As we arise from the lockdown chaos of 2021, the opportunity to secure below-value hospitality businesses presents itself to astute buyers.
Young and Frisky must be at the top of that list of undervalued businesses based in the heart of the Gungahlin Town Centre in Canberra.
The simple and compelling reason you should own this business is this: the replacement value of the fit-out, according to the seller, is over $1,000,000.
And while it's been profitable over the years, 2021 was challenging, as Kate, the owner, explains.
"We, like most hospitality businesses in Canberra, were shut down for a quarter of the year, and the business still prevailed with a consistent turnover of $30,000 per week."
"2022 is proving much better. We are ideally looking for someone to invest their energy and passion into the business as our core focus is on CBD with our other venues."
With a suitable investment of energy and focus, Young and Frisky could emerge as the go-to food and entertainment venue in the Gungahlin district, which according to the 2016 census, had 71,000 residents.
Only a handful of venues in Gungahlin compete for this high-income under-serviced demographic.
"We are looking for a committed hands-on business partner or someone to take ownership. We have committed and well-trained staff and loyal and repeat customers. We lack the entrepreneurial energy to take this business to the next level while we are distracted in the City," said Kate.
So, if you are considering investing $500k plus on a new and overpriced fit-out, stop and focus your sights on something more exciting-the opportunity to build on something that's proven and established but admittedly underloved.
The premises is expansive regarding Canberra standards (320 sq m), and the rent is very competitive compared to Braddon and Kingston rents.
*Current monthly estimated outgoings: $3,540.68 plus GST
*Current monthly licence fees: $1,031.118, including GST
*Current monthly promotion levies: $773.344, including GST
*Current monthly rent: $15,466.88, including GST
The owners will consider all reasonable offers and proposals.
However, buyers must provide experience and financial credentials to ensure landlord approval before we can formally enter a sale agreement.
Interested parties should email sales at capitalcommercial.com.au with their full name and contact number. Exclusive brokers Capital Commercial Business Sales.
