SOLD – Popular Venezuelan Street Food Restaurant – Newtown, NSW

Description

Annual Turnover: $370k – Unique cuisine – Loyal customers

Located just across the road from the iconic Enmore Theatre in Newtown, this Venezuelan Street Food Restaurant is perfect for an owner-operator who is passionate about food.

Featured in all the major lifestyle magazines in Sydney, this popular eatery offers a 100% Gluten Free concept with a very loyal customer base, as well as appealing to the large number of South American people living in the city.

Business Highlights:

• Fantastic location with a unique cuisine/concept
• Easy to run and highly systemized business
• 2 years left on lease – Option to extend another 5 – Landlord willing to provide a new lease
• Established 2.5 years ago
• 170m2 premises – lock-up garage
• Rent is $63k per year + GST + Outgoings $4k + 100% of water bill
• Long list of equipment valued at $30K + including 200L air compressor (over $2k new), Maquiempanadas ($8k new), Cool room ($5k) & more
• $6k stock included
• Newly designed website – https://www.arepa.com.au/ (6 weeks old)
• 5k Instagram following
• Top 1st page ranking if you look up ‘Arepa Sydney’, ‘Venezuelan food’ on Google Uber Eats profile with over 100 reviews & 4.8 out of 5 rating
• 380 reviews on Google’s local business reviews (4.7/5 average score)
• Trades Tue to Sun plus Special Events every fortnight – Brunch & a Degustation night (Ticketed events)
• Liquor license + Permit to open until 11pm
• 1 month training to ensure a smooth handover

The current owner and his business partner work a total of 25 hours per week between the two of them, with part-time staff. When COVID restrictions ease, there is huge potential to grow the business. The Enmore Theatre brings over 2000 people every time there is a sold-out event (about twice a week on average).

In addition, Sydney is home to the largest proportion of Latin American Australians. Expanding the business to include Outside Catering and Events could bring extra 30% revenue annually.

With another business to run, the current owner has decided to sell Arepa in Newtown, so now’s your chance to take over this successful concept.

Price: $60,000 + SAV