Middleton General Store

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Business Description

Middleton is located mid way between Goolwa and Victor Harbor and is a well know tourist site for surfers, holiday maker and whale watchers. In addition the town is steeped in history and has a permanent population of approximately 1000 and is located approximately 1 hour’s drive south of Adelaide.

This business is the only significant store in the town and operates as a true general store and includes a community post office, fuel outlet, newsagent, a substantial mini mart, fishing supplies and takeaway food. The business is located on the main road and is next door to one of South Australia’s most popular caravan parks. The business trades 7 days per week but the current vendor only works approximately 10 hours per week and is already semi-retired.

Simon Winter 0419 828 689

Extended Price Information

Goodwill $220,000
Plant & Equipment (approx written down value) $30,000
Stock at valuation (approx) $90,000
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$340,000

Financial Summary

Year
Sales Return to Owner Return to Investor Return on Investment
n/a $1,575,097 $113,505 $98,945 29.11%
n/a $1,588,766 $87,016 $72,456 21.31%
2012/2013 $1,563,671 $103,532 $88,972 26.17%
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The return to owner is a net return to one part time working owner after all expenses and staff wages but excluding the vendor’s wage. The return to the investor is calculated after allowing for vendor’s wages that reflect the number of hours worked by the vendor.

Staff Summary

One permanent part time and four casual staff.

Lease Summary

Current Rent $45,000 per annum + GST
Lease Term 5 years
Lease Commencement Date of Settlement
Right of Renewal 2 x 5 years
Outgoings Paid by the tenant
Adjustments CPI annually & to market at the end of each term
Bank Guarantee 1 month's rent
As the current vendor owns the freehold a new lease would be available to the purchaser on the above terms. The lease would be for the area currently occupied by the supermarket. If the purchaser requires the adjoining vacant area the rent would be an additional $10,000 per annum.

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Plant & Equipment

Original Cost of Plant $160,434
Written Down Value of Plant (approx.) $72,000
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