Elegance at 148 on Elles - Restaurant for Sale - Top Hospitality Business

PROPERTY INFORMATION

ELEGENCE AT 148 ELLES - RESTAURANT FOR SALE - LEASEHOLD INTEREST - INVERCARGILL - SOUTH ISLAND - NEW ZEALAND - AWARD WINNING REPUTATION - NEGOTIATE NEW LONG LEASE - EXCELLENT FOOD AND BEVERAGE HOSPITALITY BUSINESS

Elegence at 148 Elles - Hours of Operation:  Elegence at 148 Elles is open 7 Nights a week from 6.00pm until last orders at 8.30pm - 9pm. Closed all public holidays and long weekends. Restaurant closes for 1 month every year for holidays. Please also note that the restaurant Closed for 3 months over winter in 2006 so the owners could go to Africa.

Staff Hours & Wage:  Currently Three staff are employed part time and two casual.
Part timers: One is a Waiter on $16.00 an hour with a bonus system base
on his nightly sales; this employee is cturently only working on an As
Required Bases (average 6 hours a week). Two Chefs Assistants both on
$13.00 an Hour (average 10-15 hours a week).
Casual Staff: One casual Waitress on an as required bases $12.50 an hour
(average 5-10hrs a month). One casual Chefs Assistant on an as required
bases paid $13.00 an hour (average 15 hours a month). All are willing to
stay on with new owner and are happy to increase or decrease their hours
as required. All are on employment contacts supplied by the New Zealand
Restaurant Association. No protection policy is in place.

Owners Hours:  The two owners work on average 6 days a week each starting at 5.30pm Duties & Wage and finishing when the last customers leave; this can be anytime from 8.30pm to lam but the most common time is 10pm. Total average number of hours worked per person is 30 a week. One owner works as the chef
and the other as restauram manager. All day to day living expenses are
paid through the business. The restaurant is closed periodically so the
owners can take long weekends and 2 annual holidays of two-three weeks.

Location of Business:  Elegence at 148 on Elles Restaurant is on the corner of Elles Road and Crinan Street in south east Invercargill. Elles road is a main arterial road from the city to south
Invercargill suburbs and Southland Hospital, Elles road also connects to
the main highway to Bluff, a large amount of traffic travels this busy road
every day. This portion of Elles road includes a number of residential
properties together with commercial developments such as South City
Liquorland bottle store, KFC outlet, Pizza Hut, Subway, Burger King,
Mitre 10 Mega Store, Harvey Norman, New World Supermarket, South
City shopping centre, Medical Centre, a couple of Cafés, Bars/Casinos and
takeaways. Also within two blocks, situated on Elles Road are the Main
Southland Rugby Stadium and the large indoor aquatic centre, Splash
Palace. Reserve land lines the west side of Elles Road, opposite the
restaurant. Due to the restaurant being double storied and having north to
north~west facing windows the restaurant gets lots of sun and fantastic
views of Invercargill city and the setting sun.

Council Rates:  Invercargill City Council Rates are $4,016.90 per year.
Advertising: Yellow Pages, White Pages, Mail Box Deliveries of our brochure,
Restaurant Association of New Zealand Web Site, Motel Compendiums
throughout Invercargill, occasional Southland Times advertising, Today
Tonight Visitors Guide, Wizard Web Site, Information Centre. Local
Tourist Map, menus listed on wwvvmenumania.nz.com. &
www.dineout.com.

Lease Price:  Owners will negotiate a new twenty year lease with the purchasers; this will have a renewal date every two years. $30,000 plus GST and out goings per year.

History of Business: Elegence on 148 Elles Restaurant has been running for approximately I3 - 15 years. In that time is has changed hands 4 times. The current owners have had the business since October 2005. All energy by the current owners has been put into upgrading the plant and décor of the business and it is now ready
for the purchases to pick up the cliental and make a financial killing.

Clientelle:  Mainly Corporate Clientelle, with many holding meetings or presentations
downstairs followed by dinner, this is a popular choice. Tourist numbers
are steady and showing continued growth. Local people, including
regulars & people for special occasions including but not limited to
weddings and birthdays.

Growth and Opportunities in Southland Due to large business growth & opportunities in Southland our Corporate market continues to steadily grow and with further marketing could become very profitable.

Restaurant Seating Numbers: Upstairs has a maximum seating occupancy of 95 people. Downstairs has a maximum seating occupancy of 30 people.

Land Size: Land area - 1264 mz
Total road frontage to Elles Road approximately 40.24m
Workshop Building approximately 27 mz

Restaurant Size: Restaurant floor area approximately 357 mz including approximately 170 mz on the first floor level.

Bar Areas:    The Bar Areas are located both downstairs and upstairs.

Building Layout: The building has two very distinct areas one downstairs and one upstairs so two different restaurant/cafes could be run from the property using the
same very large kitchen.
Downstairs has a dining room currently containing 6 tables and a bar area.
This room contains 1 large heat pump and an open fire place. lt has street
frontage and 3 sets of large windows. Also downstairs is the foyer area,
very large kitchen, office, walk-in chillier and storage area plus three
toilets, including 1 for the disabled.
Upstairs is the large main dining room and bar area plus a kitchenette and
two toilets. Upstairs has a large open fire place and two heat pumps.
The building has three stairwells, one classic antique stairwell for the
restaurant guests, one large back stairwell from the kitchen up to the
kitchenette for staff and one outside fire escape.
The whole building is in excellent repair with a full refurbishment and
redecoration taking place in October 2006.
Outside is a large easy care garden area containing not only flowers and
mature shmbs but a large selection of culinary herbs and some seasonal
vegetables.
The off street car parking is tar sealed and holds over twelve car parks.
Attached to the building is a lockable one car garage, also on the section is
a large stand alone, lockable storage shed this is situated in the back corner
ofthe section.

Point of difference:  Elegance at 148 on Elles is in a league of its own in Invercargill.

Not only does it have the benefit of being the only restaurant in Invercargill with a
view on the setting sun and city lights but it is also one of the few fining
dining restaurants in the whole city. Also having the benefit of a separate
dining/conference area brings in a lot of repeat business from the higher
end corporate market. Our cliental spend very well with the average head
spend per person between $80.00 - $200.00. Minimal effort is required
from the owners to run the business and have a great lifestyle, with the
option to close for 3 months of the year over winter. Or the foundations
are in place to create a thriving money making machine. There is also the
opportunity to run two different restaurant styles from the same propeny,
one upstairs and a smaller one downstairs, meaning a greater market share.
Forward Bookings: The restaurants busiest time is from November to March.
There are currently several Christmas functions booked in and also
several weddings.

Future:  With the business opportunities for Southland increasing by the minute
including but not limited to the billion dollar oil operation, Silicone Sand
Mining and much much more the opportunity to expand the business is
endless. This is an opporttmity for someone to get in while the prices are
still low; compared to the rest of New Zealand; and be in for the big boom.

Reason For Selling:  Although the restaurant offers a fantastic laidback lifestyle for us we have a very good opportunity to travel and work back overseas and are keen to pursue this if the business sells within a reasonable amount of time and for
a reasonable price.

Awards: Voted Southlands Best Restaurant and Excellence in Customer Services in
the Kiwi Host and More FM Top Shop Awards. Reviews in Northern
South Magazine, Michael Guys Eating Out Guide and Southern Delight.

BENEFITS OF BUYING THIS BUSINESS:

Key Points:  Redecorated from top to bottom October 2006
Seats up to 125 people in two areas
Two Restaurants for the price of one
Iconic Invercargill landmark
Huge growth area
Busy road frontage
Untapped business potential
Excellent Owners Lifestyle, nights only
Fantastic local produce and suppliers
New, Affordable, realistic long lease
Excellent loyal well trained staff or
A good supply of willing employees
Loyal, well established cliental
Growing Reputation for Excellence

Financials:   Financial and supporting information can be accessed from the download links. Please Note:  That files containing business sensitive information are password protected.

Price is plus GST if any.

BUSINESS BROKERS CONTACT DETAILS:  For further information on the SALE of ELEGENCE of 148 on ELLES RESTAURANT in Invercargill please contact Tourism & Hospitality Business Broker, Ian Paterson on 021 193 009 or 03 409 0093 or email:  ian@tourismproperties.com

FEATURES

Invercargill is the southernmost and westernmost city in New Zealand, and one of the southernmost cities in the world. It is the commercial centre of the Southland region. It lies in the heart of the wide expanse of the Southland Plains on the Oreti or New River some 18 km north of Bluff, which is the southernmost town in the South Island.

It sits amid rich farmland that is bordered by large areas of conservation land and marine reserves, including Fiordland National Park covering the south-west corner of the South Island.

Invercargill is home to the Southern Institute of Technology, which has introduced a free-fees scheme. The scheme was partly responsible for rejuvenating the city when it was in a steady state of population decline. Invercargill is also the home to New Zealand's only indoor cycling velodrome. This motel is the closest to this venue (150m).

Track racing is also done on grass tracks marked out on flat sportsfields. Such events are particularly common during the summer in Scotland at Highland Games gatherings.