LAUNDRY AND LINEN HIRE BUSINESS FOR SALE, PADSTOW LAUNDRY SERVICES, TRECERUS INDUSTRIAL ESTATE, PADSTOW - Padstow - Cornwall

LOCATION:
Padstow lies on the north coast of Cornwall on the western side of the Camel Estuary approximately 7 miles west of Wadebridge. The town is popular with day visitors during the holiday season due to its interesting range of shops, its reputation for restaurants, more particularly Rick Stein’s restaurant, together with features such as the harbour, ferry to Rock and the Camel Trail cycle path to Wadebridge and Bodmin. Whilst Padstow’s resident population is approaching 7,000 persons, its catchment during the holiday season is significantly more, benefiting from a large influx of tourists both from the immediate vicinity as well as Newquay.

SITUATION:
The established Laundry business is situated on the popular Trecerus Industrial Estate which is a few miles outside the busy holiday resort of Padstow. The site is situated on the northern boundary of the estate with a rear rural aspect and a number of new units in close proximity.

DESCRIPTION/BUSINESS:
This is an opportunity to purchase a well-established business offering a reliable service of laundering and linen hire. Started and run by a group of friends, the business would suit a family operator and offers significant potential for growth to tap into the busy Cornish holiday market within the Padstow and North Cornwall area. The premises are part owned and part leased and the business has a reliable workforce which will form part of a TUPE agreement. Gross receipts approaching £400,000 achieved for year ending March 2017 providing a healthy return and profit. Detailed accounts will be made available to interested applicants subsequent to an accompanied viewing.

ACCOMMODATION: (All dimensions and areas are approximate)

Unit 5C1 – 5C3

Ground Floor
Total area 81.6m² (878ft²)

First Floor
Total area 85.9m² (924ft²)

Unit 5C4

Ground Floor
Total area 35.04m² (377ft²)
Includes disabled toilet facility

First Floor
Store/Office 16.10m² (173ft²)
Kitchen 9.90m² (107ft²)
WC

Unit 5C5

Ground Floor
Total area 77.20m² (830ft²)

First Floor
Store 77.20m² (830ft²)

TENURE:
Unit 5C4 and 5C5 is held freehold, effectively with vacant possession. We understand that Units 5C1, 5C2 and 5C3 are held on a protected lease. The lease renewal process has been implemented and terms for a new 12 year lease at £11,500 per annum have been agreed, subject to contract.

RENT:
£20,000 per annum

RATES:
The properties first assessed as two separate assessments, the freehold units assessed at a rateable value of £12,500 whilst Units 5C1, 5C2 and 5C3 have a rateable value of £5,800. (2017 List)

Cornwall Council are the charging authority and enquiries regarding the rates payable should be made with them - Tel: 0300 1234171

SALE PRICE:
£425,000 for the business including the freehold interest of Units 5C4 and 5C5. Consideration would be given to leasing the freehold units which would reduce the purchase to that of the going concern value only.

VAT:
We understand an election to tax has been made and that VAT will be payable on all rents and purchase price.

COSTS:
Each party to be responsible for their own costs in dealing with the freehold of the business. The ingoing Tenant to be responsible for the Landlord’s reasonable legal fees for dealing with the lease.

SERVICES:
We understand that the property is connected to mains electricity, including three phase, gas, water and drainage.

PLANNING:
Interested parties should satisfy themselves that their proposed use complies with the existing planning consent.

VIEWING:
By appointment with Charterwood on (01872) 261216. Contact Chris Waters or Jo Counter.

ENERGY EFFICIENCY RATING: 36

Certificate Reference Number: 0741-3012-0289-0890-7301
Property Reference Number: 0770-0848-4290-1102-3092