Restaurant Bar Patio on Prime Little Italy Corner For Sale

Business description

Licensed, 65 seat plus patio on what may be Toronto's best know patio corner. Established operation with almost a decade in business. Original renovation by owners includes bi level main area with dining area above and lounge/bar with booths below. Open kitchen grill on main, with prep kitchen below. Walk in freezer, draft keg system, dishwashing station etc in lower prep area.

Establishment is in the College/Clinton prime Little Italy area, gets loads of walk-by traffic. Area is difficult to get new liquor licenses, so this is a terrific opportunity for anyone looking to build a business in the area.

Owners will include all chattels required for continuous operation of business. Current owners will assist with renegotiation of lease with landlord. Current lease includes approx. 2 years remaining, with 5 year extension/renewal, possibilities of further renewal beyond 5 year term.

Business lease includes very large residential space above (approx 1500+ sq feet) with potential to expand business, or rental income.

Property information

Real Estate:

Lease

Lease terms:

Approx. 2 years remaining on existing lease, with 5 year extension possible.

Living accommodation:

Upper part of property (2 storeys) has large apartment, plus second apartment. Both in need of renovation, and not currently fully occupied. Significant potential rent with minimal input.

Location:

Absolutely prime corner location at College and Clinton. Ground floor storefront type property with spacious patio. Parking available in Green P (municipal) parking lot just a few steps up the street. Across from one of Toronto's busiest patios, with loads of overflow, plus significant walk-by.

Other information

Expansion potential:

Residential space above could potentially be used to double area of business, subject to approval by city. Possibility of expansion to adjacent business (first option possibility) in the event of closure of same.

Competition / Market:

Area has many competing businesses, but is also one of the best know destinations in the city

Support & training:

owners may assist potential buyer in transition

Reasons for selling:

Owners have second business with live music component that they wish to focus on: One now lives outside of city, other has new family, both interested in reducing comittments to focus on other enterprises.

Trading hours:

lunch through 2 AM, mon -sun

Website:

collegeandclinton.blogspot.com/

Related documents:

• main lounge

• upper dining area

• banquettes

Contact the seller

For more information about this business for sale, click the Contact Seller button.

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