Hair And Beauty Salon In Busy Southsea Area For Sale

Business description

Established by the Vendor 3 years ago this popular salon offers 4 dressing out stations and 2 backwash. There is also a beauty treatment room available to let. Inspired by the film Moulin Rouge, the salon has a strong Bohemian atmosphere with large gilt-framed,floor-standing mirrors at each station with dazzling chandeliers above. The Vendor is emigrating but his Manageress would be happy to remain with the business. 13 year renewable lease commenced in 2010 at a current annual rent of £11,000.

Property information

Property:

Leasehold

Location:

LOCATION:
Close to Southsea shopping centre, the sea front, its renowned promenade and the Castle, these leasehold premises are ideally positioned on the main commercial thoroughfare of the densely populated suburb of Southsea. The castle, constructed by Henry VIII was acquired by Portsmouth City Council in 1960 and restored to its 19th century appearance. The Castle Field holds a variety of events throughout the summer and together with the Sea-Life Centre and the D-Day Museum, ensures that the area is visited by tourists throughout the year. Another attraction is The Mary Rose, which sank just off the Castle shortly after its completion and is to be found in the Naval Dockyards in Portsmouth, together with HMS Victory and HMS Warrior. To the south, a short distance from the showroom, the Common extends for approximately a mile along the seafront with a children's playground at the west end, tennis courts, crazy golf, bowling greens and a skateboard park in the middle with the eastern end mostly laid out to ornamental flower gardens.

BUSINESS:
The Vendor converted what were empty premises into a stylish and profitable unisex hair salon 2 ½ years ago at a cost of £25,000. This boutique hair salon has quickly established a loyal following. There are 4 dressing-out stations with 2 backwash. There is also a beauty treatment room available to let. Inspired by the film Moulin Rouge, the salon has a strong Bohemian ambience with large gilt-framed, floor-standing mirrors at each station with dazzling chandeliers above. A professional espresso coffee machine is included in the sale. The Vendor is emigrating but his Manageress would be happy to remain with the business and work alongside the new owner.

BUSINESS PREMISES:
(all sizes are approximate and should be considered 'nominal'.)
The hair salon and reception area offers a net internal area of 500 sq ft/47 sq m. There is a stripped pine floor, bare brick and plastered walls, plastered ceilings with lighting via a mix of down-lighters and chandeliers. Dimensions:
Salon 15'5"/4.7m wide x 32'9'/10m deep
Office 5'/1.7m wide x 7'/2.2m deep
Staff Room 5'11"/1.8m wide x 9'/2.8m deep
Beauty Room 8'8"/2.7m wide x 11'/3.4m deep
(with shower enclosure)
There are wc facilities for clients and staff use.
Note:
Where items of equipment and appliances are mentioned, no warranty is given or implied as to their operational condition.

OUTSIDE:
The salon enjoys a prime trading position on a very busy commercial thoroughfare in the centre of Southsea. There is free on street parking.

TENURE:
The premises are secured on a renewable, fully repairing and insuring 13 year lease which commenced in 2010 at a current annual rent of £11,000. The rent will rise to £11,500 at the 3-yearly review due on the 31st of May 2012. The Landlord will require a refundable security deposit of £2,500. There is a Service Charge of £125 and an insurance premium of £237.98 payable annually.

RATES:
The rateable value of the business premises is £, with rates of £ payable in 2012/13.
NOTE:
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.

SERVICES:
We understand from the vendor that all main services are connected to the property.

TRADE:
Accounts examined by Adams and Co show turnover of £50,611 for the year ended 31 October 2011. This represents strong growth over the salon's first full year's trading of £32,457. Adjusted net profits of £20,594 were generated in the last full year's trading.

Please note that if a business is VAT registered, all figures exclude VAT.

HOURS:
Monday to Wednesday 09.00 to 18.00
Thursday 11.00 to 20.00
Friday 10.00 to 19.00
Saturday 09.00 to 17.00
Sunday Closed

STAFF:
The Vendor works full time in the business supported by his manageress who will run the salon while he is out of the country. His manageress would be happy to continue working in the salon after the sale.

STOCK:
The vendor informs us that the value of the stock is approximately £5,500

LEGAL FEES:
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.

COMMENTS:
Here is an exciting opportunity for a new full time, hands-on owner to build on the solid foundations laid down by the Vendor during the past 2 ½ years.
Financial information will be made available to seriously interested purchasers after they have formally viewed the business.