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Green Lanes, Palmers Green, N13

Offers in Region of
£130,000

£86.67 per sq. ft.

Business rates & charges may apply

mi commercial, London
SIZE AVAILABLE
1,500 sq. ft.
(139 sq. m.)
SECTOR
High street retail property for sale

Property description

Tenure: Leasehold

LOCATION
Body Beauty is located on Green Lanes in Palmers Green, N13. The property is ideally situated in a prominent position with an abundance of passing traffic and located close to the junction connecting Hedge Lane and Green Lanes.

This part of Green Lanes is situated equidistant between Palmers Green High Street and Winchmore Hill Broadway, with both locations boasting an array of local amenities and independent shops, restaurants and coffee bars alike.

Parking facilities include metered parking on the high street itself and the residential roads leading off it (in addition to the 2 private parking spaces at the rear).

DESCRIPTION
***VIDEO TOUR AVAILABE*** A very well-known beauty business (previously recommended in the TimeOut magazine) which has been established for over 30 years is now available. The lease includes a 1 bedroom flat on the top floor which generates £13,800p.a in income. Over £50,000 of equipment will also be included in the sale, in addition to the Bounce Back Loan which was applied for against the business.

The practice is arranged over 2 floors (with the 1 bedroom flat occupying floor 3).

Floor 2 was recently refurbished, with the ground floor also in good condition throughout. The building encompasses two access points (front and rear) with the benefit of a staff kitchen and WCs. The benefit of 2 parking spaces are also included at the rear of the premises.

The business is now being offered for sale due to our client´s decision to spend more time with her growing family after spending many years focusing on building this rare opportunity.

The equipment list of what will be included in the sale are as follows:

IPL laser machine (optional for an additional £30,000)
Crystal Clear Microdermabrasion machine
Crystal Clear Oxygen machine
An ear piercing gun
6 warm wax pots
2 Hot wax pots
Electrolysis machine
IMac computer
An infared Lamp
2 a CatioVital machine
A Caci Quantum machine
A high frequency and galvanic machine
Two steam cabinets
3 plumbed in pedicure stations
3 gel lamps
A G5 machine
A paraffin wax bath
A washing machine
A Tumble dryer
A water cooler

Additional benefits of this opportunity include a database of over 21,000 clients, a professionally built website, fully trained and loyal members of staff, a social media following of close to 1,000 followers and revenues which have reached a staggering £475,000!

To add further value and revenue, the salon can be re-organised to the ground floor only, in order to convert floor 2 to residential space (subject to planning). Additional marketing, an online booking system and opening 7 days a week are also optional.

Premises
The ground floor consists of an open plan reception area, with a dual level wooden reception counter, 3 product display stands, storage drawers, a corner display cabinet, a wall mounted TV and a fixed client seating area.

A total of 6 treatments rooms which each include treatment beds, lighting, wash basins & storage shelving. To the rear, there are large pedicure stations with 3 high quality adjustable treatment chairs, storage tables and lighting which have all been professionally plumbed.

As well, there is a large staff room & kitchen/washing area with a single toilet used by both clients and staff.

The first floor further accommodates 4 further treatment rooms and another WC used by both clients and staff.

The second floor is a self-contained, 1 bedroom flat accessed from the front of the building with its own entrance door. The property is currently let out on an AST at £1,150pcm

Staff
The business is staff dependent with a full time Manager in place as well as 4 full time Therapists and 3 part time Therapists. All members of staff are very much committed to the practice and would all like to retain their employment following the prospective sale.

Tenure
The business is being sold with 6 years remaining on the lease, with a 10 year renewable lease in place with a current passing rent of just £25,000 per year. The net rent payable following the income of the rented flat above totals just £11,200p.a.

The business now receives a 100% discount on the paid Business rates (saving of £3,500 per year).

Financial Profile
As of the 2019 accounts, the salon achieved a Turnover of £276,212 with a Gross profit of £96,294 and an Adjusted net profit of around £80,000-£82,000. With full time and commitment to the business, revenues in the past have reached an impressive £475,000 reflecting its potential.

Please contact one of our commercial consultants at your earliest convenience to avoid potential disappointment.

Revenues reaching an impressive £475,000
Loyal staff
Large Client database of over 21,000
Net annual rent just £11,200p.a
Use Class: Sui Generis
£50,000 of equipment and the full bounce back loan included in the sale
6 years remaining on the lease (renewable, inside the L&T Act)
Premium: £130,000
The lease is for the full 3 story building which includes a 1 bedroom flat on the top floor

LEGAL COSTS
Incoming Tenant and outgoing tenant to equally cover landlords legal costs.

PARKING NOTES
There are two parking spaces at the rear of the premises.

VIEWING
Strictly by appointment only.

Green Lanes, Palmers Green, N13

Approximate location

NEAREST STATIONS

Distances are straight line measurements from the centre of the postcode
  • Palmers Green Station0.4 miles
  • Winchmore Hill Station0.8 miles
  • Southgate Station1.2 miles

Notes

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Disclaimer - Property reference 102099000826. 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 mi commercial, London. 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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