ESTABLISHED RETAIL FLORIST SHOP

0 Sq Ft
£14,950
  • Ref: HW1528
  • Type: Florists
  • Availability: For Sale
  • County: Hampshire
  • Make Enquiry

Property Features

  • PROMINENT MAIN ROAD TRADING POSITION
  • ANNUAL RENT ONLY £9,000
  • WORLD- RENOWNED SAILING CENTRE NEARBY
  • SPACIOUS INTERIOR WITH FREE PARKING
  • AFFLUENT COMMUNITY ON EDGE OF NEW FOREST
  • NEW LEASE AVAILABLE
  • RETIREMENT SALE

Property Summary

LOCATION:

The business is located on the western outskirts of Lymington on the main A337 to Christchurch in the New Forest district of Hampshire. The nearby, delightful Georgian town of Lymington with its world-renowned sailing centre, 3 marinas also offers a regular ferry service to Yarmouth on the Isle of Wight. According to the 2011 census its population of 9,385 boasts an above the national average concentration of high-net-worth local residents. The High Street has seen rapid change over the last few years, with an increasing presence of chain stores and coffee-shop franchises. Lymington has a wide range of shops and a large street market in the High Street and one of the New Forest producers' markets is held at the Masonic Hall once a month in the game season. There are three supermarkets in the town: Waitrose, Tesco, and Marks and Spencer Food Hall. There are several marine outfitters in the cobbled street leading down to the quay, an area popular with tourists all year round.

BUSINESS:
This family-owned, double fronted, retail florist shop began trading from its current location in 2008. Positioned at one end of a community shopping parade on the main Christchurch to Lymington road, this high-visibility trading location generates a steady volume of traditional, retail passing trade. In addition, the business serves a number of local care homes and retirement homes. Bespoke wedding flowers and funeral tributes bring in welcome additional revenues on top of retail sales and telephone orders. A local delivery service extends to Brockenhurst, Sway, Lyndhurst, New Milton, Milford-on-Sea, Barton-on-Sea, Beaulieu, Highcliffe and all surrounding areas. The vendor is now looking to retire.


BUSINESS PREMISES:
(all sizes are approximate & should be considered 'nominal'.)
These spacious 770 sq ft premises comprise an "L"-shaped retail floor measuring 19ft 2ins/5.9m x 23'7ins/7.2m with a 10ft/3m x 14ft/4.3m. A door behind the customer service counter opens to a racked preparation room fitted with work surfaces. Beyond the work area is a large space given over to the storage of window and retail display materials and assorted retail stock. There is also a fitted kitchen, an office area and toilet facilities. A door to the rear opens to an outside parking area for two vehicles. The internal room sizes in the table below are taken from the Valuation Office Agency's assessment for business rates purposes.

Floor Description Area
Sq m Sq ft
Ground Retail Zone A 380 35.3
Ground Retail Zone B 246 22.9
Ground Internal Storage 146 13.6
Ground Staff Toilets 0 0
Total 772 71.8

OUTSIDE:

A local bus shelter and free on-road parking for 6 cars in front of the landscaped parade which includes a dry cleaners, a supermarket, several take-aways, a speciality food retailer, a beauty salon and a home improvement showroom. Opposite the parade are private residential properties.
PRIVATE ACCOMMODATION:
(all sizes are approximate & should be considered 'nominal'.)
There is no private accommodation included with this opportunity

TENURE:
This is a leasehold opportunity with a 5 year lease in place which expired in July 2018. However, the lease is a protected lease within the terms of the Landlord & Tenant Act 1954 and therefore renewal rights apply. A new lease will be offered to the buyer on favourable terms. The current rent payable is £9,000 per year. Please be aware that the landlord will require 3rd Party references to support your application for the lease including a satisfactory bank and trade references where appropriate. In addition, the landlord may ask for a rent security deposit equal to 6 months' rent dependent upon quality of references and status of the buyer.

RATES:
As the rateable value of the business premises is £9,600 it is below the threshold so no rates are payable for 2018/19.
NOTE:
This information has been obtained either from the current rate demand for the property, by telephone from the local authority or by reference to the VOA website. The amount payable is the standard rate for the Rateable Value shown. In some circumstances this may vary, and therefore it is recommended that potential buyers make their own enquiries through the local authority to check the applicable rateable value and whether the rates payable will be the figure quoted above.

SERVICES:
We understand from the vendor that all mains electricity and drainage services are connected to the property.

TRADE:
Turnover declared on the vendor's Tax Return submitted to HMRC for the year ended 31 March 2018 was £49,328 with gross profits of £30,042 (61%) and adjusted net profits of £8,587. Accounts inspected by Adams & Co for the year ended 31 March 2017 show turnover of £48,559 with gross profits of £29,462 (61%). This compares favourably with turnover of £44,081 and gross profits of £26,777 (61%) the year before.
Please note that if a business is VAT registered, all figures exclude VAT.


HOURS:

Mon/Tues/Thurs/Fri 09:30 to 17:00
Wednesday 09:30 to 14:00
Saturday 10:00 to 14:00
Sunday Closed


STAFF:
The vendor runs the business without employed staff.
A self-employed, qualified florist assists on a Wednesday or Thursday as required.

STOCK:
The vendor informs us that the value of the stock is approximately £1,000.


LEGAL FEES:
Vendors and Buyers each to meet their own legal costs, but if a lease is to be assigned from the vendor to the buyer they will also be expected to share the landlord's legal costs on a 50/50 basis. If a buyer wishes to negotiate a 'new' lease, they will be responsible for all the landlord's legal costs.

COMMENTS:
The vendor's decision to retire has created an exciting opportunity for a new owner to build on the solid foundations laid down over the past 11 years.
Financial information will be made available to seriously interested purchasers after they have formally viewed the business.