Under Offer - Secret Garden Bar - 1p6006

True to its name, Secret Garden is just that. Secreted away from the hustle and bustle of Fitzroy Street in St Kilda. It offers the tranquility of garden daybeds, cocktails on the decking, private areas for a more intimate experience or just dancing the night away. Whatever the vibe, Secret Garden is there to cater.

Outside there is the garden with a capacity of up to a hundred customers with its own bar area, retractable roof and fixed furnishings throughout the area. Across the laneway is the decked area that is fully sheltered, heated and furnished with daybeds and indulgent lounges. It is also fitted with its own separate speaker system. Heading inside there is the dance floor with DJ booth above it. To the right is the bar with a small storeroom and office behind it. On the other side of the dance floor is a VIP function room. Down past the toilets there is a large storage area which is needed to look after all the outside furniture, with a storage cage also part of the lease that is in the base of the main building and a cellar beneath the bar as well.

Secret Garden has a late night on premises licence until 3 am with a capacity of 267. After a recent rent review the rent has had a 40% reduction so rent comes in at $1550 a week including GST. The are seven years remaining on the lease made up of 2+5. There is an extensive fixture and fittings list as the venue had a full renovation and make over 18 months ago. There are no contracts or equipment lease agreements in place.

Secret Garden has a core business based predominantly on bottomless booze with anywhere between 200 - 800 patrons on any given weekend throughput the year with all being prepaid giving an almost guaranteed high margin income. This is in addition to the many functions already booked in for 2024. So it suits both an owner operator that can drive the business forward or those that want to invest in a well performing venue with the aim of achieving a good passive income. There are financial accounts that show a very good return on any investment. The vendor intends to head overseas and is looking for offers in the region of $500,000 for this exclusively listed venue.