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BUSINESS REFERENCE : CQ094 / RightBiz FREEHOLD YOGA AND HOLISTIC CENTRE | | | | | | Freehold Yoga and Holistic Centre A beautiful and tranquil studio dedicated to the practice and study of Yoga and complimentary health treatments Ref no: CQ094 Confidentially offered for sale Location: Berkshire Freehold Property Asking price: £870,000 | | | BUSINESS LOCATION: | Undisclosed Berkshire UNITED KINGDOM | | BUSINESS SECTOR: | Miscellaneous | | TRADE TYPE: | Other | | SELLER: | Agent Sale | LEASEHOLD: | £870000 | | | | | | | | | | | BUSINESS DETAILS: | Business Profile:
This business was founded in 2002 by the Vendors with a generous combination of innovative insight and entrepreneurial spirit and has grown since to become a significant enterprise with a reputation for the quality and variety of its yoga service and through its complementary tenant services, as a holistic centre for health and wellbeing.
The opportunity is presented in two parts; the first as a going concern trading as a yoga centre and the second as a property development opportunity in a busy and attractive conservation area in a well known and popular Berkshire town.
The centre offers:
· Yoga
· Pilates
· Meditation
· Holistic Therapies
· Sun Salutations
The business has consolidated an enviable position in the region since it has established its business operations around the installation of bathrooms and accessories that they supply only and have not found the need to extend the installation service as a separate concern.
This clarity has proved successful in establishing trust with customers and enabling them to make a purchase decision based upon the whole service from variety in product to completion of their bathroom.
The vendors have been involved in the business since its first days of trading and can offer considerable advice and information concerning all aspects trading in the region.
The business is further supported by exemplary relations with key suppliers who have helped to ensure that client service and product quality is never compromised and that customers receive the highest possible quality of service, leading to the existing high levels of return custom. This commitment to suppliers and customers has underpinned this business’s abilities in service quality and sustained business success.
Customer Service
The business considers simply that happy customers come back and on that simple basis has maintained levels of product and service quality intended to best guarantee that happiness. The results of this commitment are evident in the degree of return custom and the choice of this business by new customers over competitors.
Key Strengths
A primary strength of this business is its broad portfolio of services and therapies on offer combined with the quality and size of the facilities, backed up by a service of high repute, gives it its competitive advantage.
The business is an organisation where the vendor has, over time developed and nurtured a name and reputation that has resulted in customer relations founded on a history of trading satisfaction and not contingent upon particular relationships with the vendor.
Growth and Expansion
The current market for this business’s products is stable and is forecast in the longer term for significant growth. The business is well positioned to take maximum advantage of this growth as it occurs.
Key Opportunities
This is an outstanding opportunity to build on the existing business levels, reputation and customer base of this company. With a strong demand for this business’s products, combined with a capacity to increase turnover, a new owner contributing fresh ideas will have every advantage of building on an excellent platform.
This business maintains an extensive base of satisfied customers, who appreciate the company’s superior products and service. There are many excellent avenues for growth, especially with investment in marketing including advertising and as yet underexploited internet opportunities, where the business has lacked in its aggression in the past.
Technology
Administrative systems have been implemented to provide the required technology for a modern and efficient business.
Advertising and Marketing
The business has used advertising in the past in local newspapers and there are excellent opportunities to widen this activity and to continue the business’s internet activities to market the business more aggressively and to significantly increase turnover.
A high proportion of the business's revenue has been due to its excellent reputation for quality and service and strong word of mouth recommendation. This has resulted not only in sales but also in the offer and production of high profile trade magazine features and articles.
Premises and Location
The business is situated in a rural town setting near the main urban centres of Slough and Maidenhead, in a mixed retail and residential setting close to shopping and amenities.
Description:
A Grade II Listed Building which has been extended, formally used as offices, but converted for use as a fitness centre with consulting rooms on the ground floor and a gymnasium, office and residential flat above.
Accommodation:
Ground Floor
The ground floor comprises of an office reception, four separate offices, gymnasium/meeting hall, and male and female WC plus accommodation.
Net internal floor space: circa 133.88 sq mtrs (1441 sq ft).
First Floor
Landing, gymnasium, office, and flat comprising two rooms, kitchen, bathroom and WC.
Net internal floor area: circa 98.24 sq mtrs (1057 sq ft).
Total Net Internal Floor Area: circa 232.12 sq mtrs (2498 sq ft).
Outside:
The property is situated on a plot with significant frontage narrowing to the rear and having an overall depth of circa 67mtrs.
Land to the rear of the property is arranged as a garden, while there is no rear vehicular access it is anticipated that an arrangement by consent with an adjacent property could be possible. At the front the property is set back about 2m from the pavement.
Services:
All main services are connected to the property and gas fired central heating, with radiators, is installed throughout.
Town Planning:
It is understood that the property is a Grade II Listed Building and that it is located within a Conservation Area. Listed Building Consent will be required from the Local Authority prior to carrying out any alterations to the property and there may be cost implications in relation to compliance with Local Authority Planning Requirements.
There are proposals to redevelop land to the rear of the property residentially and if permission is granted for this a portion of the rear garden could be purchased at a price in the region of £ 200,000. No account of this possible additional value has been reflected in this valuation. The proposed development will not adversely affect the value or saleability of the premises.
The current use of the whole of the property is as a Fitness Centre and Health Club, on the ground floor and part of the first floor, falling within Class D of the Town and County Planning Use Classes Order and for residential purposes on the remainder of first floor. These are assumed to be the permitted uses, however the premises were previously used as offices on both floors and could possibly revert to this use if required.
Tenancies:
The property is operated as a Fitness Centre and Health Club with three rooms let, fully serviced, on inclusive licences at £1,500 per calendar month. The ground floor office is currently let at £600 per month exclusive, but is considered to have an estimated rental value of £625 per month. The estimated rental value of the ground floor studio is £2,000 per month exclusive. The first floor gymnasium has an estimated rental value £700 per month exclusive. It is understood that the flat has been let on an Assured Shorthold Tenancy at £650 per month inclusive which is considered to be low, but reflects the shared access with the remainder of the premises.
The total current estimated rental value of the property, as currently arranged, is considered to be £46,000 p.a. on an exclusive basis.
Environmental Issues:
We are not aware of this or adjacent properties being adversely affected by contaminated land and we are not aware of any other matters, which would adversely affect the property, but no environmental audit has been carried out.
Marketability:
It is considered that there is likely to be a reasonable demand for this type of accommodation in this busy town, both as a Health Club and Fitness Centre and also for commercial use as offices and alternatively as residential accommodation.
Car parking is permitted in the adjacent high street, subject to time restrictions and there are Pay and Display car parks and other municipal car parking facilities in the very near vicinity. The proposed residential development at the rear could also make provision for vehicular access.
The current lettings represent about £34 per sq ft on an all inclusive basis which equates to approximately £17 per sq ft exclusive which would seem to be about the current market level in the district for space let in rooms. Rentals of this type of accommodation normally equate with similar offices and surgery premises and we are aware of several similar period office developments in the area where similar rental levels have been obtained.
Suitability of the property for secured lending purposes:
It is considered that subject to normal maintenance the property has a working life of at least forty years and at the valuations it is considered that a purchaser or tenant could be found for the property within six months although in the case of a letting, we would expect that a tenant might require a three months rent free period.
Financial Information
The business is being offered for sale on a going concern basis, all financial discussions will take place directly between the vendor and all interested parties under the auspices of Turner Butler.
The business is financially stable with no borrowings, low overheads, positive cash flow, enjoys a strong bookings, good gross profit and has shown consistent performance over 7 years’ trading.
Sales revenue is circa £30,000 per annum and shows a small loss on trading however our client feels that with a commitment to the opportunities illustrated, the business could dramatically increase its revenues.
Reason for Sale
The business is for sale as a result of the vendors’ belief that since the business is very well poised for growth, the time is right for them to sell and move on to a home abroad and follow other areas of interest.
Support and Training
The current owner will provide all necessary training and all relevant contacts to allow continuity of trading. | | | | | CONTACT: | TURNER BUTLER | | TELEPHONE: | 01895 25 6000 | | REFERENCE: | CQ094 / RightBiz | | ENQUIRIES: | | | | | | | | | | | | | | | | | | | | |
