Business for Sale in Norwich, Norfolk - FREEHOLD CONVENIENCE STORE & OFF-LICENCE (24/7 LICENCE) - NORWICH CITY CENTRE - Freehold: £345,000

Key Information

Ref
G34883E
Type
Retail Businesses: Convenience Stores
Location
England: Norfolk
Tenure
Freehold
Status
For Sale
Annual Sales
£135,000 Ex Vat
Accommodation
2 Bedrooms
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Call us on 01603 662662
  • 24 hour/7 Day Alcohol Licence
  • Freehold
  • Sizeable Dry Basement
  • Ideal for Renovating
  • Hard to Get & Valuable Licence
  • Busy City Centre Location
  • 2 Bedroom Apartment Above
  • C. 55 sqm/600 sqft Retail Space
  • Scope to Extend Opening
  • Call to Arrange Viewing

PARTICULARS
We are pleased to present an interesting opportunity to acquire this city centre freehold convenience store and off licence with the addition of a 2 bedroom flat above and a sizeable dry basement below.

Of particular note and something which will be of much appeal is that the premises licence permits the business to sell alcohol 24 hours a day, 7 days a week. There is also no restriction on the type or strength that may be sold. Given the location of the business this type of licence will be of significant financial benefit.

There is good scope to increase value by undertaking a programme of refurbishment works to the property, with the cost of these already taken into account in the price, as well as by opening later into the evening to make the most of the premises licence.

Given the current restrictions, in the hands of a new owner, this business could be very well placed to take full advantage and so we would recommend you contacting us to view as soon as possible particularly given the demand that there is for this type of store.

THE BUSINESS ITSELF
The business has been successfully run by the current owner for the past 13 years and is only now coming onto the market for very genuine personal reasons.

Turnover has generally been in the region of £135k p.a with a good adjusted net profit margin in the region of 20%. We do feel though that this could be increased further should the business operating times be extended to cover those hours where the licence potential can be maximised.

The store currently provides a large selection of drinks with the display of these taking prominence. Sales of these together with tobacco and lottery provide the majority of the turnover however the shop does also stock a selection of convenience goods, greeting cards, newspapers and magazines.

ACCOMMODATION
ALL MEASUREMENTS ARE APPROXIMATE AND FOR GUIDANCE ONLY.

The property extends over 4 floors in total with the shop naturally being at ground level with a dry basement below and 2 floors of residential accommodation above.

The shop retail floor space is in the region of 55 sqm/600 sqft and is a standard rectangle shape with a customer service counter at the front. There is a central double sided display unit together with shelving and racking for magazines and cards along one wall and then shelving and fridges along the other for drinks. You will also find some chest freezers for frozen produce. The shop has a suspended ceiling and non slip lino flooring and has CCTV and air-conditioning installed, however these have not been tested.

To the rear from the open landing the stairs lead down to the basement. This is split into two main rooms measuring 4x5.7m and 3.5x3.7m. All areas appear to be dry and the space is currently used for storage. There is also access at basement level out onto a central courtyard area which serves a number of properties and provides access out onto Rose Lane.

Going up the stairs to the first floor you will find a kitchen, bathroom and a good sized reception room or bedroom of 4.9x4.3m. Then on up to the second floor where there are two further large rooms with the larger room to the front being in excess of 20 sqm and the rear being over 17 sqm.

The property would benefit from a programme of refurbishment and subject to any consents required could potentially offer independent residential accommodation separate from the shop.

FURTHER INFORMATION

OUR REFERENCE
G34883E.

OPENING HOURS
Monday to Sunday 6:30am to 7:30pm. Given the alcohol licence that is currently held we would expect a new buyer to look to increase turnover by closing later than is at present but perhaps also not opening until later as well.

TENURE
Freehold.

RATES PAYABLE
c. £4,560 per annum with the Rateable Value being £19,572.

This information has been provided to us by the vendor and any interested party is advised to enquire of the local authority to check the position with regards to business rates that will apply to a new owner.

VIEWING
Strictly by appointment only, please call our Norwich Office on (01603) 662 662 to make an appointment.

FINANCE
Finance may be available to suitable purchasers.

BUSINESS TO SELL?
Let us know as soon as possible! Just ask for a FREE NO OBLIGATION VALUATION and one of our valuers will carry out a detailed marketing appraisal of your business at a time of your choice.

PREMIER MARKETING
We take care to present our businesses to a standard like no other. Offering quality property particulars as well as detailed information on all of the online portals and our own website, make your business stand out from the crowd - call us today!

UNHAPPY?
Do you feel you are receiving the level of service promised by your agents? If not, we would be happy to carry out a FREE no obligation marketing appraisal of your business.

1. MONEY LAUNDERING REGULATIONS: Intending purchasers will be asked to produce identification documentation at a later stage and we would ask for your co-operation in order that there will be no delay in agreeing the sale.

2. General: While we endeavour to make our sales particulars fair, accurate and reliable, they are only a general guide to the property and, accordingly, if there is any point which is of particular importance to you, please contact the office and we will be pleased to check the position for you, especially if you are contemplating travelling some distance to view the property.

3. Measurements: These approximate room sizes are only intended as general guidance. You must verify the dimensions carefully before ordering carpets or any built-in furniture.

4. Services: Please note we have not tested the services or any of the equipment or appliances in this property, accordingly we strongly advise prospective buyers to commission their own survey or service reports before finalising their offer to purchase.

Copyright © EM & F Group Limited 2020 - Company No: 03035561 - VAT: 631 4000 02