WELL-KNOWN CELEBRATION CAKE RETAIL SHOP IN SOUTHAMPTON

FULLY EQUIPPED TO HIGH STANDARD
BEING SOLD FOR ASSET VALUE ONLY
NO GOODWILL PREMIUM SOUGHT
BUSINESS CURRENTLY CLOSED

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 leisure facilities.


BUSINESS:
No longer trading but previously this well-known, popular business specialised in all aspects of cake making, decorating and sugar-craft.

BUSINESS PREMISES:
(all sizes are approximate & should be considered 'nominal'.)

Description Area sq ft/m
Office/Classroom 117/10.93
Internal Storage 32/2.95
Retail Zone A 220/20.41
Retail Zone B 73/6.8
Production Area 164/15.22
Kitchen 107/9.96
WC facilities -
Total area 713 sq ft/66.27 m
Note:
Where items of equipment and appliances are mentioned, no warranty is given or implied as to their operational condition.

PRIVATE ACCOMMODATION:
(all sizes are approximate & should be considered 'nominal'.)

There is no accommodation included under this lease.

TENURE:
This is a leasehold opportunity with a 10 year lease in place which expires in October 2028. 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 £12,000 per year. There are 5-yearly rent reviews with the next review due in 2023.
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 6 months or more dependent upon quality of references and status of the buyer.

RATES:
As the rateable value of the business premises is £6,000 it is below the minimum business rates chargeable threshold zero 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.

HOURS:
Prior to closure the shop traded the following hour s
Monday to Friday 08:30 to 16:45
Saturday 08:30 to 13:00
Sunday Closed

STOCK:
The vendor informs us that the value of the non-perishable stock of dry goods, packaging materials and retail products is approximately £1,000

LOCAL AUTHORITY:
Southampton City Council: Telno: 023 8083 2997

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:
Sadly, this well-known, established community celebration cake business fell victim to the Government's Coronavirus Lockdown measures with the cancellation of weddings, parties and other family celebrations proving fatal witnessed by a dramatic fall-off in orders. The operators had no choice but to close the doors and make their staff redundant. The opportunity now exists for an ambitious hands-on owner to bring their home-based business into a professional setting at a huge discount to market value. Historical financial information will be made available to seriously interested purchasers after they have formally viewed the business.

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