Key details

Address
J J Taylor Newsagents, 41 - 45 Commercial Road, Lerwick, ZE1 0NJ
Status
Available
Price
Offers over £39,000
Entry
By arrangement.

Overview

Long established newsagents, confectioners & tobacconist business situated in a prominent location on Commercial Road, the main road through the centre of Lerwick.

The business has been established for over 80 years and trades from leased premises extending to around 130m² (1,400ft²) with a large window frontage and comprising the main selling space, two large store areas, plus staff facilities.

The business which is a National Lottery and PayPoint agent, is offered for sale as a going concern. Stock in addition at valuation.

Situation

The Shetland Islands are the most northerly part of the United Kingdom being located approx. 100 miles north of mainland Scotland and 200 miles west of Bergen, Norway. There are over 100 islands of which 15 are inhabited.

A daily overnight ferry service operated by Northlink Ferries (www.northlinkferries.co.uk) links Shetland with mainland Scotland, whilst Loganair (www.loganair.co.uk) operates direct flights to Sumburgh at the very southern tip of Shetland from Aberdeen, Inverness, Edinburgh & Glasgow.

Shetland has a population of around 23,000, around 8,000 of whom reside in Lerwick itself, this being supplemented by visitors and an increasing number of cruise line passengers in the summer months. Islanders enjoy a great quality of life in fantastic unspoilt surroundings with dramatic scenery, an abundance of wildlife and a significant focus on culture and heritage.

In spite of the remote ‘get-away-from-it’ location, thanks to the oil boom of the 1970’s, islanders enjoy great amenities and public services of a high standard with well-equipped schools, excellent health services (there is a hospital and health centre in Lerwick) and fantastic sport facilities with a range of leisure centres spread throughout the islands including the Clickimin Leisure Centre / Swimming Pool in Lerwick. Lerwick also has two primary schools and the Anderson High School. Excellent road and other transport links means it is easy to get around.

Fishing and the oil industry are the largest income generators although other industries such as farming / crofting, tourism, food & drink, and textiles also make a significant contribution to the buoyant local economy.

Further information about living and working in Shetland can be found at https://www.shetland.org/life

The Business

J J Taylor’s, has been established for around 80 years, the main business being the sale of confectionary, tobacco, papers and greetings cards plus fancy goods and some grocery products. The business also distributes papers and magazines to other shops in Shetland.

In addition to the owner / manager there are a couple of casual part-time staff who come in on an ad hoc basis, particularly at lunchtimes.

The opening hours are currently Monday to Thursday 8am – 6.30pm, Friday 7.30am - 6.30pm, Saturday 8am - 6.30pm and Sunday 12noon - 5.30pm.

There is scope for an enthusiastic new owner with vision to develop the business and build on its established reputation.

The Premises

The business trades from prominent leased ground floor premises which form part of the stone-built tenement building fronting Commercial Road, the main road through the centre of Lerwick.

The Lease commenced on 16th February 2009 for a period of 20 years, the current passing annual rent being £7,800 (exclusive of VAT). The Lease is standard full repairing and insuring terms. Assignation of the Lease will require the consent of the Landlord.

In detail the premises comprise the main shop area (approx. 13.9m x 5.2m), a large space with corner entrance to Commercial Road / St Magnus Street, and several larger display windows, the space being fully utilised with shelving and card racks around the walls, and a large shelf unit down the centre. There is a serving counter at one end with two tills; other equipment including four upright chill cabinets, and a coffee machine.

Off the main shop area at the front is a storeroom (approx. 4m x 3m which leads to a second smaller store and a toilet. At the rear, again directly off the main shop space, is a further storeroom (approx. 5.7m x 2.9m) with access from St Magnus Street for deliveries via a shared yard, a kitchen area and office. Security camera system and monitor.

Equipment

All equipment is understood to be owned outright with the exception of the equipment for processing debit / credit card transactions, PayPoint and the lottery.

Rateable Value

The rateable value is understood to currently be £9,800 although Shetland Islands Council currently offers a rates relief scheme. Perspective purchasers should check eligibility with the Council directly.

Trading Information

Details of accounts can be made available on request to seriously interested parties who have viewed the business through the seller.

Property location

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Important Information for Prospective Purchasers

This schedule is intended only to help you decide whether to view the property. We always recommend you view the property personally.

The information is believed to be correct, but it is not warranted and is not to form part of any contract of sale. All dates, distances, areas and room sizes noted are approximate and for use as a general guide only. Prospective purchasers should satisfy themselves as to the working condition or otherwise of any equipment such as central heating or kitchen appliances.

This schedule should not be taken as a comment on the condition of the property. This is a matter for your surveyor and we recommend that once you have found a property you are interested in, you obtain a survey report. We can provide details of surveyors if required.

Interested parties are advised to note their interest through their solicitor as soon as possible so that they can be informed if a closing date is fixed. Noting interest does not place any obligation on the seller to set a closing date or to give any noted interests the opportunity to offer. Whilst every effort will be made to advise noted interests of any closing date set, this cannot be guaranteed.

No responsibility will be accepted for expenses incurred by parties who have noted interest but do not get an opportunity to offer, or for any expenses incurred traveling to properties which have been sold or withdrawn.

We have availed ourselves of services provided by Harper Macleod of Lerwick, both in buying and selling residential property. Our needs on both these occasions were fully met and the service provided by them made our task in these circumstances, seemingly without effort.

Prior to this we had also received very helpful general advice pertaining to Shetland real estate from them. This was a tremendous benefit to us at the time.

If you are seeking cost effective, excellent real estate marketing and legal services, we would not hesitate in recommending Harper Macleod of Lerwick.
David & Jan Elliot
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J J Taylor Newsagents, 41 - 45 Commercial Road, Lerwick, ZE1 0NJ