Convenience Store - Isle of Wight - 3/4 Bed Flat
- Huge growth potential
- Excellent Reputation
- Accommodation Included
An interesting opportunity has arisen for a new buyer to purchase the Freehold property of a well-established Convenience Store with a 3 or 4-bedroom flat above.
The business is located in East Cowes on the Isle of Wight and has been a popular neighbourhood store since 1953 - with the current owners being at the helm since 2004.
Representing a fantastic investment opportunity, a motivated new owner could step in and expand the business in a relatively short period of time. With a few simple adjustments, there is plenty of scope to double the existing turnover.
With a good reputation and loyal customer base - not to mention the spacious living accommodation above the store - this is an ideal business for an entrepreneur or a couple/family looking to acquire a longstanding Convenience Store oozing with growth potential.
The business trades as a convenience store, selling a wide range of daily consumables and confectionery items and operates 6 newspaper/magazine delivery rounds covering the whole of East Cowes. The business and freehold property is now available for sale, representing an excellent investment opportunity for an enthusiastic new owner.
The existing owners have run the business since 2004 and have developed a good reputation within the local area. This strong sense of community spirit is reinforced by the friendly delivery service it provides to local sheltered housing for the elderly. Inside the store, the shelves are stocked with just a basic range of goods (bought from a local wholesaler), which if expanded to include a wider choice, would have a big impact on revenue.
With one member of staff employed, the business is mostly owner-operated and trades seven days a week from 6am-6pm Monday to Saturday and 8am - 12:30pm Sunday. Internally, the shop has an open-plan layout with shelving and a counter area – but could benefit from a degree of modernisation to freshen its ambience. In terms of self-promotion, there is currently no business web site and local marketing is limited to occasional door-to-door leafleting.
Above the store the 3 or 4-bedroom flat offers spacious living accommodation, comprising of a living room, newly fitted bathroom, kitchen and three bedrooms, with recently upgraded triple glazed windows throughout. Currently, a feature Bar takes up one room, which if removed could easily be converted into a fourth bedroom. Outside, the property benefits from a spacious double garage and a large garden to the rear. On the roof, 12 Solar Panels earn an annual income of £800-£1200 and save £200 per month in electricity.
Intelligent Business Transfer are pleased to bring to the market an excellent opportunity for a new buyer to purchase the freehold property of a well-established convenience store.
The current owners have traded since 2004 and built a lot of goodwill amongst its loyal and local customer base - a reputation reinforced by a community-spirited delivery service to local sheltered housing for the elderly. Under varying ownerships, the property has been a Grocers/Convenience Store since 1953 making it an institution within the neighbourhood.
The business has shown consistent sales performance and now achieves an annual turnover of £225,000, relying on loyal custom and minimal local marketing for its organic growth. However, the opportunity represents a fantastic investment in the hands of a motivated new owner with plenty of scope to double the existing turnover. Growth could be achieved by extending the opening hours into the evening (currently the store closes at 6pm) and potentially opening for longer on a Sunday. At present, the shelves are stocked with a limited product range, yet simply offering a wider choice and more branded items would be a move supported by its customer base – no doubt leading to more frequent visits and increased average spend values.
In addition to the stores huge growth potential, the property has a spacious 3 or 4-bedroom flat above the retail space. The accommodation includes living room, kitchen, new bathroom, 3 bedrooms (with option for a fourth bedroom if the feature Bar was removed) with recently upgraded triple glazed windows throughout. Outside, the property benefits from a spacious double garage and a large garden to the rear. Twelve Solar Panels on the roof earn an annual income of £800-£1200 as well as monthly electricity savings of £200.
Intelligent Business Transfer have been approached to find a suitable buyer for this great investment opportunity ideally suited to an entrepreneur, or a couple/family looking to acquire their first Convenience Store.