Business Summary

Description :-

Very well established Leasehold Post Office with Grocery store and 3 Bedroom Flat above for sale in Essex. Business is based in small parade of shops and is steps away from an Underground District Line station. This family business is in same hands for last 22 years and very well known in the local community. This business is offered on a secure lease with 8 years remaining on a 20 years lease and passing rent is £18,500. Vendors are looking for a Premium in region of £89,900 + SAV for goodwill and leasehold interests. All offers will be subject to post office approval and contract.

Business is being run with help from staff and generating a Post Office salary y/e 31st March 2012 of £21,000 and a franchise retail turnover of £780,000 with confirmed TO y/e 31st July 2011 of £615,000. The business further benefits from a 3 bedroom living accommodation above, which is currently collecting £7,200pa.

Tenure :-

Leasehold

Property Description :-

This build premises is spread over the ground floor as follows:

Description sqm sqft
Front Retail 85.80sqm 923.5sqft
Storage Room 25.16sqm 270.82sqft
Staff WC

The retail area includes display shelving, card display, and payment counter. There are Staff WC, and storage area. The first floor flat consists of three bedrooms, receptions, 3pc bathroom suite, and kitchen.

Location & Surroundings :-

This Post Office is located in Dagenham is a large suburb of East London, England. It forms part of the London Borough of Barking and Dagenham and is located approximately 11.5 miles (18.5 km) east of Charing Cross and around 9.5 miles (15.2 km) east of the City of London. There are London Underground services from Becontree, Dagenham East and Dagenham Heathway. C2c, currently operated by National Express, part of National Rail, run a service from Dagenham Dock.[21] National Rail services also operate from nearby Chadwell Heath.

The immediate surrounding areas are built up with dense residential properties which results in a strong community ties and demand for local trade. The business is situated on the high street and benefits from close proximity to mainstream high street supermarkets, general stores and immediate access to Underground Station.

Opening Times & Staffing :-

The retail store and Post Office is open for 77 hours per week and this owner managed business has one part-time and three full-time staff.

Lease Terms & Rates :-

The business is held by lease with an initial lease term of 20 years with an unexpired term of 8 years and is subject to a five-yearly rent review period. The current passing rent is £18,500 per annum.

Interested parties are to make their own inquiries in to the business rates from the local authority.

Premium :-

The Business Owners are a premium of £89,900 for the leasehold interest, goodwill and fixture and fittings.

Legal Costs :-

Ingoing buyer to pay for landlords legal costs.

Property Details