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St. John, U.S. Virgin Islands For Sale: $550,000 Cash
This 87-seat, waterfront bar and restaurant is located in Cruz Bay, St. John, U.S. Virgin
Islands, only steps from the ferry dock. Specifically, the restaurant and bar is located atop Wharfside Village, a Caribbean
shopping center featuring jewelry stores, island clothing shops, a dive shop, and stores catering to vacationers, and enjoys
a commanding view of the harbor. The restaurant is fully licensed for liquor, beer and wine sales as well as food, and may
also operate as a cabaret under its license.
Spyglass is a casual, Caribbean restaurant by the sea with a spectacular view of sunsets, boats at anchor and the tranquil blue sea. All dining is outside, under an aqua canopy, befitting the local scenery. It has a long history as a successful restaurant venue with a strong lunch traffic, wonderful dinner crowds and it has what has been called the "greatest happy hour in St. John." The lunch crowd consists largely of cruise ship passengers and "day trippers" from St. Thomas. (St. Thomas is a 17-minute ferry ride away and with many hotels there, their guests frequently visit the town of Cruz Bay for the day). Dinner guests usually consist of the thousands of guests staying in hotels, villas and campgrounds in St. John, while the happy hour is a mix of locals and visitors alike. The restaurant has 14 employees, including day and night chefs and sous chefs, night dishwashers,
night prep/salad persons, servers, bar tenders, manager and hostess, and a part-time bookkeper, all of whom will remain with
the business. A new owner may choose to insert himself or herself in whatever role he or she is best suited for: bartender,
chef, manager, etc.
Product is purchased from local purveyors offering a broad supply of fresh vegetables, fruits and meats which are delivered daily. Fish is usually purchased from local fishermen who bring their fresh catch in from the boats each day. Additionally, there are several purveyors and importers of wines, liquor and beer who serve the restaurant and bar. Operations are very profitable and historical sales information will be provided to qualified purchasers. Approximately two-thirds of daily revenue is paid for by credit card, and the balance is paid in cash. Occasionally customers will pay with traveller's checks. Vendors are typically paid monthly and local banks adequately provide clearing and merchant services. The current owner of the restaurant is also the owner of Wharfside Village, the shopping mall in which Spyglass is located and, therefore, is open to a lease term which will meet the buyer's needs. As the owner of the mall, the current restaurant owner will be nearby to assist in an advisory role, as desired.The entire kitchen was remodeled in the fall of 2010, with new fixtures and appliances, as well as all new plumbing and electric services, and newly tiled floor and newly installed ventilation. The modernized kitchen enables the restaurant to better serve the large customer base. Except for kitchens at the several banquet hotels, Spyglass has the largest restaurant kitchen on the island, which makes for an orderly and clean working environment. The rented space includes a secure 275 s.f. (approx.) office for management, a 2200 s.f. (approx) kitchen, and a dining room floor of 2,000 s.f. (approx) with 64 table seats and 23 bar and high top seats. The purchase of the business may be structured as either an asset purchase or a stock purchase of the limited liability company. In the event of the latter (as all licenses, permits, vendor accounts and utilities are in the name of the LLC), the seller will provide a complete indemnity as to all liabilities arising prior to closing. The sale price is $550,000 which, an examination of the market will show, is priced to sell. A restaurant like this is not available for sale very often, but any other restaurant of the same quality and comparable location as Spyglass will command a substantially higher price. Accordingly, this restaurant will not last on the market for long. Sale terms are cash only. Local lenders do not provide purchase money financing for restaurants, absent real property as collateral. |
