Freehold Newsagent with 2 Bed Property

Low Fell, Gateshead

£239,950 Freehold (Ref 5716)

newsagent-in-gateshead-with-two-bedroom-property

Business Description

A Sockett & Son is a very well established Newsagent trading for over 100 years and in the hands of the current owner for 53 years. The premises has a good sized well fitted trading area stocking a wide range of goods. Primary sales are driven by cigarettes & tobacco, magazines and confectionery lines along with a wide selection of cards, stationery & toys. Services provided include National Lottery, Paypoint, Collect+ parcels along with a home news delivery service. There is currently 4 full-time/part-time staff in employment. The current owner of the business is selling due to her retirement.

Financial Information

Freehold Price
£239,950

Weekly Sales
£7,500 -£8,000

Business Rates
Current rateable value £13,000
(Business rates relief available please see below *)

Property Rental Income
£5,400

Fixtures & Fittings Value
£7,500

Accounts Available
5 Years

Annual Net Profit
Available on Request

Gross Profit Margin
Available on Request

* (Note: The rateable value is used to calculate your rates bill so this is not the amount you will pay) Click here for more information

Property Description

This property has 3 levels consisting of ground floor, first floor and basement areas. The ground floor is where the business is situated and consists of an 830 ft² trading area with small storeroom. Ancillary areas include stockroom, office and WC. The first floor houses a spacious 2 bedroom flat with lounge, kitchen and bathroom and leads to the outside terraced area to the rear with panaromic views over Gateshead’s Team Valley. The basement area is well sized and suitable as an additional storage space.

Measurements

Trading Area

Retail Area 77 m² (829 ft²)
Storerooms Total 59.9 m² (645 ft²) with rear access

Accommodation

Bedroom 1: 16.6 m² (179 ft²)
Bedroom 2: 9.6m² (100 ft²)
Lounge: 19.5 m² (210 ft²)
Kitchen: 23.78 m² (256 ft²)
Bathroom: 5.5 m² (59,2 ft²)
Entrance + Lobby: 10.2 m² (110 ft²)
Roof terrace: 11.8 m²(127 ft²)

Further Details

Premises Licence
Currently no licence to sell alcohol

Employees
4 full time and part time staff

Commissions on Services
Lottery £200 monthly

Stock Value Estimated
£15,000 – £20,000

Trading Hours
Monday – Friday 5:30 am – 6:00 pm
Saturday 5:30 am – 5:30 pm
Sunday 5:30 am – 1:00 pm

Key Features

• Well established 100 year old business

• Well presented 2 bedroom property

• Prominent high street location

• Good potential for expansion

Location

The property is centrally located on the main high street of Low Fell, a densely populated residential suburb of Gateshead. The shop itself is on a parade alongside local retailers including coffee shops, bars, restaurants, takeaways and other local businesses. The high street has free on street and off street street parking facilities and is well positioned for public transport links.

Location on Map