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Property Ref: 4138

Highly profitable Dunedin restaurant – over 25% operating surplus!

Property Type: Franchise, Restaurants

Sale Type: Leasehold Interest (Business)

Region: Otago

Physical Address: 218 George Street, Dunedin Central, DUNEDIN 9016

Price: $399,000 plus SAV + GST (if any)

Broker: Peter Gale

Mobile: +64 21 608 107

Email: peter@tourismproperties.com

If you’re in the market for a superb hospitality business opportunity then you just have to check this out…it ticks all the boxes and simply works! Here are the top 7 reasons:

#1 – Dunedin is booming and with an ongoing influx of workers converging on the central city you don’t need to be a rocket scientist to work out that there will be more diners. The timing couldn’t be better for a restaurant like this to capitalise on the opportunity. Both the University and the Polytechnic are investing in significant development upgrading their campuses. A $1.4B rebuild of Dunedin Hospital is due to commence around 2020. Early indications are that around 1,000 people will be needed in the city to assist in this project. The city is already buzzing with activity but the best is yet to come!

#2 – Location, location, location! Being in George Street in the centre of town and across the road from the Malls, it is an easy walk to the University and Polytechnic campus, Motels and Stadium.  These all provide a substantial captive market as well as the brand new managed office complex upstairs which provides spaces for up to 180 people. The lease includes a number of carparks and provides long-term security with a supportive landlord.

#3 – It’s BIG‼ With a seating capacity of around 190 and cleverly configured with discrete dining spaces this business can cater equally well to a range of different sized groups. That’s why it is really popular with large groups including graduations, business events, family celebrations, birthday parties etc. Big groups on a regular basis underpin a healthy business!

#4 – Impressive fit-out. No expense spared here – creating a warm and inviting environment for the diners and a fully equipped open-format kitchen with quality plant and equipment for the staff!

#5 – The numbers keep trending upwards! Turnover continues to increase every year but there is undoubtedly significant scope for further growth. The Y/E 2019 financials show an EBDITA of almost $143,000!!

#6 – You can make it your own. The business is currently part of the La Porchetta Italian franchise. However the new owner may easily change this in order to make it their own and take advantage of opportunities to enhance the profitability. Everything is in place – including the customers who consistently rate the restaurant very highly on the review sites.

#7 – The owners want to talk turkey! The current owners are from a corporate background and have set the business up to run with minimal ‘hands-on’ involvement. They are only selling because they live out of town and are over-committed. This business is “ready to rock” for the right new owner who is motivated and able to take it to the next level. With the original fit-out having cost over $850,000 just over 5 years ago the (original) asking price of $399,000 plus SAV (approx. $20,000) reflects only the value of the plant and fit-out and represents an outstanding opportunity.

The owners have now given instructions that they want to sell so they can focus on their local interests in Christchurch. All reasonable offers considered!

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Lease

Financials Y/E 2019

Financials Y/E 2018

Information Memorandum 2019 (prepared by owners)

Property Details

Property Type

Franchise
Restaurants

Sale Type

Leasehold Interest (Business)

Region

Otago

Physical Address

218 George Street, Dunedin Central, DUNEDIN 9016

Price

$399,000 plus SAV + GST (if any)

Contact Agents

Peter Gale - Tourism Properties Broker

Peter Gale

Tourism & Hospitality Business Broker
South Canterbury, Waitaki, Otago & Northern Southland
International: +64 21 608 107
NZ Mobile: 021 608 107

Email: peter@tourismproperties.com

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