ADDRESSSandown Bay Gifts, 87 High Street, Sandown, Isle of Wight, PO36 8AQ
TENUREAssignment, Business for sale
POSTED ON11th September 2020
Situated to the lower end of Sandown High Street this unit is located amongst various independent retailers and multi-nationals including Bet Fred.
Sandown is situated to the East of the Island has always proved a very popular tourist destination.
The construction of the new Premier Inn on the Esplanade will only serve to boost the town further by way of a continual tourist trade. Other permissions recently granted will also enhance the area in the next 12 months.
Sandown Bay Gifts is a very well traded gift shop mostly serving the tourist industry. The gift shop currently trades 11 months of the year and would provide a great owner run business.
This double fronted unit offers two large display windows to the front and a retail space of approximately 70 sq m (753 sq ft) up to racking, plus a store/stock room of approximately 23 sq m (247 sq ft) with kitchenette and WC.
There is a rear access fire escape only from the store and further storage space under the bay windows to the front.
Also included in the sale is a security alarm, CCTV with monitor and hard drive and the property also benefits from an integrated fire alarm system with emergency lighting.
The walls of the property are racked and there are further extra stands and racking available to enable changes to display space as and when required. £12,500 for goodwill and F&F combined plus stock at valuation less 5% on completion.
The landlord of the property has advised they will grant a new, renewable, 6 year lease, subject to references at a rental of £7,500pa. There is an annual service charge payable which of £75 plus VAT and a 40% contribution towards the buildings insurance and a rent review at the end of year 3.