The best endorsement of this business would be to turn up on a weekday morning and observe the smiling faces of the repeat customers, predominately public servants from Home Affairs and the Australian Bureau of Statistics.
It's not hard to see why they keep coming back.
54 Benjamin has a long easterly frontage, which provides numerous benefits, including unprecedented solar access, meaning customers are spoiled by the morning sun as they sit on one of the numerous street-fronting tables and chairs.
The business is licensed for 169 people inside and out and has a liquor licence that allows trade between 7 am and 12 midnight seven days.
In its long-drawn cold months, you can see why cafes with a sun-drenched natural aspect can get 2 or 3 coffee orders a session in Canberra. This might explain the high percentage of drink orders, representing 50% of purchases and producing a remarkably high gross profit.
Its positioning and location are why Tom, the owner, picked the spot and has stayed for nearly 15 years. "So many government offices surround us, and those workers and customers have become friends. It's next door to Westfield's but without the super high rent."
Most recently, Tom has seen less of the staff and customers than he would like, and while the business can be run under management, Tom has bitten off a bit more than he can chew recently, buying a pub and with a pair of bubs at home, something needs to give.
The rent, including GST and outgoings, is approximately $8400 monthly.
There are five years left to run on the first term of the lease, with a second option for seven years. In the second term of the lease, there is a demolition clause, which the sellers are confident won't be utilised. If it is, they are prepared to provide commensurate compensation, which will be enshrined in the sales agreement and is subject to discussion.
It's rare to find such a profitable business where you can be out the door by 4 pm without the demanding conditions of a major centre like the one they neighbour.
It also doesn't have immediate residential tenants complaining about noise if you decide to open at night for functions or extra service.
However, within a 2km radius, you can serve about 5000 residential units!
Owning has been gratifying and relaxing for Tom, and he opted to keep the social hours because it was remarkably profitable. 54 trades 6.30 am to 3.30 pm Monday to Thursday, 6.30 am to 6.30 pm on Friday and 8 am to 2 pm on weekends.
According to Tom, the replacement value of the assets, including the fitout, exceeds $900,000.
Buyers with business experience and financial capacity are encouraged to enquire. Bank finance is on offer, and details can be provided to qualified buyers.
The business is being offered for sale via expressions of interest, and if you have an interest in owning it, please provide your full name, email and phone outlining the fact that you are interested in owning 54 Benjamin.
