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Two 3 Bedroom Properties with Convenience Store Business

Witton Gilbert, County Durham

Freehold £300,000 | Leasehold £35,000 (Ref 5722)

Description

An excellent opportunity to purchase a sizeable freehold property on three levels. The building comprises of a convenience store business on the ground floor and two well presented three bedroom properties above over two floors. 

Business

The business has been established for nearly 30 years. The owners no longer have time for the business and believe a new owner could develop it further by capitalising on the local residential catchment area to increase sales. Trading hours could be extended and new product lines could be introduced. The 904 ft² trading area is well merchandised with f&f’s including 3 gondolas, modern shelving, 2 x 1.3m drinks chiller, 2 x 2m freezers and a 1.8m drinks chiller. Product lines for sale include grocery, alcohol, cigarettes, cards & domestic products, E-cigarettes & sundries. 

Properties

The properties comprise of two identical properties, one to the left hand side of the building and one to the right. Each has a ground floor front entrance through to stairs leading to the 1st floor comprising of the lounge, kitchen & bathroom and 1st bedroom. Stairs lead to the 2nd floor on to the 2nd and 3rd bedroom. The properties are finished to a high standard with full central heating, double glazing and wooden floors throughout. The owners currently rent out each of the properties individually for a total gross income of £10,800 per year (£5,400 per property).

Accommodation Dimensions

1st Floor
Living Room (22m²)
Kitchen (7.7m²)
Bathroom (4.7m²)
2nd Bedroom (7.7m²)
Hallway (10.8m²)

2nd Floor (Roof Space)
Bedroom 2 (19.2 m²)
Bedroom 3 (30.6 m²)
(ceiling slopes from height 2.8m to 0.8m)

Reason for Sale

The current owner is looking to retire and to sell after 28 years of trading.

Financial Information

Freehold Price
£300,000

Leasehold Price
£35,000

Weekly Sales
Available on Request

Business Rent
Available on Request

Rental Income
£5,400 Annually (Per Property)

Business Council Rates
Current Rateable Value £7,700
(Business rates relief available please see below *)

Fixtures & Fittings Value
£10,000

Accounts Available
3 Years

Annual Net Profit
£19,319 (Accounts 2017)

Gross Profit Margin
18%

* ( 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

Further Details

Premises Licence
The premises has an alcohol licence

Employees
Owner operated, no employees

Commissions on Services
Available on Request

Stock Value Estimated
£10,000

Trading Hours
Monday -Saturday 9am-8pm
Sunday 9:00am – 8:00pm

Ground Floor
Retail Area 84 m² (904 ft²)
Storerooms Total 15 m² (161 ft²)

Location

Located in Witton Gilbert in the heart of a residential area within a suburb of County Durham.

Google Map Location

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Convenience & Off Licence with 2 Properties Ref 5722