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Shop for sale

Torquay Road, Paignton, Devon, TQ3

Leasehold £49,995
87 sq. m.

Property Description

Commercial information

  • Business for sale
  • 936 sq ft (87 sq m)

Key features

  • REF 13561
  • JEWELLERY BUSINESS
  • LEASEHOLD

Full description

Tenure: Leasehold

LOCATION
House of Diamonds occupies substantial ground floor corner premises, which is ideally located within the town of Paignton, Devon. The business is situated on the very busy Torquay Road, which is a popular shopping street, therefore, the business benefits from a very high volume of footfall and passing trade, as well as good car park facilities. The area of the property is surrounded by densely populated residential areas, from which the jewellery business derives much trade.

Paignton is a very popular seaside town on the coast of Torbay in Devon. The area is a holiday destination known as the English Riviera. According to the 2011 census, the town had a residential population of 49,021. Tourist attractions include Paignton Zoo and the popular Paignton and Dartmouth Steam Railway. Paignton beach and the nearby Preston Sands are used for water sports, including kite surfing and dinghy sailing.

The area of the property is well served by the public transport system, with several bus stops within easy walking distance of the property. Paignton railway station is just a five-minute walk away. The area is also well served by excellent road links, with the property located on the A3032, which links to the national A-road and motorway networks. Torquay is approximately 3 miles away and Dartmouth is 8 miles away.
BUSINESS
Hilton Smythe is delighted to welcome to the market this well-established and popular jewellery business, which is ideally located in Paignton, Devon.

The business was originally established in 1976 and has been in our clients' ownership since 2007. Only now, reluctantly, is the business being offered to the market, due to our client's desire for a well-deserved retirement. The business currently operates 6 days per week and generates a turnover in the region of 120,000 per annum, with a gross profit of approximately 70%, as per the 2016 accounts.

Our clients offer a wide variety of jewellery including rings, bracelets, necklaces and watches, as well as clocks, giftware and accessories, to name a few. The store retails a very high end stock and many bespoke pieces and our client also offers jewellery repairs. The business is the longest established jewellers within the town. The property boasts 87 sq. metres of floor space, is very well maintained and beautifully decorated to a very high standard.

The business has built up an excellent reputation within the area and further afield, for the very high quality of the goods and services offered, which has resulted in a very loyal client base, with a high volume of repeat trade and word of mouth recommendations.

In addition, the business benefits from a superb large 2-bedroom maisonette, currently let on a long term assured tenancy agreement, yielding a regular income of 550 per calendar month, which offsets the shop rent.

We feel there is scope to increase the turnover by extending the opening hours, perhaps by offering Sunday trading hours. A new owner could also launch a marketing campaign to advertise the business and introduce a website, which could incorporate online ordering facilities. The use of social media, such as Facebook and Twitter, is an ideal free way to promote the jewellery store and goods offered.

This is an excellent opportunity for a new owner to take this already thriving and long established business to the next level; therefore, early discussions with Hilton Smythe must come highly recommended to avoid disappointment.

PREMISES
Substantial ground floor premises, in a prime trading location, briefly comprising:

Ground floor:

Walk-in u-shaped arcade style covered entrance.
Multiple display windows.
Front office with access to display windows.
Illuminated bespoke display cabinets to perimeter walls.
Free standing display cabinets.
Central glass display gondola.
Customer seating.
Rear office.
Repairs area.
Storage area.
WC.
Kitchenette.

Substantial 2 double bedroom maisonette.
TENURE
We are advised Leasehold:

Rolling monthly lease.
Rent: 16,000 per annum

A new lease could be negotiated.

The business benefits from a superb large 2-bedroom maisonette, currently let on a long term assured tenancy agreement, yielding a regular income of 550 per calendar month, which offsets the shop rent.
HOURS
The business is open:

Monday - Saturday: 9.00am - 5.00pm
Sunday: Closed

STAFF
The business is owner run and managed with his wife and 1 x-part time staff member.

FINANCIAL PROFILE
The business generates a turnover in the region of 120,000 per annum, with a gross profit of approximately 70%, as per the 2016 accounts.


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