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Retail Property (high street) for sale

Regent Street, Shanklin, Isle Of Wight, PO37

£50,000

Property Description

Full description

This well established greeting card and gift shop business is situated in a good position in the main shopping street of this popular coastal Town. The business has been in existence since about 1974 and has been run by the present owners for the past three years. Prior to that, the business had long standing owners and we understand that the business has a good profitability ratio.

The shop premises are rented on the remainder of a Lease that expires in 2024 with five year rent reviews.

From our personal knowledge of the business, it enjoys a good local trade all year round, which is in turn boosted by visitors during the summer seasonal months selling all types of greeting cards and associated gifts. In our opinion, this business has a good turnover for its size and location with the net profit on average 30%. The shop comprises :-

MAIN SHOP A double fronted shop with recess double doors and side window display areas, having a frontage of 13' and the longest depth of 39' (11.7m). Total sales area is approximately 440 ft (40.9 m). Approximately 48' (15.4m) of card racks including display shelves and island racks and displays.

STOCK ROOM/WC 9' x 7' (3.7m x 3.1m) with storage racking, low flush WC, electric heater and a sink unit with electric water heater.

Current rent is 10,000 per annum.

Uniform business rate : 9,700 The current owner has advised us that they pay zero rates under the small business rates relief scheme.

Price : 55,000 to include the Lease, all the fixtures and fittings plus stock at valuation which will be approximately 20,000


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