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Rawson Auctions mandated to auction five year lease for busy restaurant in Newlands

222 Main Road, Rondebosch .
222 Main Road, Rondebosch.

Rawson Auctions has been mandated to auction a venue which would be ideal as a restaurant. The venue has been operating as a national brand for the past twelve years. The owner is looking for a tenant preferably a highly successful restauranteur who has a strong track record to sign a five-year lease and five-year option.

The property will be going on auction on Wednesday, the 24th of June 2020 at 12:00 pm.

The restaurant equipment will be sold separately for R800 000.00 – all offers to be viewed. Everything required to operate a big restaurant – sold lock, stock and barrel. All equipment and content will be sold ‘voetstoets’.

Venue: 222 Main Road, Rondebosch.

Reserve price: P.O.A (all offers will be reviewed).

Contact: Tanya Jovanoski (082 411 9599)

Viewings will be by appointment only.

Terms:

  1. No registration fee to bid.
  2. 5% commission plus VAT over and above the purchase price to Rawson Auctions on fall of the hammer payable by the buyer (as per SAPOA rates).

Payment strictly by bank guaranteed cheque or EFT (regrettably no cash).

Whilst all reasonable care has been taken to obtain the correct information, neither Jovanovski Properties CC T/A Rawson Auctions (“Rawson Auctions”), nor any of its subsidiaries and related companies, nor the Sellers, guarantee the correctness of the information, and none of the aforementioned will be held liable for any direct or indirect damages or loss, of whatsoever nature and howsoever arising, suffered by any person as a result of errors or omissions in the information supplied, whether due to the negligence or otherwise of Rawson Auctions, its subsidiaries and related companies, the Sellers or any other person. The information contained herein is for information purposes only and is not a substitute for a thorough due diligence investigation.

Indemnity

Rawson Auctions, the staff and the auctioneer indemnify themselves against any claims, damages or being sued because of any litigation between the purchaser and the seller relating to the auction of the property. Rawson Auctions is not liable for any litigation between the purchaser and the seller.

The Consumer Protection Act regulations stipulate that all bidders be registered and that they bring certified copies of their identity documents and proof of residence.

The venue is best suited for:

  • Restaurant (it seats up to 250 people).
  • Two restaurants – it could be subdivided into a restaurant and a take away facility.
  • Unit size: 500m2

Current layout:

  • Seating of approximately 250 people.
  • Kitchen.
  • Two serving and preparation areas.
  • A play area for children.
  • Two bathrooms.
  • Storage.
  • Cold rooms.
  • A changing room for staff.

Location:

The venue was previously used as a restaurant which was extremely popular due to its location in a very busy hub with a high volume of passing traffic. It is situated opposite the well-known Newlands rugby stadium.

The Westerford office block, Dean Street Shopping Centre, SACS school, Westerford school and SA Breweries are in walking distance of the venue which allows for a busy lunch trade.

Commission:

  • A commission of 5% plus VAT will be charged to the buyer over and above the bid amount after the auction if the mandate reserve has been achieved or, on signature of the landlord.
  • The rate will be as per the SAPOA recommendation.
  • 5% on the first two years.
  • 2.5% on three years.
  • Allowance for escalations.

Lease detail:

  • A deposit of two months’ rent plus VAT.
  • The first month’s rent to be paid on signature of the lease.
  • Personal suretyship required from all directors.
  • Resolution signed by all directors.
  • Annual escalation – 8% per annual.
  • Admin fee for lease – R3000.00
  • The landlord to look after the external part of the building. The tenant will be responsible for the interior including the windows, shop front as well as the equipment, plumbing, electrics, zircon and extractors.
  • A copy of the lease will be available pre-auction.

For the full equipment inventory list: