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THIS BUSINESS IS NOW UNDER OFFER

CONVENIENCE STORE & POST OFFICE LOCAL, NORWICH, NORFOLK

Norwich, Norfolk
Leasehold Price:
£59,000
Status
UNDER OFFER
Advert ID
258129
Reference
G34619E / Rightbiz
Busy Main Road Residential Location
Post Office Local Counter
Over 1,750sqft of Retail Space plus Storage & Staff areas
Gross Retail Sales £654,766 Commissions £6,855
Post Office Renumeration £15,368

DESCRIPTION

A busy convenience store situated in a parade of shops in a residential part of the city and incorporating a Post Office Local offering a range of services. Trading from the ground floor of this brick built building with in excess of 1,750sqft of air conditioned retail space and with the benefit of an alcohol licence, separate Post Office Local counter, good sized store rooms incorporating a kitchenette, office desk space, cloakroom and secure storage room. The property was fully refitted approx. 3yrs ago and as such is presented in excellent condition with modern fittings throughout.

LOCATION

Colman Road forms part of the Norwich ring road, is in a busy area just outside the city centre and is a popular residential area particularly with students. Neighbouring businesses such as Greggs, Boots and Dominoes help bring business to the store. Free car parking can be found directly in front and behind the store and bus services are available in the immediate vicinity offering good access for locals and visitors alike.

AREA

The university city of Norwich needs little introduction being known for its two cathedrals and Colmans Mustard amongst other things. Benefitting not only from the vast numbers of students and tourists that arrive in the city each year, the city is also a major employment area and is seeing new housing being built at a rapid rate.

PREMISES

The business occupies a double unit on the ground floor of this traditional brick built property with an approximate 35ft glazed frontage. The well laid out retail area provides over 1,750sqft of space with a range of wall and floor displays and shelving and benefits from air conditioning, a range of chilling equipment, tiled floors, 2 point service counter with additional 2 point Post Office Local Counter. In addition to the rear is a good-sized storeroom fitted with a range of racking, shelving and fridges complete with kitchenette, cloakroom, managers office, and a secure store room all off the store room. There is also a further separate timber built storeroom accessed via a separate door from the main store again with a range of racking and shelving. (None of the appliances/systems have been tested and a purchaser must satisfy themselves at the serviceability of these.)

BUSINESS

An established business operated by Martin McColl's Ltd, operating as a modern Convenience Store, retailing groceries, confectionery, snacks, milk, beers, wines and spirits, soft drinks, ice creams, newspapers, magazines, cigarettes, greetings cards and stationery. The business benefits from being a National Lottery outlet as well as incorporating a Post Office Local counter offering a range of services. The business also houses a cashpoint which customers access externally to the property.

TRADING HOURS

The business trades 6:00am to 10:00pm Monday through to Saturday and from 7:00am to 10:00pm on a Sunday.

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 2019 confirms total Gross Retail Sales of £654,766 and £129,432 in respect of Services returning a Commission of £6,855. In addition to this is Post Office Remuneration of £15,368.

COMMENTS

The sale of McColl's Colman Road provides an opportunity to acquire well fitted and equipped retail premises enjoying an excellent trading position within a busy residential area ensuring regular trade.

TENURE

Leasehold, current Lease running to 12th December 2026 and with a current rent of £41,000 per annum with a rent review due on the 12th December 2021.

RATES

Approximately £15,745 per annum payable.

PRICE

£59,000 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 underlet 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.

While care is taken to ensure that these particulars are correct, accuracy is in no way guaranteed and none of the information supplied forms part of any contract. None of the appliances/systems have been tested and a purchaser must satisfy themselves at the serviceability of these. The information was approved as being accurate by the vendor at the commencement of marketing and an undertaking was given to advise EM&F of any material changes that may occur. However, as all businesses are constantly evolving, the information may not be completely up to date. Prospective purchasers are therefore advised to undertake necessary and adequate enquiries to satisfy themselves of anything that is critical to their interest at the appropriate time.

VIEWING STRICTLY BY PRIOR APPOINTMENT THROUGH THE SELLING AGENTS EVERETT MASSON AND FURBY 01603 662662.
Listing Details
Leasehold Price: £59,000
Tenure: Leasehold
Location: Norwich, Norfolk
Sector: Convenience Stores, Commercial Properties
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Advert Reference: G34619E / Rightbiz

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