This retail is now off the market

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The Cycle Centre, 1, New Street, Penzance – Penzance

This retail is now off the market

Miller Commercial Agency
Contact name
Miller Commercial
Full address
1 New Street, Penzance, Cornwall TR18 2LZ – Penzance
Property type
Shop, retail unit for sale
Asking price
Exposed ceilings, Kitchen, Storage, Train transport
1,350 sq ft

Property description

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Highly regarded bicycle specialists in West Cornwall, with retail showroom extending to @1,350Sq. Ft, repair workshop, holding room and office.
The Cycle Centre occupies a secondary trading position on New Street, just a short walk from Market Jew Street, which is the principal thoroughfare within the vibrant Harbourside town of Penzance.
Penzance is the largest town within West Cornwall with a resident population of approximately 20,000 and is a popular destination for tourists year round owing to its proximity to a number of well known land marks including St Michaels Mount and Lands End. Penzance is the termination point for the South West rail link to London Paddington in addition to being the departure point for the Scillonian Ferry which services the Isles of Scilly.
We understand that the business was originally established in 1983 and has been in our clients tenure since 2004, when the previous owner retired. Enjoying an enviable reputation across West Cornwall, the business offers an extensive range of road and off road bicycles from well known manufacturers such as Genesis, Trek, Ridgeback and Saracen, together with a repair service and a vast array of accessories and parts.
In addition to their showroom in Penzance, the business operates an E-Commerce and E-Bay shop, all of which will form part of the sale.
The business trades from 9am to 5.30pm Monday to Saturday and is run by our client with the assistance of 4 full time members of staff, (two of which are involved in retail sales and two in the workshop).
Trading accounts for the year ending 31st March 2017 show sales of £264,280, (60% of which is generated from retail sales with the remaining 40% from repairs).
Further accounting information will be made available to interested parties, following a viewing in the normal manner).
13.455m x 9.37m. A dual aspect room with part double height ceiling and exposed ceiling joists. Windows to front and rear elevations, Changing room. Wooden Floor.
5.15m x 2.54m. 2 windows and Velux to the rear elevation. Pulley system for bikes to first floor storage, (which runs across the retail sales area).
5.06m x 2.53m. Dual aspect room with windows to front and side elevation. Bike bench, 2 radiators.
The existing lease is shortly due to expire but our client has agreed that a new 4 year lease will commence on the 5th August 2018 at a commencing rental of £13,500 per annum.
We are advised that it may be feasible to negotiate a longer lease with the landlord, if required by a new tenant.
An Inventory of all loose chattels and equipment, free of any lease/lien, to be included within the sale will be supplied by Miller Commercial prior to exchange of Contracts.
If you require advice regarding the Financing of a Business, at no initial cost, please contact us on the number below.
PLANS: Plans and maps reproduced under Ordnance Survey Licence No LIG1179. Not to scale and for identification of the property only. They are not intended to show actual site boundaries and not guaranteed to be accurate.
AGENTS NOTE: Miller Commercial for themselves and for the Vendor/s or lessor/s of this property give notice: [a] These particulars are for an intending purchaser or tenant and although they are believed to be correct their accuracy is not guaranteed and any error or misdescriptions shall not annul the sale or be grounds on which compensation may be claimed and neither do they constitute any part of a Contract: [b] Any intending purchaser or tenant must satisfy him/herself by inspection or other wise as to the correctness of each of the statements contained in these particulars; [c] No responsibility is taken for expenses incurred should the property be sold, let or withdrawn before inspection: [d] None of the services or appliances, plumbing, heating or electrical installations have been tested by the selling agent.
Miller Commercial is the trading name of Miller Commercial LLP registered in England and Wales under Registration No.OC373087. The Registered Office of Miller Commercial LLP is Mansion House, Princes Street, Truro TR1 2RF. We use the term Partner to refer to a member of Miller Commercial LLP. VAT Registration No.643 4519 39.

This shop, retail unit for sale is located in Penzance.

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