Accommodation & Tourism business for sale in Ascot Vale
- Accommodation & Tourism
- 169 Union Road Ascot Vale VIC 3032
- Leasehold $195,000
UNDER OFFER - The Vale Bar & Eatery - 1P4942
It's fair to say Ascot Vale hasn't really smashed it in the food and booze department. So the Vale, a sultry venue on the Union Rd strip, has little to no competition. The vendors wanted to make a space the locals could relate to, where they'd feel comfortable. And for something slightly different, everyone loves to have a drink with their best mate, but what about a drink with man's best friend? The Vale extends its hospitality by also offering a dog menu.
You'll spot the bright purple awning out front. There is a large sheltered outside area of footpath trading that can seat forty comfortably which is packed on the Summer evenings. Heading on in to the venue you'll find a classy late-night wine bar, decked out in frosted glass, flickering candles, dark timber and stone-topped bench tables. The venue is in immaculate condition. Downstairs there is the main bar with its varied seating for couples and small groups complimented by a large booth perfect for the group get together. Heading to the rear of the venue is compact but efficient fully equipped commercial kitchen. Upstairs is a cosy function room that also caters for extra diners that has its own bar. And off to the side there is a one bedroom apartment that is a great place to live in or sub let.
The Vale has a restaurant and cafe licence until 1am with the capacity of 51. The vendors are in the process of changing the licence to a General Licence after requests from many of the locals for greater access to the amazing wine and spirits collection and to also increase capacity inside to 100. Rent comes in at $1700 a week including GST with eleven years left on the lease made up of 1+5+5. The landlord has agreed to waive 100% of the rent during the period that the Covid 19 restrictions are in place which minimises the risk to both present and incoming tenants. The venue comes with an extensive fixtures and fitting list with no equipment or supplier contracts in place.
The Vale is run under management at the moment and so suits someone that wants a lovely venue as a passive income, or an owner operator that wants to take over a venue that everything has been created. There is minimal risk, a loyal and vibrant group of patrons and plenty of scope to maintain the business as is or move it in a different direction. There are an excellent set of books and profit that clearly justifies the vendors asking price of $195,000 (price reduction) for this exclusively listed venue.
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|Last updated||11 Feb 2020|
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