7 bedroom convenience store for sale

Paignton, Devon

£62,000

Property Description

Commercial information

  • Business for sale

Key features

  • High profile main road trading position
  • Substantial property, approx. 2,000 square feet
  • Modern very well fitted retail area, storage, office
  • Spacious self-contained 4 bed flat & 3 bed flat
  • Gross Sales 684,108, Commissions 4,242
  • EM&F reference number: G34512N

Full description

Tenure: Leasehold

Description: A modern day convenience store offering a wide range of retail lines and a range of services. Operating from substantial premises, providing extensively fitted and equipped retail area, bake-off kitchen, storage, office and staff facilities, all in the region of 2,000 square feet. Above the business premises can be found a self-contained 4 bedroom maisonette and a self-contained 3 bedroom maisonette, requiring some updating/refurbishment but could provide spacious owners accommodation or alternatively be occupied by new owners. The business enjoys regular trade from the surrounding residential community in addition to passing trade such is the trading position, in particular during the busy summer months.

Location: Occupying a high profile trading position in the popular suburb of Preston, fronting the busy A3022 Torquay Road linking Paignton with Torquay, the substantial frontage ensures the business is highly visible to passers-by, in particular motorists who can take advantage of free restricted on street car parking immediately in front with additional unrestricted on street car parking close by. At the time of our inspection the business was next door to a mobility store, opposite an opticians, hair salon and chiropodists, close to a garage, barbers shop and numerous catering establishments. Also opposite could be found St Pauls Church and local bus stop with the whole area surrounded by residential housing and nearby Seaway Road providing access to the popular Preston Sands beach.

Area: The bustling seaside town of Paignton with its national retailers lies approximately 3/4 of a mile away, also playing host to a good size residential population and attracting a huge influx of holiday makers and day trippers. The nearby A380 ring road provides good communication links throughout Torbay and destinations further afield to include the expanding City of Exeter where access to the M5 motorway network is found recently assisted by the opening of the South Devon Link Road.

Premises: Presented and equipped to a high standard, the equipment commanding a substantial replacement cost, viewing is recommended to appreciate the standard. Substantial modern aluminium framed glazed frontage, incorporates ATM, glazed sliding automatic entrance door opens to RETAIL AREA, wood affect vinyl flooring, suspended ceiling incorporating air conditioning units, LED lighting and CCTV. Initial Lotto, Health Lottery and essentials stands, side SERVE OVER COUNTER providing 3 till positions, houses Lotto machine and slush machine, whilst behind is the cigarette gantry and spirits display. The retail area provides 5 shopping aisles, soft drinks and crisp display shelving, households and pet food display, newspaper and magazine display racking, bread and groceries display, open front soft drinks chiller together with milk and sandwiches, bake off items, glazed triple door dairy chiller, greetings card display unit, chilled fruit and vegetables display, fresh meat display chiller, wine display shelving, glazed triple sliding door beer and wine chiller, glazed double sliding door frozen food upright freezer. To the rear, access to SERVICE/STAFF AREA, houses BAKE OFF KITCHEN, fitted with stainless steel hand washbasin, stainless steel sink/draining unit, easy wipe cladding to the walls, work counter and base storage unit and extractor, houses 2 bake off ovens, stainless steel upright freezer and storage racking. Adjacent walk in COLD ROOM with freezer compartment, step up to STAFF KITCHEN fitted with stainless steel sink/draining unit, work counter, base and wall storage units. Leading off is the OFFICE containing CCTV equipment, also leading off is the staff CLOAKROOM containing lockers, fitted with toilet and hand washbasin. Back door opens to the rear of the property.

None of the above appliances/systems have been tested and a purchaser must satisfy themselves as to the serviceability of these.

Accommodation: Situated above the business premises, comprising 2 maisonettes, each totally self-contained, requiring some updating and modernisation, could provide owners accommodation or be rented out to provide additional income:-

MAISONETTE 1 - Accessed from the rear of the property, stairs to balcony with rear entrance door opening to FIRST FLOOR and the KITCHEN, fitted with stainless steel sink/draining unit, work counters, base and wall storage units. Through to INNER LOBBY, leading off is the 'L' shaped LOUNGE/DINING ROOM, front and rear aspects. Also leading off is the BATHROOM, rear aspect, fitted with bath, hand washbasin, shower cubicle, bidet and toilet. BEDROOM 1 is also found on this floor, front aspect, whilst stairs located within the inner lobby rise to the SECOND FLOOR where 3 further bedrooms can be found, BEDROOM 2, a double with rear aspect, BEDROOM 3, a double with front aspect, BEDROOM 4, a double with side aspect.

MAISONETTE 2 - Benefiting from front entrance door situated on the main street, opens to long ENTRANCE LOBBY with stairs to FIRST FLOOR and long landing area from which the majority of rooms lead off. KITCHEN with rear aspect, fitted with work counters, base and wall storage units, stainless steel sink/draining unit, space for cooker. SITTING ROOM with 2 windows providing front aspect, BATHROOM with side aspect, fitted with bath having shower over and vanity hand washbasin. BEDROOM 1, rear aspect with door opening to roof area, a double, fitted with storage cupboards. Stairs to SECOND FLOOR LANDING, leading off is BEDROOM 2, a double with rear aspect, BEDROOM 3, a double with front aspect, separate eaves STORAGE ROOM.

Outside: To the rear of the property, walkway to YARD AREA, contains lockable store in respect of newspaper deliveries.

Business: An established business operated by Martin McColl's Ltd, operating as a modern day Convenience Store, retailing groceries, frozen foods, confectionery, bake off lines, dairy items, fruit & vegetables, bread, beers, wines and spirits, tobacco/cigarettes, newspapers and magazines, greetings cards, crisps, snacks, soft drinks, the outlet benefits from being a Lotto and E-Top Up outlet. The business enjoys regular local trade together with passing trade.

Trading Hours: The business trades Monday to Sunday 7.00am through to 10.00pm.

Staff: A company owned store which is fully managed and whereby staff would be included in the sale.

Takings: Accounting information provided in respect of the 52 weeks trading ending 30th November 2018 confirms total Gross Sales of £756,270 split £684,108 in respect of Retail Sales and £72,162 in respect of Services returning a Commission of £4,242.

Comments: The sale of McColl's Torquay Road provides an opportunity to acquire substantial retail premises with a comprehensively fitted and equipped retail area occupying a high profile main road trading position. The premises provide substantial accommodation which through some refurbishment could provide owners accommodation or could be rented out.

Tenure: Leasehold, current Lease running to 5th November 2023 with no rent reviews due in the remaining period, current rent £26,000 per annum for the whole property which could be offset should new owners rent out the maisonettes.

Rates: Approximately £12,030 per annum payable.

Price: £62,000 for the benefit of the Leasehold, Goodwill, Fixtures, Fittings & Equipment (according to inventory) plus stock at valuation.

Note: As this is a company disposal any sale will be subject to the attached Terms & Conditions which interested parties should refer to.

Terms & Conditions: Trading information: Trading information has been supplied by McColl's Retail Group PLC and written confirmation is available on request. Post Office appointments: The transfer of a sub-post office appointment is at the sole discretion of Post Office Ltd and contracts for the sale and purchase of branches that have post offices attached will be subject to the transfer of the appointment in favour of the purchaser or the purchaser's nominee. The post office transfer process will commence as soon as a conditional contract has been exchanged and in the first instance, proposed purchasers will be required, at the vendor's own discretion, to discuss their experience (if any) as a 'sub postmaster' with an independent Post Office consultant - subpostmaster.com. If deemed necessary by the vendor the purchaser will be required to submit their Post Office application documents to subpostmaster.com and attend a mock interview with the company's resident postmaster prior to making a formal application to Post Office Ltd.

National Lottery and other agencies: The transfer of a National Lottery agency is at the sole discretion of the operator, Camelot Group PLC, and could incur the payment of a "bond" in those instances where the proposed transferee has not previously operated a business on his/her own account. No proposed sale and purchase shall be conditional upon the transfer of a National Lottery agency, nor shall it be conditional upon any other agency or service where the transfer of such agencies or services are at the sole discretion of the grantor(s) i.e., ATM, Premises Licence, Pay-Point, Oyster etc.

Staff: It is possible that the vendor may wish to retain the services of individual branch managers. However this is not guaranteed and will be assessed on a case by case basis. As far as the remaining personnel are concerned, the purchaser will be required to offer continuity of employment in accordance with the Transfer of Undertakings (Protection of Employment) Regulations.

Stock in trade and news debts: The stock in trade at the individual branches will be sold at valuation. The amount involved will vary from branch to branch but can, within reason, be adjusted to a proposed purchaser's requirements, given adequate notice. In those instances where a branch provides a news delivery service, the purchaser will also be required to purchase book debts - i.e., outstanding accounts to news delivery customers in respect of goods and services supplied that remain unpaid at the time of completion.

Trade fixtures, fittings & equipment: The stores are offered for sale as going concerns to include most of the fixtures, fittings and equipment but excluding any trading name and signage relating to the vendor. The Epos scanning systems/tills will NOT be included. The vendor will provide a list of Home News Delivery (HND) customers and debtors. An inventory listing for each store will be made available once a sale has been agreed. In addition to items owned by McColl's and included in the proposed sale, this will also include items that are the property of suppliers and/or manufacturers and proposed purchasers should make their own enquiries with regard to the continuing use of these items.

Leasehold requirements: It will be necessary to obtain landlord's consent to assign individual leases to prospective purchasers. In some instances, it may not be possible to assign the vendor's leasehold interest and in such circumstances a transaction could proceed by grant of an under lease on similar, if not identical, terms to the vendor's own lease. In either event, purchasers will be required to supply Everett Masson & Furby with references for the benefit of the vendor and its landlords. The references should include 1) a bank or building society, 2) a solicitor,3) an accountant or other professional person or organisation, 4) past and/or present landlords and 5) a selection of recognised trade suppliers. Where a proposed purchaser is already in business certified accounts will be required in addition to references. In the event that a purchaser has no previous retail experience, evidence will be required to support their proposal to undertake their commitment to a fully repairing and insuring lease with regular, long-term rental payments. In some cases, it may prove necessary for a purchaser to pay a rental deposit, usually the equivalent of six to twelve months' rent. Please note that the sale of a leasehold store is conditional upon landlord's consent to assign or under-let the vendor's leasehold interest and prospective purchasers shall enter into a conditional contract on this basis.

Costs: Each party will be responsible for its own legal costs but purchasers will also be responsible for the costs incurred by the vendor and the landlord in respect of assignments or under-lettings of the vendor's leasehold interests.

Deposits: Successful bidders will be required to pay a non-refundable deposit to the vendor's solicitor, via their own solicitor, equivalent to £5,000 per transaction. The deposit will be set off against the agreed purchase price on completion of a sale. In the unlikely event that the vendor withdraws from a sale within the defined Purchase Period (see definition below), deposits will be repaid in full. However, in the event that a purchaser reneges on the agreed terms and conditions of a sale and purchase, the deposit/s will be forfeited.

Timescale: The sale and purchase of the subject business will be on a Subject to Contract basis. Time will be of the essence in so far as the proposed purchaser will be required to enter into a contract, albeit conditional upon landlord's consent and, where appropriate, conditional upon the transfer of a post office appointment, within a maximum of 21 days from the date that draft documents are received by their solicitors. This 21 day deadline is the Purchase Period referred to under "Deposits" above. The purchaser should ensure that its solicitor is made aware of this condition of sale and is capable of dealing with the vendor's standard form of contract within the required timescale.

Viewing arrangements: Formal viewings will only be arranged after an acceptable offer has been made and by prior telephone appointment through the appropriate Everett Masson & Furby office. Discreet customer visits are encouraged but ON NO ACCOUNT SHOULD ANY DIRECT APPROACH BE MADE TO THE VENDOR OR ANY OF IT'S STAFF.



More information from this agent

Energy Performance Certificates (EPCs)

Nearest stations

  • Paignton (1.0 mi)
  • Torquay (1.1 mi)
  • Torre (1.8 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

EM&F , Devon

3 Cornhill, Ottery St. Mary, EX11 1DW

01404 606038 Local call rate

How much will it cost me to call the number displayed on the site?

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Map & Street View

Nearest stations

  • Paignton (1.0 mi)
  • Torquay (1.1 mi)
  • Torre (1.8 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

EM&F , Devon

3 Cornhill, Ottery St. Mary, EX11 1DW

01404 606038 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

Disclaimer - Property reference G34512N. The information displayed about this property comprises a property advertisement. Rightmove.co.uk makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and Rightmove has no control over the content. This property advertisement does not constitute property particulars. The information is provided and maintained by EM&F , Devon. Please contact the selling agent or developer directly to obtain any information which may be available under the terms of The Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations 2007 or the Home Report if in relation to a residential property in Scotland.

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