Location:
Palmersville is a suburb of the popular residential area of Forest Hall and forms part of North Tyneside. Forest Hall is circa 4 miles north east of Newcastle city centre and forms part of a residential terrace but with a mixture of retail and commercial tenants nearby.
The property has a prominent return frontage at the junction of Great Lime Road with Young Road and there are high levels of both passing and captive trade plus free pull in parking to the side.
Business:
This is a long-established mini market business which has been in our client’s ownership for over 9 years but has been placed on the market as they wish to pursue another business venture.
This is a traditional convenience store and off licence which has excellent levels of core business from the nearby residential occupiers. Palmersville comprises a mix of retail, residential and commercial occupiers and generates good levels of captive trade. The shop is also close to the Palmersville Metro Station and this can generate passing trade when the shop is not open to take advantage of in the mornings.
This business represents an attractive opportunity for an owner operator with the benefit of captive and passing trade. Viewing is recommended to appreciate the location and the scope to extend the hours and generate additional income.
Premises:
Comprising a ground floor self-contained retail unit;
Ground Floor
Sales Area circa 760 sq.ft. (71 sq.m.)
Staff Area circa 150 sq.ft. (14 sq.m.)
W.C.
Garage / Store
Opening Hours:
Monday - Saturday 11.00 am - 7.30 pm
Sunday 12.00 pm - 6.00 pm
Scope to open longer hours
Staff:
The business is currently operated by the owner plus family members of staff.
Tenure:
A new FRI lease is available at a commencing rent of £12,000 per annum with full terms to be agreed.
Legal Fees:
Ingoing tenant to be responsible for the landlord’s legal fees in the preparation of the new lease.
Rates:
The premises are assessed as follows:
RATEABLE VALUE £6,200 (April 2023)
Rates free incentives subject to status.
EPC:
Rating - C.
Money Laundering Regulations
In accordance with the current Anti-Money Laundering Regulations the Purchaser or Tenant will be required to provide two forms of identification and proof of the source of income.
