The Old Bank House Castle Hl 568 SF of Assignment Available in Lynton EX35 6HY
ASSIGNMENT HIGHLIGHTS
- Prime Location
- Established Trade with 8 years of profitable trade, currently operated to suit the owners’ lifestyle with 9 months of trading per year
- Situated within the main retail core of Lynton, close to the Castle Hill car park, Cliff Railway, and Church
- Artist Relationship - Stocking artwork from 36 different artists and makers, on an agency basis earning commission
SPACE AVAILABILITY (1)
Display Rental Rate as
- SPACE
- SIZE
- TERM
- RENTAL RATE
- TYPE
| Space | Size | Term | Rental Rate | Rent Type | ||
| Ground | 568 SF | Negotiable | $8,886 /YR | Internal Repairing & Insuring |
Ground
The gallery is located within former Banking Chambers, offering an impressive 568 sq.ft (53 sq.m) of retail space, plus a former vault stockroom and toilet/store. The property features original details such as original bank vault, ceiling coving, wood flooring, and quarry tiled entrance flooring, creating a charming and elegant shopping environment. Our clients are inviting offers for the Leasehold interest of the property and business, with an assignment of the existing renewable lease. The current rent is £6,600 per annum, with an original term of 15 years. The lease is held on an internal repairing and insuring basis. Offers are invited in the region of £49,950. Leasehold to include all trade fixtures, fittings and equipment. The gallery operates as a luxury interiors-led model with its main offering of high-end paintings from independent artists complimented by makers of furniture, lamps, clocks and other decorative items. Unlike traditional art galleries, which are often owned by artists or fine art experts, this business has carved out a niche by focusing on creating a luxurious interiors shopping experience where art is the centrepiece. The business is ideally suited to someone with a passion for luxury interiors and retail, who can build on the strong foundation already in place, although previous retail / gallery experience is not required as our clients had not previously been in this sector before they created the business. The gallery operates as an agent selling on behalf of the artists and makers, earning commission from the sale of their works. This structure is not only advantageous for tax purposes but also simplifies financial reporting. The turnover is based solely on the commission earned, rather than the total sales figure. This has been a significant benefit, particularly in relation to VAT threshold. With its established reputation, curated product range, and loyal international clients, this gallery is sold as a profitable turn key operation. The average annual net profit for the last 3 years is £53,000. Our clients established the business 8 years ago and are only selling due to their pending retirement.
- Use Class: E
- Assignment space available from current tenant
- Fully Built-Out as Standard Retail Space
- Demised WC facilities
- Hardwood Floors
- Prominent Double Frontage fronted gallery display
- Window displays and a corner entrance
- Worldwide shipping of artwork is undertaken
- Elegant shopping environment
PROPERTY FACTS
| Total Space Available | 568 SF |
| Property Type | Retail |
| Property Subtype | Storefront Retail/Residential |
| Gross Leasable Area | 568 SF |
| Year Built | 1960 |
ABOUT THE PROPERTY
The subject property is within a prime trading location, between the Castle Hill car park and entrance to the unique Lynton and Lynmouth Cliff railway, which in its busiest years has over 450,000 visitors. Castle Hill adjoins Lee Road, both of which are the main retail streets within the village whilst also being the main arterial route through the village. These quite unique towns – Lynmouth on the harbour at the bottom of the cliff and Lynton overlooking at the top – are set in a stunning coastal location on the edge of Exmoor. Linked by the historic Lynton and Lynmouth Cliff Railway, the towns attract a steady stream of visitors all year round. Lynton and Lynmouth and the wider rural area also have a settled, selfreliant, living and working community that supports the development and growth of the local economy and makes use of the local shops, cafes, services and restaurants. Road and bus services connect Lynton and Lynmouth to nearby Porlock (12 miles), Combe Martin (13 miles), Ilfracombe (19 miles) and Barnstaple (18 miles).
