Busy and very profitable garage business with secure lease and a good range of equipment.
Ref: C 897
Priory Garage has been operating for many years and has built up an excellent reputation with much repeat business. The garage is fully equipped with everything needed for the efficient operation of the business and a new lease has recently been signed ensuring continuity into the future. The business deals with most vehicle related work, both private cars and commercial vans and the day to day work involves servicing, repairs, diagnostics and paint shop work for which there is a Low bake oven spray shop with full extraction facilities. There are also some occasional car sales. The sale is only prompted by the impending retirement of the current owner.
ACCOMMODATION ( note, all sizes are from the VO Rating web site )
Workshop approx 255 sq m having an underdrawn and insulated roof, 2 hydraulic wheel free ramps, tyre machine and balancer, jigs, spot welder, mig welder, waste oil heater, small sink unit.
Towards the rear, there is the spray shop, paint mixer room, tyre store, stock room, compressor room, staff wc.
There is a shallow front forecourt allowing easy access and egress.
The premises are shown on the Valuation Office Rating web site as having a RV of £12000. Under current arrangements for small businesses, no rates should be payable however interested parties should check this information prior to proceeding.
The premises are held on an internal repairing and insuring lease expiring on 30th November 2027 with a tenants option to break after 5 years and yearly thereafter at a rent of £16,500 rising to £18000 on 1st December 2019, then £19000 from 1st December 2022 and £20,500 from 1st December 2025.
Accounts for year ended 31/10/16 show income of £219,958 and preliminary figures for 2017 suggest income will be £236,579. After certain adjustments to exclude depreciation but adding back Directors remuneration, we estimate that the adjusted net profits will be around £60,000. Full accounts information is available to genuinely interested parties.
The EPC is awaited.
The purchaser will be required to pay a contribution of 50% of the landlords legal costs involved in assigning the lease.
Around £89,750 including all main equipment
By arrangement with The Agents on 01904 794812.
Where staff are employed in a business, it is possible that they are unaware of any impending sale, therefore it is essential that all viewings are arranged through us and no direct approaches should be made under any circumstances.
All prices and rents are deemed to be exclusive of any VAT which may apply.
Details and general information provided within these particulars have been confirmed by The Client, are given in good faith and are believed to be correct, however all proposed purchasers/tenants must satisfy themselves as to the correctness of the information provided. We understand that all services and items of equipment are in functional order, but no warranties can be given in this respect. Neither the agents nor any person in their employ bind themselves in any way, nor are any warranties given as to the correctness of the information provided. No part of these particulars form part of any contract or agreement for sale or lease