Business for Sale in Poringland | Norwich, Norfolk NEW PRICE > DIY & Homeware Store

Leasehold Price £115,000

Key Information

Reference
D35321E-R1
Tenure
Leasehold
Status
For Sale
Region
Norfolk
Sector
DIY and Hardware Stores
Rent Payable
£20,000 per annum, with fixed increases to £21,250 in year 2 and £22,500 in year 3, with a formal rent review at the end of year 3.
Business Rates
The business currently benefits from Small Business Rate Relief, and no Rates are currently payable.
Accommodation
No
  • Established DIY & Homeware Store: A well-established retailer offering a wide variety of home and DIY products since 2015.
  • Prime Village Location With Loyal Customers: Situated in a central village position with strong community ties and a dedicated customer base.
  • Key Cutting, Paint Mixing & Garden Products: Provides key cutting and paint mixing services, along with a range of garden supplies.
  • Builders’ Merchant & Small Plant Hire: Offers a builders’ merchant service and small plant hire options for trade and public customers.
  • Large Site With Two Buildings & Parking: A spacious site featuring two buildings, a rear yard, and ample customer parking.
  • ‘Home Hardware’ Buying Group Member: Member of the buying group, benefiting from competitive pricing and marketing materials.
  • Scope For Further Growth Potential: Plenty of opportunity to expand the product range, services, or both.
  • Ideal For Owner Operator Or Expansion: Suitable for a hands-on owner or a larger business looking to add another branch.
  • Secure Site With Alarm & CCTV: The premises are fully alarmed and monitored by CCTV for added security.
  • Genuine Retirement Sale: Available due to the current owner’s retirement, presenting a unique opportunity for new management.

Business Information

DIY & HOMEWARE STORE: 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.

KEY 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: Viewing is strictly by appointment only. Please contact us at your earliest convenience to schedule a time that suits you.

FINANCE: If you require assistance with business financing or commercial mortgages (subject to eligibility), we may be able to help. Let us know if you would like our support, and we will gladly put you in touch with our recommended whole-of-market broker.

BUSINESS TO SELL: Thinking of selling your business? That’s our specialty. If you’re curious about its value, we offer a free, confidential valuation service. Simply pick the day and time that work best for you, and we will provide an honest, professional assessment. Feel free to get in touch with our office at your convenience to book an appointment.

PREMIER MARKETING: We are passionate about showcasing each business in a way that truly stands out. Our listings include high-quality property details and comprehensive information across all major online platforms, as well as our own website. If you want your business to shine, call us to arrange a complimentary valuation.

DISCLAIMER:

1. MONEY LAUNDERING REGULATIONS: Prospective buyers will be required to provide identification documentation and proof of funding during the purchasing process. Cooperation is appreciated to ensure the sale proceeds without unnecessary delays.

2. PARTICULARS: While we strive to ensure all information is accurate and reliable, it serves as a general guide only. Should any particular details be of special importance, please contact us so we can verify the information before you travel to view.

3. MEASUREMENTS: Provided room sizes are approximate and intended solely for general guidance. Prospective buyers are advised to independently verify all measurements to ensure accuracy.

4. SERVICES: Please note we have not tested the services or any of the equipment or appliances.

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East Anglia

Your Regional Director Chris Ruggles

EM&F East Anglia

116 - 118 Prince of Wales Road
Norwich
Norfolk
NR1 1NS