FRUIT & VEG SHOP IN SOUTHAMPTON
600 Sq Ft
£85,000
£18,000 pa
£18,000 pa
Property Features
- BUSY HIGH STREET TRADING POSITION
- FAMILY BUSINESS SAME HANDS 50+ YEARS
- SALE INC. 12 TONNE MERCEDES ATEGO LORRY
- ANNUAL RENT FOR SHOP & 2-BED FLAT £18,000
- 2 YEARS REMAIN ON RENEWABLE LEASE
- SALES AVERAGE £11,000 PER WEEK
Property Summary
FRUIT & VEG SHOP IN SOUTHAMPTON
BUSY HIGH STREET TRADING POSITION
FAMILY BUSINESS SAME HANDS 50+ YEARS
SALE INC. 12 TONNE MERCEDES ATEGO LORRY
ANNUAL RENT FOR SHOP & 2-BED FLAT £18,000
2 YEARS REMAIN ON RENEWABLE LEASE
SALES AVERAGE £11,000 PER WEEK
LOCATION:
Southampton is one of the country's busiest deep-water ports, with its unique double tide allowing unrestricted access for the world's largest vessels, including cruise ships. The city has excellent shopping with famous department stores, high street names and specialist and independent shops, all located within easy reach of public transport. With easy access to the M27 and M3, it is a vibrant city with a lively programme of events and venues, including the Mayflower Theatre which hosts a wide variety of live performances, from pantomime to opera, throughout the year and which is now considered one of the top three most successful regional theatres in the UK. The area has a number of historical points of interest which include the medieval walls surrounding the city, and links to the Pilgrim Fathers' departures to the Americas, the Titanic and the Spitfire. The City Art Gallery is internationally renowned and numbers over 3,500 works and spans six centuries of European art history. Within easy reach of Southampton, is Portsmouth and its numerous naval attractions, Winchester with its renowned cathedral, the New Forest and the Hamble River, all offering an interesting variety of leisure facilities.
BUSINESS:
This established, family-owned business, which has been in the same hands for 50 years is now for sale as the Vendor wishes to pursue a non-competing agricultural venture. Retail sales averaging £11,000 per week excluding VAT with gross profits of £3,300 per week. Main trade fresh fruit and vegetables. Popular shop, loyal, local client base. The main fruit and vegetable wholesale market serving the South Coast is conveniently located in Southampton. Trade is steady at £11,000 per week. Two refrigerated cold rooms. Option to rent separate 2-storey unit to rear at a weekly rent of £60 provides a 3rd cold store with a storage and packaging room above. A 2007, 12- tonne Mercedes 1218 Atego lorry with recorded mileage of 230,000 is included in the sale. Lease includes a self-contained 2 x double bedroomed flat which is let privately at £9,600 per year.
BUSINESS PREMISES:
(all sizes are approximate & should be considered 'nominal'.)
The business premises consist of a large open retail area measuring approximately 600 sq ft. To the rear of the retail area is a Manager's office, a storage and packaging area, two cold rooms and a door leading to the rear yard. There is a separate entrance to the self-contained private accommodation above the shop which is included in the lease. The vendor advises that the flat could be let out for approximately £9,600 per year should the buyer have no use for the flat but wished to let the accommodation separately.
Note: Where items of equipment and appliances are mentioned, no warranty is given or implied as to their operational condition.
TRADE:
VAT returns for the 12 months ended 31 July 2021 show sales of £572,249 (approx. £11,000 per week).
Accounts inspected by Adams & Co for the Coronavirus-impacted year ended 31 October 2020 show Covid-reduced turnover of £541,811 and gross profits of £166,432. These figures compare favourably with 2019 when turnover of £579,539 and gross profits of £182,400.
Please note that if a business is VAT registered, all figures
exclude VAT.
OUTSIDE:
There is a bus stop outside the shop. The business shares the High Street with leading National brands such as Greggs, Boots, Poundland and Superdrug (opposite) Nationwide and the UK's leading Banks all of whom draw shoppers to this popular retail area.
TENURE:
This is a leasehold opportunity with a 10 year lease in place which expires 31st May 2024. The lease is a protected lease within the terms of the Landlord & Tenant Act 1954 and therefore renewal rights apply. The current rent payable is £18,000 per year. There are 5-yearly rent reviews with the next review due in 2024.
Please be aware that the landlord will require references to support your application as a tenant and satisfactory bank and trade references will be requested. In addition, the landlord may ask for a rent deposit equal to 3 or 6 months dependent upon quality of references and status of the buyer.
RATES:
The rateable value of the business premises is £13,000. As the Vendor qualifies for Small Business Rate Relief (SBRR), rates of £3,250 are payable in 2021/22. The domestic accommodation falls into Band A for council tax purposes.
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 main services are connected to the property.
PRIVATE ACCOMMODATION:
(all sizes are approximate & should be considered 'nominal'.)
The spacious owners' accommodation above the shop comprises hall, stairway, lounge with feature
Bay window, two double bedrooms, fitted kitchen and bathroom with shower.
STOCK:
The vendor informs us that the value of the stock is approximately £5,000
HOURS:
Mon/Tues/Thurs/Fri/Sat 08:00 to 17:30
Wednesday & Sunday Closed
STAFF:
The Vendor and his wife work full-time in the business supported by 3 part-time employees
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 owner's decision to pursue a non-competing agricultural venture has created an exciting opportunity for a new owner to enjoy the rewards of a solid, established and profitable community business. The excellent reputation nurtured by the owner's family over the past 50 years will assure the success of the business going forward. Financial information will be made available to seriously interested purchasers after they have formally viewed the business.
LOCAL AUTHORITY:
Southampton City Council 023 8083 2997
VIEWING
If you wish to discuss this business opportunity in greater detail, or arrange an appointment, please call Nick on (023) 8025 3910
PLEASE DO NOT MAKE CONTACT DIRECTLY WITH THE BUSINESS
BUSY HIGH STREET TRADING POSITION
FAMILY BUSINESS SAME HANDS 50+ YEARS
SALE INC. 12 TONNE MERCEDES ATEGO LORRY
ANNUAL RENT FOR SHOP & 2-BED FLAT £18,000
2 YEARS REMAIN ON RENEWABLE LEASE
SALES AVERAGE £11,000 PER WEEK
LOCATION:
Southampton is one of the country's busiest deep-water ports, with its unique double tide allowing unrestricted access for the world's largest vessels, including cruise ships. The city has excellent shopping with famous department stores, high street names and specialist and independent shops, all located within easy reach of public transport. With easy access to the M27 and M3, it is a vibrant city with a lively programme of events and venues, including the Mayflower Theatre which hosts a wide variety of live performances, from pantomime to opera, throughout the year and which is now considered one of the top three most successful regional theatres in the UK. The area has a number of historical points of interest which include the medieval walls surrounding the city, and links to the Pilgrim Fathers' departures to the Americas, the Titanic and the Spitfire. The City Art Gallery is internationally renowned and numbers over 3,500 works and spans six centuries of European art history. Within easy reach of Southampton, is Portsmouth and its numerous naval attractions, Winchester with its renowned cathedral, the New Forest and the Hamble River, all offering an interesting variety of leisure facilities.
BUSINESS:
This established, family-owned business, which has been in the same hands for 50 years is now for sale as the Vendor wishes to pursue a non-competing agricultural venture. Retail sales averaging £11,000 per week excluding VAT with gross profits of £3,300 per week. Main trade fresh fruit and vegetables. Popular shop, loyal, local client base. The main fruit and vegetable wholesale market serving the South Coast is conveniently located in Southampton. Trade is steady at £11,000 per week. Two refrigerated cold rooms. Option to rent separate 2-storey unit to rear at a weekly rent of £60 provides a 3rd cold store with a storage and packaging room above. A 2007, 12- tonne Mercedes 1218 Atego lorry with recorded mileage of 230,000 is included in the sale. Lease includes a self-contained 2 x double bedroomed flat which is let privately at £9,600 per year.
BUSINESS PREMISES:
(all sizes are approximate & should be considered 'nominal'.)
The business premises consist of a large open retail area measuring approximately 600 sq ft. To the rear of the retail area is a Manager's office, a storage and packaging area, two cold rooms and a door leading to the rear yard. There is a separate entrance to the self-contained private accommodation above the shop which is included in the lease. The vendor advises that the flat could be let out for approximately £9,600 per year should the buyer have no use for the flat but wished to let the accommodation separately.
Note: Where items of equipment and appliances are mentioned, no warranty is given or implied as to their operational condition.
TRADE:
VAT returns for the 12 months ended 31 July 2021 show sales of £572,249 (approx. £11,000 per week).
Accounts inspected by Adams & Co for the Coronavirus-impacted year ended 31 October 2020 show Covid-reduced turnover of £541,811 and gross profits of £166,432. These figures compare favourably with 2019 when turnover of £579,539 and gross profits of £182,400.
Please note that if a business is VAT registered, all figures
exclude VAT.
OUTSIDE:
There is a bus stop outside the shop. The business shares the High Street with leading National brands such as Greggs, Boots, Poundland and Superdrug (opposite) Nationwide and the UK's leading Banks all of whom draw shoppers to this popular retail area.
TENURE:
This is a leasehold opportunity with a 10 year lease in place which expires 31st May 2024. The lease is a protected lease within the terms of the Landlord & Tenant Act 1954 and therefore renewal rights apply. The current rent payable is £18,000 per year. There are 5-yearly rent reviews with the next review due in 2024.
Please be aware that the landlord will require references to support your application as a tenant and satisfactory bank and trade references will be requested. In addition, the landlord may ask for a rent deposit equal to 3 or 6 months dependent upon quality of references and status of the buyer.
RATES:
The rateable value of the business premises is £13,000. As the Vendor qualifies for Small Business Rate Relief (SBRR), rates of £3,250 are payable in 2021/22. The domestic accommodation falls into Band A for council tax purposes.
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 main services are connected to the property.
PRIVATE ACCOMMODATION:
(all sizes are approximate & should be considered 'nominal'.)
The spacious owners' accommodation above the shop comprises hall, stairway, lounge with feature
Bay window, two double bedrooms, fitted kitchen and bathroom with shower.
STOCK:
The vendor informs us that the value of the stock is approximately £5,000
HOURS:
Mon/Tues/Thurs/Fri/Sat 08:00 to 17:30
Wednesday & Sunday Closed
STAFF:
The Vendor and his wife work full-time in the business supported by 3 part-time employees
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 owner's decision to pursue a non-competing agricultural venture has created an exciting opportunity for a new owner to enjoy the rewards of a solid, established and profitable community business. The excellent reputation nurtured by the owner's family over the past 50 years will assure the success of the business going forward. Financial information will be made available to seriously interested purchasers after they have formally viewed the business.
LOCAL AUTHORITY:
Southampton City Council 023 8083 2997
VIEWING
If you wish to discuss this business opportunity in greater detail, or arrange an appointment, please call Nick on (023) 8025 3910
PLEASE DO NOT MAKE CONTACT DIRECTLY WITH THE BUSINESS
