Location
The business forms part of a parade of shops on Jackson Street and located in the centre of Gateshead. The town is situated on the south side of the River Tyne, opposite the city of Newcastle upon Tyne, and is a town which is benefitting from huge levels of infrastructure investment.
Plans have recently been passed for the construction of a new arena to the east of the town and the road access is to be improved with the demolition of the Gateshead flyover and parts of the old High Street. The purpose-built arena, exhibition centre and hotel are anticipated to bring over 300,000 extra visitors a year to the town.
Business
This is a long-established business which initially traded as a traditional CTN before the Post Office was incorporated in approximately 2013. The business has been placed on the market as the current owners are looking to downsize their business portfolio.
The shop sells a broad range of newspapers, magazines, and confectionery. In addition, the shop has an off licence which the sale of alcohol from 08.00am till 10.00pm.
This is an extremely busy Post Office as demonstrated by the salary of £96,000 per annum but this ensures there is a high footfall in the shop. New owners could naturally expand the lines and trading hours if they wanted.
Premises:
Comprises shop units forming part of a larger parade.
Ground Floor
Sales Shop circa 79 sq.m. (850 sq.ft.).
W.C.
Trading Hours
Monday - Saturday 6.30 a.m. - 6.30 p.m.
Sunday 8.00 a.m. - 4.00 p.m.
EPC
Rating C
Staff
Currently run under management. Annual wage bill circa £100,000 per annum.
Fixtures & Fittings
A full inventory would be made available to bona fide enquiries prior to an exchange of contracts.
Rates
The premises are assessed as follows:
Rateable Value £20,250
Tenure
The premises are held by way of a 20 year lease from 2002. The current rent is £17,830 per annum and there is a rent review at the 5th anniversary. A new lease will be available from the landlord.
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.
