The business enjoys a prime trading position in the pedestrian shopping area of Portsmouth city centre. It occupies spacious ground floor premises close to all major national High Street retailers. Over three million people travel to and from Portsmouth every year through the Continental ferry port and therefore Portsmouth is ideally suited for visitors. With access to the M27/M3 and approximately 70 minutes from London, Portsmouth is becoming a popular place to visit. In addition to the University the city has many attractions, including the Naval Dockyard with The Mary Rose and HMS Victory and the new interactive naval attraction, Action Stations. The Harbour is one of only 12 UK landmark projects chosen to mark the new millennium and the £86m scheme has consolidated Portsmouth's position as an international waterfront city. Many new leisure and tourist attractions are being created, including six kilometres of promenades around the harbour and the stylish Gun Wharf Quays retail development.
This is one of two retail card and gift shops operated by the vendors. Their original store is located in Chichester and they opened this store in November 2015. Sales were strong over Christmas and then predictably slowed in January and February but already average £2,000 per week and are growing steadily. However, the increased demand on their management resource forces a reluctant sale. This spacious card and gift shop enjoys a prime trading position in Portsmouth City Centre's pedestrian shopping district alongside all the leading High Street names. The store offers an extensive range of leading greeting cards. This includes Woodmansterne, Cardmix and Tracks, (with associated licenced cards such as Quentin Blake and Have I Got News For You) plus a huge collection of stylish and off-the-wall varieties including Dean Morris, Twizler, Rambling Mansions, Brainbox Candy, Hype, Five Dollar Shake, Vicky Crowder and the very popular Dave Thompson range of local sights from Star Editions. Among the many well-know and unusual gift brands stocked are Jellycat, Peter Rabbit, Paddington, Lolita glassware, Original Terramundi Moneypots, Byzantium Jewellery, Pomme Pidou moneyboxes, and the Rachel Bright "Brightside" range. A range of TV and film memorabilia is stocked along with gifts for special birthdays, weddings, anniversaries and christenings. Scope to introduce e-Commerce.
(all sizes are approximate & should be considered 'nominal'.)
Area Sq M Sq Ft
Ground Retail Zone B 27.90 300
Ground Retail Zone C 27.90 300
Ground Remaining Retail Zone 5.20 56
Ground Store 45.25 487
Ground Staff Toilets N/A
Total 140.65 1,500
(all sizes are approximate & should be considered 'nominal'.)
There is no private accommodation included with this opportunity
The shop is located in the pedestrian shopping precinct in the city centre. All the leading High Street names are here
This is a leasehold opportunity with a 10 year lease in place which commenced on 16 October 2015. The lease is a protected lease within the terms of the Landlord & Tenant Act 1954 and therefore renewal rights apply. The current rent payable is £27,500 per year. There are 5-yearly rent reviews with the next review due in 2020. This is also a 5-year break clause. Please be aware that the landlord will require references to support your application as a tenant and satisfactory bank and trade references will be requested. In addition, the landlord may ask for a rent deposit equal to 3 or 6 months dependent upon quality of references and status of the buyer.
The rateable value of the business premises is £33,750, with rates of £16,773 payable in 2016/17.
This information has been obtained either from the current rate demand for the property, by telephone from the local authority or by reference to the VOA website. The amount payable is the standard rate for the Rateable Value shown. In some circumstances this may vary, and therefore it is recommended that potential buyers make their own enquiries through the local authority to check the applicable rateable value and whether the rates payable will be the figure quoted above.
We understand from the vendor that all main services are connected to the property.
The business opened in November 2015. Weekly sales now average just under £2,000 and are growing steadily. Please note that if a business is VAT registered, all figures exclude VAT.
Monday to Saturday 09:30 to 17:30
Sunday 11:00 to 16:00
The vendors employ 3 part-time sales assistants each working 12 hours per week.
The vendor informs us that the value of the stock varies throughout the year but averages £35,000.
Vendors and Buyers each to meet their own legal costs, but if a lease is to be assigned from the vendor to the buyer they will also be expected to share the landlord's legal costs on a 50/50 basis. If a buyer wishes to negotiate a 'new' lease, they will be responsible for all the landlord's legal costs.
The demands of operating two stores have caused the vendors to reluctantly offer their new retail unit for sale. This has created an exciting opportunity for a new owner to build on the solid foundation laid down by the owners. e-Commerce could be introduced.
Financial information will be made available to seriously interested purchasers after they have formally viewed the business.
Prime trading position in Portsmouth City Centre's pedestrian shopping district alongside all the leading High Street names.
This is a leasehold opportunity with a 10 year lease in place which commenced on 16 October 2015. The lease is a protected lease within the terms of the Landlord & Tenant Act 1954 and therefore renewal rights apply. The current rent payable is £27,500 per year. There are 5-yearly rent reviews with the next review due in 2020. This is also a 5-year break clause
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