Canvey Island store sold to first time buyer through Christie & Co
Specialist business property adviser, Christie & Co has completed on the sale of Furtherwick Stores, a convenience store located on Canvey Island, which lies off the south coast of Essex.
Situated within a parade of shops on one of the main roads leading through Canvey Island, the store is ideally located a short walk from the seafront, Leisure Island Fun Park and Fantasy Island Amusement Park, benefitting from high levels of footfall and a strong customer base. The 1,300 sq ft trading area offers a range of chilled and frozen goods, convenience items, magazines, newspapers, alcohol and tobacco.
Having purchased the store through Christie & Co in 2015, previous owner, Sedat Duymus decided to sell in order relocate closer to family and comments, “We had planned to sell Furtherwick Stores to give myself and my brother a much-needed break whilst we evaluated what to do next. We had the business for sale for a little while before using Christie & Co but unfortunately could not secure a successful sale. We instructed Adam Sellers of Christie & Co in September last year and managed to find a buyer after a short time on the market. We wish the new owners, Siva and his wife, the best of luck with their new store.”
New owner and first time buyer, Siva Srinath, who has previous experience in the retail sector, plans to modernise the store in order to increase trade. Mr Srinath comments, “My wife and I are happy to finally get into the store and start trading the business. The sale was fairly straight forward with a few usual hiccups along the way but with the assistance of Adam Sellers of Christie & Co and with thanks to Semay, we got there in the end. We are excited to build on the customer base and take the store forward. We are hoping to serve the local community with great products at reasonable prices and look forward to growing the trade.”
Adam Sellers, Business Agent at Christie & Co handled the sale and comments, “This was an exciting sale to be part of because it was one that had been previously marketed and failed to sell. We took the store to the market at the same price and carried out a thorough marketing process, which led to a successful sale, complementing the two other stores we have sold in Canvey island in the past 12 months.”
Furtherwick Stores was sold off an asking price of £139,995 for the leasehold interest.