MEMORIES GIFT SHOP - KATO PAPHOS

CRD-1498 1 Bed Resale Commercial in Paphos

1 x
1 x

Price €100,000

Main Features

Location Paphos
Property Type Commercial
Bedrooms 1
Bathrooms 1
Covered Area (sq. m) 0

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Pool No
Parking Parking at rear of shop
Terrace
Views
Plot Size (sq. m) 0
Title Deeds Yes

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Description

Reduced for quick sale
SILVER, GLASSWARE, JEWELLERY AND GIFT SHOP. PRIME SEA FRONT LOCATION, KATO PAPHOS.

THE BUSINESS & PREMISIS DESCRIPTION.

This business has the benefit of being located in the semi- pedestrian area adjacent to the sea front. There is a café opposite which gives an additional captive audience for the business.

This Double fronted shop unit. (approx. 12 m x 10.2 m) is an enclosed premesis with front & back doors and an additional Covered area at front of shop approx. 6.8 m x 3.2 m. for exterior display. There is Private parking at rear of shop.

There is potential for the right person to expand the business.

Within the immediate area there is little competition for the glassware side of the business, which is popular not only as a ‘Gifts’ but also for the wedding business. Cyprus remains a popular destination for ‘Weddings abroad’

LOCATION.

The exact location is the Main tourist area / sea front. Poseidonos Avenue,
Kato Paphos.

Tenure.

The shop is Rented on a 10 year lease agreement, renewable every 10 years. The landlord is happy to renew the lease. Current lease expires on 28th Feb 2014.

Fixtures & Fittings.

Fixtures and fittings are to be sold as part of the business. These include all display cabinets and units, which are of a high standard and in good order.
The shop has Air conditioning. A cash register. Telephone - fax machine. All items are in good working order.

Facilities.

There is a Fully shelved storage room, approx. size 3.2m x 1.2m. the shop has its own Toilet with wc and basin. Room size approx. 2.0m x 1.0m.

Trading licenses.

Certificate from Cyprus Assay Office Jewellers register to sell silver & gold.
until 10/03/09. This is renewable at a cost of or €51.26. (C£30.00)

Reason for Sale.

The business is being sold due to ill health

FACTS & FIGURES.

Turnover.

The annual turnover is based on an average for the last five years as there were major sea front road works last year which interrupted shop access. This is now complete and offers a much improved pedestrian area and has enhanced the businesses location. Based on 5 year average: €109,668 (C£64,160)

Selling price.

€271,667** (C£159,000) + stock valued at cost (approx)*. €30,754** (C£18,000)
*(See note on stock value)

Total Selling price inclusive of stock* = €302,422** (C£177,000)
*Subject to audited valuation of stock
** All quoted figures use the Cyprus Government fixed Euro rate against the old Cyprus pound

Based on 5 year average: €109,668 (C£64,160)

Margins.

The margin on all stock is cost + 100% + VAT

Overheads

Rent.

Annually - €22758.60 (C£13320)
This is paid on a monthly basis

Maintenance

Annually - €564.00 (C£330)
This is paid on a quarterly basis.

Utility charges (Average Annually)

Electricity.

Annually - €2564.10 (C£1500)

Water.

Annually - €85.00 (C£50.00)

Telephone.
Subject to usage.
For non Cyprus residents, Mobiles are more popular than landlines, so this
item is normally at a minimum.


Stock.

As quoted in selling price*

Stock will be sold at cost within the overall asking price as stated in the selling price section. This is variable and average stock in hand is valued at €30,754 - €34172** (C£18,000 - C£20,000), and will be subject to an audited stock take at the time of sale and handover. For the purposes of this document the lower figure is quoted in the selling price.

N.B. All quoted sizes are approximate.
** All quoted figures use the Cyprus Government fixed Euro rate against the old Cyprus pound

CONTACT DETAILS:

All enquiries will be passed directly to the owner:

Contact: Cyprus Resales Direct Limited. Tel: +357 26220360 or +357 96515883
Email: info@cyprusresalesdirect.com
Price:OFERS IN THE REGION OF: €100,000

 

Appliances Included:
  • High quality fixtures & fittings
Features:
  • Promenant seafront location
Other Advantages:
  • In major Tourist location
Other Information:
  • Owner selling due to ill health and is prepared to negotiate

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