The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

A WELL-KNOWN downtown Nassau restaurant could “really take off” if the right buyer arrives to acquire it for $375,000, Tribune Business was told last week.

The 100-seat Conch Fritters, located on Bay Street opposite the British Colonial Hilton, has been placed on the market by “motivated” owner Theo Pikramenos.

John Constantakis, a realtor with H. G. Christie, confirmed to Tribune Business it was just the Conch Fritters business - not the building it operates in - that was for sale.

Explaining that the owner’s health was encouraging him to sell, Mr Constantakis - who is marketing Conch Fritters to potential buyers - said the key advantage for any purchaser was that they would inherit all the restaurant’s kitchen appliances, furniture and fixtures.

Suggesting that this would provide significant start-up cost savings, the H. G. Christie realtor also pointed out that Conch Fritters was located in a high traffic/footfall location close to the US Embassy, McDonald’s and numerous downtown Nassau offices.

“It is just the actual business for sale,” Mr Constantakis confirmed to Tribune Business. “You pay the rent, and the rent is $12,000 a month.

“Starting from a shell, you would have to put the fixtures and equipment in, and that would cost you money. Everything is there. He’s [Mr Pikramenos] very flexible with that. As far as someone purchasing the business, he’s motivated to sell.”

Suggesting that the $375,000 price might be flexible if a serious offer came in from the right buyer, Mr Constantakis said at one point Conch Fritters had employed 40 persons and two shifts.

“It’s been there a long time,” he added of the business. “He’s [Mr Pikramenos] not in the best of health; he’s had a heart attack. He’s not motivated to run the business like he used to, and it hasn’t been as busy as it should be. At this point in his life, he has to sell.

“With all the businesses around it, and run properly, it could do really well. You’ve got all the offices, the US Embassy, the Hilton and established businesses all around it. It’s got good exposure. What it does lack is parking. That’s a challenge, although it has got parking around it.

“It just needs someone who knows the business to run it properly, and it will take off.”