You always hear about businesses or properties that sell, and people say, "geez, we should have bought that. " or "that was cheap".
Right now, the reserve bank is trying to break consumer and business confidence, and they are succeeding, and this is precisely the time astute buyers move!
In a normal market, this would go for $500,000 plus, but the motivated sellers require a sale and so have decided to sell via auction for an instant resolution to an asset dilemma.
The credentials of the business are not in question.
* It's a nearly perfect location on Lonsdale Street Braddon, surrounded by star hospitality and retail performers.
* The business is consistently turning $40k per week (July Dec 22).
* The replacement value of the fitout is $700,000 plus.
* The monthly rent is approx. $18,000, including GST and outgoings. This means the benchmark rent is about 11% of the weekly turnover.
* There are staff and systems in place ready for your takeover
You don't need to continue with the franchise and considerable fees.
The only condition of the sale is that the landlord agrees to the lease assignment, and you progress the lease assignment application accordingly, efficiently and effectively once we exchange contracts.
If you have been considering opening your own show and spending big on a new fit-out, please consider the benefits of re-working and re-branding this high-turnover proven business.
Are you wondering why a business like this would come on the market? The current owners own more than 10 hospitality and fitness businesses across 3 states, and something has to go. As much as they like the location and business, this business is not their core business, so have decided it needs to go to a new home.
Auction conditions
* Our advice is that it is an active asset, so GST will not apply to the sale
* The contract will remain silent on the apportionment of goodwill and asset
* The buyer will provide a $20,000 deposit on the fall of the hammer with 10% at risk
* We won't sell pre-auction as buyers require sufficient time to finalise their inquiries and due diligence
We have prepared a detailed business information package, and if you are interested in owning, please email your full name expressing interest in owning Milky Lane Braddon.
Be greedy, while others are cautious....
