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Shop for sale

Eastgate, Louth

£35,000

Property Description

Commercial information

  • Use class orders: A1 Shops

Key features

  • LEASEHOLD BUSINESS
  • HIGH STREET LOCATION
  • LONG ESTABLISHED BUSINESS
  • 300 sq.m / 3,245 sq.ft APPROX
  • EPC RATING 69 (C)

Full description

BUSINESS FOR LEASE DUE TO RETIREMENT
An excellent opportunity to lease a long established and profitable mens' and ladies' clothing, footwear and accessories business, situated in a prime position on the high street. The premises is available at a rent of £35,000 pa with the business available at £50,000. Our client may consider a freehold sale with an asking price of £425,000.

Location - Louth is a prosperous Lincolnshire market town situated approximately 18 miles south of Grimsby, 22 miles north-east of Lincoln with a population of approximately 17,000. The town is famous for its thrice weekly market and its sole proprietor independent retailers and offers a range of good schools, banks, shopping and leisure facilities.

Situation - The property is situated in a prominent position on the main high street running through the town centre. Occupiers close by include Boots, Sue Ryder (adjacent), Subway, Millets and Argos amongst many other high profile and local traders

The Business - Luck of Louth was first established by the present owner in 1985 and has grown and diversified from initially only selling leather goods, accessories and luggage to now include men's and ladies clothing and footwear.
Turnover for the vendors business which includes the shoe shop located at 81-83 Eastgate was approximately £938,000 inclusive of VAT for 2015, showing a healthy net profit. The turnover for the business located at 87-91 Eastgate was approximately £678,000 inclusive of VAT for the same year.
Audited accounts are available to serious interested parties after viewing the property and providing evidence of funds to the satisfaction to the vendors.

Accommodation - We have measured the property on a net internal basis with the following approximate areas:

Number 87 Eastgate -

Ground Floor - Retail area: 33.34sqm / 359sqft

First Floor - Front sales: 11.57sqm / 124sqft
Kitchen: 10.18sqm / 109sqft

Second Floor - Store: 13.36sqm / 143sqft
Toilets:

Number 89 Eastgate -

Ground Floor - Retail area: 57.00sqm / 614sqft

First Floor - Sales/store: 45.35sqm / 488sqft

Second Floor - 20.82sqm / 224sqft

Number 91 Eastgate -

Ground Floor - Retail area: 53.42sqm / 575sqft
Store: 8.62sqm / 92.75sqft

First Floor - Stores: 29.33sqm / 316sqft

Second Floor - Store: 18.67sqm / 201sqft

Leasehold Purchase - The property is available to rent at an asking rent of £35,000 pax on full repairing and insuring terms. In addition, the business is offered for sale at £50,000 which includes goodwill, trade and fixtures and fittings. The freehold asking price is £425,000 plus £50,000 for the business.

Stock - Stock will be purchased separately at valuation.

Vat - VAT will be charged at the prevailing rate if appropriate.

Rates - According to the Valuation Office Agency's website the property has the following description and rateable value for the 2010 (current) rating list.

87-91 Eastgate:
Description: Shop and premises
Rateable Value: £28,750

Services - We understand that the property has mains water, electricity and drainage.

Viewing - Strictly by appointment with the sole agents.

Note - For all queries, please contact Robert Laverack on either 01507 603648 or 01673 844249.

Epc 87-91 Eastgate -

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