WELL POSITIONED/UNOPPOSED CONVENIENCE STORE
SITUATED IN THE HISTORIC QUAY IN EXETER
SECURE LONG LEASE
CIRCA 1,000 SQFT (PLUS STOCK ROOM)
SALES CIRCA £540,000 (NET) PA, GP 24.9%
WELL EQUIPPED & PRESENTED
GENUINE RETIREMENT SALE
The Mace Shop is situated in the historic Quay in the Cathedral City of Exeter. The Quay attracts many visitors all year round who come to see its historic buildings and wander along the river. Along with servicing visitors, The Mace Shop also services a residential area and a number of nearby offices.
This really is a rare opportunity to acquire a business, apart from from a holstery, in this historic part of Exeter and indeed the county.
We understand the current property was rebuilt in 1991 and comprises the retail shop on the ground floor with residential flats over. Our clients occupy units 7 to 9 The Leatside, which comprises circa 99 sqm (1,000 sqft) of retail space, with a office and a small store to the rear of the retail and behind the shop a store room of circa 32 sqm (355 sqft). In addition is the secure side areas for general storage.
Overall the property is presented in good order and in our opinion is well equipped.
Our clients have run the business for the past 28 years who are now looking to sell due to impending retirement. The business trades all year (with the exception of Christmas Day) and trades 8am to 8pm Monday through to Saturday and 9am to 8pm on Sunday. The business trades as a General Convenience Store, with an Alcohol Licence and has the addition of the National Lottery, Payzone, Costa Coffee machine, House Lottery and Hermes collections.
The business is run by our owner clients and various part-time and seasonal workers.
The business has currently a principal arrangement with the Costcutter Group (who supplies the majority of the stock), which has an agreement until November 2019.
We are advised the turnover for the year end April 2018 showed net sales of £479,207, with a gross profit level of circa 24.9%, which was affected to some building work in the adjacent river, which necessitated scaffolding on part of our clients’ property. At the time of writing we are advised the turnover for the year end April 2019 is £538,455 and the detail Profit and Loss Account will be available in due course.
Accounting information will be made available to interested parties subject to a viewing appointment with our clients in the normal manner.
The Accommodation Comprises
(all areas and dimensions are approximate)
Principal Retail Area
5.25m x 3.18m, principal entrance to the shop, with windows and door to the front elevation, space for newspapers, Lottery and cigarettes and tobacco. Tiled floor, air conditioning, suspended ceiling, CCTV., plus further area 9.77m x 5.56m, windows to the front elevation. A range of price edged shelving, ice cream dispensing unit, frozen upright chiller, drinks chiller, Costa machine (on loan).
To the rear of the Convenience Store area, the wine and home brew centre 4.90m x 3.81m, plus 3.94m x 2.33m. With slate floor, price edged shelving, door to rear. Door through to office and store.
4.05m x 4.91m (of irregular shape), 2 windows to side elevation, some metal racking. Space for 2 desks, CCTV monitor and Epos system.
Small Stock Room
2.17m x 1.91m (of irregular shape)
To the side of the property side passageway measuring 8.30m x 2.0m and 14.4m x 2.0m. Giving access to the:-
Rear Stock Room
6.58m x 5.05m (overall total dimension incorporating a staff wc). With large chest freezer, upright fridge and space for a desk and metal racking for storage of goods.
Tenure – Leasehold
Remainder of 20 year lease commenced 21st December 2017, with a current passing rental for the 3 units of £20,000 per annum (plus Service Charge of £1,328 per annum), with a rent review in December 2020, and 3 yearly thereafter. We understand the property has the benefit of the Security of Tenure, meaning it is automatically renewable at the end of the initial term, at the tenant’s request.
Exeter City Council
Exeter EX1 1JN
Tel: 01392 277888
Planning: 01392 265283
Energy Performance Certificate
The Energy Performance Rating for this property is C66.
An Inventory of all loose chattels and equipment, free of any lease/lien, to be included within the sale will be supplied by Miller Commercial prior to exchange of Contracts.
We understand the premises holds a Premises Licence in respect of the sale of intoxicating liquor off the premises.
Each party to bear 50% of the landlord’s legal costs in respect of the assignment of lease from the outgoing to incoming tenant.
We refer you to the government website https://www.tax.service.gov.uk/view-my-valuation/search
Prospective owners should make their own enquiries of the appropriate statutory undertakers:
Western Power: 0845 601 2989
South West Water: 0800 169 1144
Transco: 0800 111 999
Stock at valuation on completion.
Value Added Tax
All the above prices/rentals are quoted exclusive of VAT, where applicable.
If you require advice regarding the Financing of a Business, at no initial cost, please contact us on the number below.
For further information or an appointment to view please contact:-
Graham Timmins on 01872 247019 or via email email@example.com or
Paul Collins on 01872 247029 or via email firstname.lastname@example.org
AGENTS NOTE: Miller Commercial for themselves and for the Vendor/s or lessor/s of this property give notice: [a] These particulars are for an intending purchaser or tenant and although they are believed to be correct their accuracy is not guaranteed and any error or misdescriptions shall not annul the sale or be grounds on which compensation may be claimed and neither do they constitute any part of a Contract: [b] No responsibility is taken for expenses incurred should the property be sold, let or withdrawn before inspection: [c] None of the services or appliances, plumbing, heating or electrical installations have been tested by the selling agent.
Miller Commercial is the trading name of Miller Commercial LLP registered in England and Wales under Registration No.OC373087. The Registered Office of Miller Commercial LLP is Mansion House, Princes Street, Truro TR1 2RF. We use the term Partner to refer to a member of Miller Commercial LLP. VAT Registration No.643 4519 39.