Motivated owners moving overseas.
The combined asset is located in what arguably is Canberra's most significant residential apartment precinct - Republic - and features 5 of Canberra's Tallest Buildings.
The precinct consists of 1267 residential units and 152 hotel rooms. Cafe Society is essentially the only stand-alone coffee shop in the mega complex and the café has a stunning northerly aspect.
The owner has ignored our instructions to list the business and the building at $1,000,000 on a walk-in walk basis and has opted to sell via auction; such is the urgency of his timeline.
The owner invested about $180,000 in the cafe fit out to get it established - it's fully operational; the only missing asset is passion and business drive; that's where you come in!
If you bid and are successful, all the business assets mentioned above will be included in the sale price, and an attached asset list is provided within the auction agreement.
Pricing expectations are below our appraisal at around $900,000 for the building and the business.
The zoning of the building falls within the Territory Plan and is zoned CZ2. The crown lease purpose clause is broad and allows drink establishments, restaurants, cafes and shops.
We have spoken to the Judo Bank, and they are comfortable with lending 80% of the purchase price to approved bidders: Contact local lending specialist crystal.gan at judo.bank Crystal Gan on 0448 871 245
The sale is exempt from GST as we offer an active asset, and stamp duty doesn't apply for a commercial property sold under $1.7 million in the ACT. So, what you bid on is what you pay!
Building outgoings as provided:
* Annual rates for 2022: $4,824 (approx.) - land tax doesn't apply
* Water Rates are $146
* Sewage is $537
* Body corporates charge 2022: $4,020 inc GST (approx.)
We will allow a part deposit on the auction day, but 10% will be at risk. If you bid and are the highest bidder, you will own it and have the right to determine settlement terms for up to 60 days!
If you wish to commence operating the business between exchange and settlement, you can under the basis that you release the deposit to the seller.
In his own words, his distractions with coaching rugby and travelling overseas have resulted in the business failing to realise its full potential.
We don't have a complete set of financials as the business has been stop-start; however, the three BAS statements that we do have to indicate the following sales activity.
* BAS January - March 2023 - $57,632 plus GST
* BAS October - December 2022 - $61,576 plus GST
* BAS July - September 2022 - $49,661 plus GST
Based on the massive catchment of residents, he admits that he has yet to capitalise on the opportunity.
Buyers looking to secure permanent residence visas in the ACT under the small business owner pathway, subclass visa 190 and visa 491 are encouraged to enquire.
Inspections align with trading hours Monday to Friday, 6.30 am to 2.30 pm. Please send your full name, email and contact number, and we will send all applicable data.
The seller has provided the information contained within the advertisement.
