We are delighted to be appointed to bring to the market this excellent opportunity to acquire a highly regarded DIY and homeware store, set on a spacious site in the rapidly expanding village of Poringland on the outskirts of Norwich.
The business occupies a prominent position in the centre of the village and is very much part of the local community.
In return, the business is well supported by a loyal customer base who appreciate the extensive range of products and services that are readily available, saving them the need to travel into the city.
Offering areas for further growth and development, this business would appeal to a new owner-operator with retail experience, or an existing store looking to acquire a further branch.
THE BUSINESS
The store was established by the current owners in 2015 and is now only coming to the market due to the vendors’ pending retirement. They are, however, very keen to see the business continue to grow and flourish, continuing to serve the needs of the local population.
The business offers a wide variety of product lines and services, including key cutting and paint mixing, and is a stockist of Calor Gas and an agent for Hobby Weld. The main building stocks various homeware items akin to a national DIY retailer, though on a smaller scale. The second building operates as a builders’ merchant, serving both trade and public customers, and also provides a small plant hire service. Due to the size of the site and yard, they can offer a range of garden products and other external building materials.
They are currently part of the ‘Home Hardware’ buying group, which helps to maximise margins on stock purchases as well as providing regular marketing materials and brochures. A new owner would not need to continue this arrangement if they chose not to; however, the current owners have found it beneficial to the business.
PREMISES
The site from which the business operates is a particularly attractive feature and could potentially offer an opportunity to expand the business’s services.
There is a wide frontage to the main road with several car parking spaces for customers and staff, making the business highly visible and easily accessible. There are two separate buildings side by side, with a central driveway leading to the large rear yard, enabling stock deliveries to be easily unloaded.
The main building measures approximately 17m x 11m and is predominantly retail space, but also includes a manager’s office and staff room/kitchen. Entered through double doors, the building features various display fittings and shelving, together with a customer service counter equipped with an EPOS till point. A wide metal external staircase leads to a sizeable first-floor storage area. The second building is around 10m x 7.5m and is open-plan but fitted with a range of display racks, shelving, and a service counter.
Externally, in addition to the parking, there is a garden centre area with an array of plants, trees, shrubs, plant pots and covered areas, as well as a space set aside for the plant hire service. There is also ‘The Shack’ created from an old war-time Nissan Hut where various seasonal items are stocked and sold. The rear yard is of a good size and provides ample room for storage and sales. There is a range of racking for timber and other materials. Both buildings and the site are alarmed and benefit from CCTV coverage.
ADDITIONAL INFORMATION
AGENTS NOTE: This is a business for sale as a going concern, not an empty premises for sale or let.
CONFIDENTIAL INFORMATION: In order to release further information on the business – such as the accounts, we require you to complete a short online non-disclosure form. Please contact our office and we will provide full instructions and assist where required.
REFERENCE NUMBER: D35321E.
OPENING HOURS: 8:00 am to 5:30 pm, Monday to Saturday. Closed Sunday.
TENURE: Leasehold. A new 5-year lease is to be granted from June 2022.
The purchaser will be responsible for the landlords costs and fees in connection with the assignment of the existing lease.
RENT PAYABLE: £20,000 per annum, with increases to £21,250 in year 2 and £22,500 in year 3.
RATES PAYABLE: The business currently benefits from Small Business Rate Relief, and no Rates are currently payable.
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.
EPC: The Energy Performance Certificates for both buildings show a ‘D’ Rating.
PRICE: £115,000.– PLUS STOCK AT VALUATION.
For the benefit of the goodwill, fixtures, fittings, equipment and for the assignment of the lease. Stock is payable in addition, upon completion, and is currently estimated at approximately £130,000. This business is for sale as a going concern.
VIEWING: Strictly by appointment only, please get in touch to make an appointment.
FINANCE: We may be able to help you with business financing or your commercial mortgage needs, subject to eligibility. Please let us know if you need our assistance with this and we will put you in touch with our recommended whole of market broker.
BUSINESS TO SELL: Thinking of selling your business? That’s our business!
If you are interested in finding out how much your business is worth, we offer a free and confidential valuation service. You can choose the time and day that suits you best, and we will give you an honest and professional assessment. Please contact our office at your convenience to book an appointment.
PREMIER MARKETING: We are passionate about showcasing our businesses in a way that sets us apart from others. We provide quality property details and comprehensive information on all online platforms and our own website. If you want your business to stand out from the crowd, call us to book a free valuation.
DISCLAIMER
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, flooring 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.
