Large London Based Music Shop With Property For Sale

Business description

London based large F/H premises with room for expansion/celler recording studio, space for large flat PRESENTLY USED AS STORAGE AND REPAIR SHOP Two very large flats over with 69yr leases left to run THE COMPANY OWNS THE FREEHOLD ON THE FLATS BUT UNTIL THE 69 YEARS EXPIRES THE ONLY INCOME FROM THE FLATS ARE £40 PER YEAR GROUND RENT ON EACH FLAT /Large and varied amount of stock ie: Guitars, recording equipment, drums,keyboards etc. Large rear garden with front side entrance
Freehold premises Valuation £650000
Stock at valuation approx £220000
Fixtures and fittings goodwill and Gigsounds Co name £100000 Total price £970000

REDUCED FOR QUICK SALE to £850000 This is an excellent opportunity to acquire a business established 34 years ago and managed with complete honesty and integrity open and above board with a genuine reason for sale due to age 75 and retirement
We are also willing to assist the purchaser with a loan subject to statues at a very keen interest rate which will be subject to a first charge on the freehold. A purchase period of four months will be allowed. This is lock stock and barrel sale. No time wasters please.
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Property information

Property:

Freehold

Living accommodation:

Possible 2 bed/large lounge/bathroom/kitchen room for expansion,central heating and wiring carried out but needs bathroom and kitchen units fitted.

Location:

Streatham SW16. Prime high street location On street parking Bus stops outside shop Rail station 7mins walk.

Premises details:

Very large ex Co-Op premises with large new extension and large upstairs extension also basement recording studio Large rear garden

Business Operation

Expansion potential:

Unlimited expansion potential with enough working capital and dedicated management

Competition / Market:

Normal competition

Reasons for selling:

Due to illness/ also at 75 years of age traveling is difficult as we live in Nr Ireland

Trading hours:

10am-6pm Mon-Sat

Employees:

Shop Manager + 3 full time staff and 3 part time staff

Years established:

34

Other information

Support & training:

Manager will stay with new owner for an agreed period

Owner financing:

Owner financing is available. Please contact the seller for more information.

Furniture / Fixtures value:

£50,000 (included in the asking price)

Inventory / Stock value:

£220,000 (included in the asking price)

Relocatable:

This business can be relocated.