The vendor at The Social Bar on Chapel Street has been on to a good thing. So much so he has been there for twenty-six years. But now it is time to retire and jump on his boat to go fishing. Everyone knows the Social. It is a simple, easy to run venue that makes an excellent income.
There is footpath trading at the front of the venue and then a covered outside area inside the venue footprint. Then it is into the venue, one large open space with a long bar on the left. Seating is comfortable with stools and sofas around the sides of the venue as the space in the middle is needed for dancing as the night progresses. A raised DJ booth is at the rear of the venue. This leads on to a corridor to a full commercial kitchen and its cool room, the toilets and an office. There is rear access to the laneway for deliveries. The venue is well designed and runs very smoothly.
The Social Bar has a sought after Late Night On Premises licence until 3am with a good capacity of 175. There are eight years left on the lease made up of 3+5 and rent comes in at $2550 a week including GST. The lease also includes a garage at the rear of the venue that is leased for $534 a month including GST. The vendor is in the process of negotiating extra terms on the lease and a more favourable rent upon transfer. There is a very good fixtures list and no equipment or supplier contracts being transferred.
The Social Bar at present is only open on a Friday and Saturday night but has the scope to open many more nights. The vendor runs it on his own as an owner operator and so it can be run as such but there is enough revenue to be able to put the venue under management and add the place to a hospitality group's portfolio. The venue is in good condition, with a great location and set up with minimal needing to be done to keep things ticking along nicely. There is an excellent set of financials that show how profitable the business is. The vendor knows the true worth of the venue but to encourage a sale is asking for offers in the region of $400,000 (price reduction) for this exclusively listed venue.
