Web Ref No CL93

Presenting an exceptional investment opportunity, this iconic property is now available for sale, with an original asking price of R3,200,000.
What's on offer?

The esteemed "CRAYFISH INN" Restaurant Business
Seller: BLU CHU CC (Registration #2011/021338/23)
The PREMISES
Seller: DECAPODA PALACE CC (Registration #2011/033089/23)
The restaurant premises (505 sq.m.) encompass:
SECTION #09: Storeroom (10 sq.m.)
SECTION #10: Storeroom & Bathroom (20 sq.m.)
SECTION #11: Indoor Dining & Kitchen (184 sq.m.)
SECTION #12: Office (12 sq.m.)
Exclusive Use Area RA11: Scullery Fridge/Freezer/Store (59 sq.m.)
Exclusive Use Area RD11: Outdoor Garden Dining under Tent (204 sq.m.)
Exclusive Use Area SR11: Store (16 sq.m.)
Seven (7) allocated open parking bays on-site

Immerse yourself in the enchanting seaside village of Ramsgate, where this landmark property awaits. Boasting a rich history dating back to the early 1940s, the renowned Crayfish Inn Restaurant has become synonymous with superb seafood, attentive service, and a laid-back ambiance. Ideally situated just 100 meters from the pristine Blue Flag Ramsgate beach, this lovely restaurant captivates both casual diners seeking a relaxed experience in the charming tented garden area and those looking for a formal fine dining setting within the original Crayfish Inn building.

Completing the allure of this property is its convenient on-site parking and the inclusion of the restaurant property in the selling price. Sports enthusiasts can catch their favourite games on the DSTV Sports channels while savouring a drink in the fully licensed restaurant. Special events and occasions, regardless of size, are skill-fully catered for by arrangement, ensuring unforgettable experiences for guests. Additionally, businessmen passing by will appreciate the availability of Wi-Fi facilities.

Furthermore, the property has been sectioned into various blocks. Block "A" consists of eight residential apartments, while Block "X" is currently and historically occupied by the Crayfish Inn Restaurant. Blocks "B," "C," and "D" offer potential for future development, providing prospects for expansion and diversification.

The Crayfish Inn Restaurant, steeped in tradition and success, presents a legendary culinary establishment on the South Coast of KwaZulu-Natal. Operating since 1944, this renowned eatery has proudly served the community and delighted holidaymakers with the finest seafood and steaks. From 2011 to 2020, the seller skill-fully managed the business, yielding profitable results (refer to turnover figures provided). However, since 2021, a tenant has occupied the premises in breach of the lease agreement. A dispute exists with the local authority regarding incorrect land zoning, although Special Consent has been obtained to continue operating the restaurant.

This unique opportunity invites a restaurateur with the right vision to resurrect the establishment's former glory. With a fully operating business boasting an established history, success awaits through enthusiasm and modernisation. It is important to note that the longstanding and dedicated staff, with up to twenty years of experience, are protected by law and should not be dismissed in the event of a business sale.

Regarding the premises, although incorrectly zoned since 2007, the local authority has granted Special Consent for the restaurant to remain in operation. The current owner had intended to renovate and upgrade the building based on provided architectural drawings and artist impressions, but has faced challenges in obtaining local authority approval. It is worth considering the option of converting or developing the restaurant premises into a spacious, premium beach residence with exceptional sea views. However, the community may object to the closure of this legendary food-house, given its historical significance.

The sale also includes an existing lease agreement for the premises. As the tenant is in breach, the lease can be canceled, providing the purchaser with the choice to either assume the lease as a rental income business or instruct the seller to terminate it prior to the transfer, allowing for direct operation of the restaurant.

In terms of expenses, the property is subject to property assessment rates of R4,022.27, BC levies of R915.54, and water and sanitation charges as per the UGU account. Electricity costs are determined by the ESKOM account, and maintenance responsibilities fall under the tenant's expense.