Property Description
INDIAN GROCERY STORE + TAKE OUT RESTAURANT + MEAT SHOP IN GTA
It’s a highly confidential sale as many employees are working for the business and it may affect the ongoing operations. I have promised confidentiality and smooth sale to seller and listed it exclusively.
Price: $2.5M plus Stock (Approx $500k at cost)
Gross Sales: $7,756,927 in 2023 (90% from Grocery and 10% from restaurant & meat shop)
This business was opened on 15July2022. Initially it had 8350 sq ft leased area. Additional 1562 sq ft added in Feb 2023. Total leased area now is 9912 sq ft. There are two separate leases.
Lease terms are 5+5+5+5.
Current rent is $35813 + $7455 = $43166/Month including TMI & HST. ( * HST amounts to $4966, eligible for input tax credit).
There is $2/sq ft net rent escalation during Year 4-5 in the first 5 year term.
Employee: The business has one manager & more than 10 part time employees. Average weekly total employee hours are approx 600hrs/week. More employees require during festival season busy days.
Finance: Small Business Loan is possible, but maximum limit is only $500,000. Bank may give additional term loan on case to case basis to qualified buyers, our guess is somewhere around $500,000 to $700,000 for 5 year term. Seller may consider some VTB, if buyer doesn’t qualify for additional term loan. Buyer should have not less than $1.5M available liquid funds to consider this purchase.
Location will be revealed only after a personal meeting with the buyer to discuss their questions and ensure their financial preparedness.
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