Talk of The Villages Florida - View Single Post - I was told that Cane Garden CC Restaurant has been sold?
View Single Post
 
Old 03-13-2021, 09:59 PM
Indy-Guy Indy-Guy is offline
Gold member
Join Date: May 2007
Posts: 1,062
Thanks: 0
Thanked 133 Times in 52 Posts
Default

Quote:
Originally Posted by graciegirl View Post
The Developer owns all of them and leases the business out. The leases run for five years. Maybe the lease is up and a new person is renting the space and running the restaurant.
Yes the Developer owns the building but I don't think he owns the interior tables, kitchen equipment, bar stools, carpet, etc and good will or bad will which effects the value of the business. The balance of the lease can be sold if the developer approves the transfer of the lease. So yes the business can be sold. That is what happened when Cane Garden changed hands several years ago. So are you saying the developer owns the table ware, glasses and kitchen equipment? I don't think so. Those are the things that I believe have value and can be sold.

Many business are sold when the seller doesn't own the building it happens every day as long as the owner of the building is ok with the lease transfer.
__________________
Anderson Indiana---Indianapolis Indiana--- Village of Poinciana Full Time