island, only moments away from a popular beach in Cowes.
Potential
Huge potential to increase trading hours, expand the menu and operate deliveries and takeaway as well as promote events and venue hire.
Skills
No experience is necessary, as this business is very easy to run.
Hours
4 Days: Thurs: 5–11 pm, Fri: 4 pm–12am, Sat: 3 pm–12 am, Sun: 1–9 pm; Closed Mon, Tues, Wed
Lease
5 years commenced August 2023
About the Business
**Price: NO RESERVE- MUST SELL BY 22ND OF APRIL 2024**
One of the best locations in Phillip Island, only moments away from a popular beach in Cowes.
Currently operating as a bar, event space and live music, the venue is equipped with a commercial kitchen and licensed for 162 patrons as a bar, restaurant or cafe. Prior to 2020, the venue was operating as a restaurant and has history of operating as an Italian restaurant, so new owners have the flexibility to convert to restaurant or cafe as well as keeping it as a lounge/bar.
Owners operate on a part-time basis and trade only 4 days a week, opening in the afternoons only, extending operating hours opening for lunch 6 days a week will see a huge return on investment. Huge potential to increase trading hours, expand menu and operate deliveries and takeaway as well as promote events and venue hire.
Despite very short trading hours and a very small menu, the business currently has a revenue of over $500,000 per year, making this the perfect business for those looking to add to their investment portfolio, semi-retired or owners with young families that may need shorter hours or flexibility.
Rent is only $68,200 per annum for both levels and includes plenty of storage onsite and a shaded rooftop garden with sea views over the Western Port Bay (Cowes main beach).
Backing onto land at the moment, there are plans for developers to add hotels and conference areas, which will bring in more foot traffic during shoulder or off-peak seasons. This is an ideal time to secure this location as it is centrally located amongst major developments and plans for the island.
Owners are happy to provide support and will assist new owners to make sure there is a smooth handover with staff, suppliers, customers and entertainers.
No experience is necessary, as this business is very easy to run.
For further information, please contact Elle Likopoulos on 9566 7300.
Ref: B14632
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