KEY POINTS:
A restaurant and bar on Ocean View Rd, Oneroa, are for sale at a negotiable price of $300,000, plus stock, as a leasehold going concern business through Erika Bult, Business Broking Consultants of Century 21.
The Island Queen was created by two experienced restaurateurs who emigrated from England and decided to build a relaxed and welcoming wine and dine experience within a colonial style character building.
Bult says the end product is a delightful venue, well patronised by Waiheke islanders throughout the year, as well as being a valuable contributor to the local tourism industry.
"The front of the restaurant and spacious deck areas enjoy commanding sea views out towards the Coromandel Peninsula and Great Barrier Island," Bult says. "The Island Queen is run entirely under management with the owners having no hands-on involvement."
The restaurant has a full liquor licence from Monday to Sunday 9am to 1am and occupies a total area of 219sq m.
The bar area is set up for 30 to 40 customers with the restaurant dining area inside catering to about 35 persons.
Additional space on the expansive deck running across the front of the building seats about 25.
Facilities include two unisex toilets, one toilet for disabled persons, and one urinal.
The kitchen has an A grade hygiene certificate, is professionally equipped and spacious with excellent preparation, storage areas. It also has a walk-in chiller.
Situated on the same upper level of the building as the restaurant is a fully self contained apartment of about 30sq m.
The vendors have instructed that this area could be extended, subject to permission from the landlord and consultation with the local council.
The lease commenced in August 2003 with a final expiry date of 2015. There are two yearly rent reviews; the last being August 2006, which was set at $39,000 plus GST a year.
General managers' certificates are held by the manager and one full-time front-of-house employee.
Additional to management there are also two kitchen hands and five part-time and one full-time front-of-house employees.
The summer season trading hours are Monday to Sunday from 4pm, plus lunchtimes on Friday, Saturday and Sundays.
Bult says the owners have instructed that vendor finance may be available to a purchaser.
But this would only be considered for prospective purchasers with substantial and satisfactory experience within the restaurant and catering industry.
The net annual turnover of the business for the past two years has been close to $700,000, with the most recent financial year showing a managed return on investment, before tax and depreciation exceeding 23 per cent at a purchase price of $300,000.
"This business opportunity would suit a qualified chef/couple who would enjoy the island lifestyle of Waiheke and who wish to take this well known venue to the next level by augmenting the existing management/staff structure and expanding the business through longer trading hours, and/or catering to special events and groups," Bult says.
