High Tide 36 East Street ,
Southwold,
Suffolk

£75,000

in Southwold

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Key Features

Property Description

LOCATION
The property lies at the eastern end of East Street, an off-shoot from the High Street and is only 60 metres from the principal pedestrian Thoroughfare leading down to the esplanade and beach. As ever Southwold is extremely popular with visitors throughout the year but those numbers rise very considerably in the Summer. This charming Georgian town offers so many independent bakers, butchers, delicatessens, Art Galleries and boutiques supported by restaurants, Public Houses and the famous Swan Hotel at the Market Place. The town is on the Heritage East Coast and surrounded by land designated as of outstanding natural beauty.

Ipswich 26 miles, Norwich 30 miles
Halesworth with its rail link to London Liverpool Street 9 miles

DESCRIPTION
The owners of High Tide are retiring and they are therefore selling their interest in the business. They retain the freehold of the property which they have very successfully occupied since 2008 and will be granting a lease to the buyers to maintain consistency.

The main retail area extends to about 28.38sqm with storage in the basement and with further ground floor ancillary accommodation with kitchenette, wc and some storage. Extending in all about 45sqm (484sqft).

The current owners rent additional storage space in the town centre and this may be available to the buyers subject to separate negotiation.

PRICE
Offers in the region of £75,000 for the goodwill of the business and the commercial fixtures and fittings. Stock at valuation.

THE BUSINESS
High Tide has been run by the current owners since 2008 and is now for sale owing to the owners proposed retirement. The shop sells an extensive range of cards, gifts and souvenirs and includes the sought after Jellycat account.

The agents hold copies of the trading accounts for the year 31st January 2020, 2021 and 2022. Despite being closed for 19 weeks in 2020/21, the business produced an operating profit of around £66,000 on a turnover of £219,368. This includes over £30,000 in Directors salaries and pension in addition to general wages and salaries.

Full accounts will be made available to prospective purchasers on receipt of a signed confidentiality agreement.

On transfer of the business there will be an ingoing valuation in respect of stock which is to be purchased at cost.

TRADING HOURS & STAFFING
We are not aware that there are any restrictions as to the opening hours that can be adopted.

Under the TUPE regulations the members of staff will transfer with the business. These comprises three part time assistants.

DIRECTIONS
From the agents Southwold office turn left into the Market Place and then into East Street where the property is located at the seaward end.

PROPOSED LEASE TERMS
• 6 year lease at a rent of £20,000 per annum.
• 3 year break clause and rent review
• Repairs: Landlord undertakes main structural obligations. The tenant has an internally repairing lease only and responsibility for decoration and repair of the shop front.
• Landlord insures the building and the tenant pays the premium.

LOCAL AUTHORITY
East Suffolk Council, Marina Centre, Marina, Lowestoft NR32 1HH. Tel: 0333 016 2000.

VIEWING
Strictly by Appointment with Durrants Commercial Office. Viewers are asked not to approach the staff or owners of the business directly.

SERVICES
Mains single phase electricity, mains water and mains drainage connected. Hot water by electric heater. No gas (but formerly connected). Heating via air conditioning unit. (Durrants have not tested any apparatus, equipment, fittings or services and so cannot verify they are in working order)

CONTACT US
Durrants Commercial, 32-34 Thoroughfare, Harleston, Norfolk, IP20 9AU
Tel: 01379 851038. Email: [email protected]




Property Location

To enlarge the floorplans please click on the plans.

Train Stations

  • Brampton (Suffolk) Rail Station 7.53 miles
  • Halesworth Rail Station 7.53 miles
  • Darsham Rail Station 7.57 miles
  • Oulton Broad South Rail Station 10.02 miles
  • Beccles Rail Station 10.32 miles

Supermarkets

  • Somerfield, Southwold 0.09 miles
  • Costcutter, Lowestoft 6.66 miles
  • Costcutter, Lowestoft 6.66 miles
  • Rainbow, Halesworth 7.64 miles
  • Morrisons, Lowestoft 8.35 miles

Primary Schools

  • Southwold Primary School 0.17 miles
  • Reydon Primary School 1.10 miles
  • Wenhaston Primary School 5.14 miles
  • Brampton CofE VC Primary School 5.83 miles
  • Kessingland Church of England Primary Academy 6.77 miles

Secondary Schools

  • Pakefield School 8.86 miles
  • Alde Valley School 9.36 miles
  • Beccles Free School 9.75 miles
  • Sir John Leman High School 10.06 miles
  • East Point Academy 10.07 miles

Distances are as the crow flies and the property listed may not be in the schools catchment area.

Contact our
Commercial office

Nick Durrant
Agricultural and Commercial Property Specialist

32-34 Thoroughfare, Harleston, Norfolk, IP20 9AU

01379 851038
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