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
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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 |