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Post Office Gerringong Nsw South Coast For Sale

Gerringong, New South Wales, Australia
Asking Price:
$650,000 (AUD)
Sales Revenue:
$250K - $500K (AUD)
Cash Flow:
$468,214 (AUD)

Fantastic Life Style Licensed Post Office for sale Located at beautiful Gerringong NSW near South Coast. Net Profit for one plus small part time assistant $190,000 p.a plus in 2020/2021 based on 5 days trading only. Rent under $30,000 p.a lease and options 18 years from 8th October 2015 with annual cpi rises and market review on options. Excellent presentation and shop fitting with good street exposure and parking.

Key points.

1. Fantastic coastal life style location yet close to Wollongong and Sydney.

2. Very sound Financials and tax returns.

3. Five day trading only.

4. Very Good Shop fitting and presentation.

5. Services a diverse and affluent residential and business area.

6. Long lease and reasonable rent with 11.6 years remaining of the current lease and options.

7. One owner for over 9 years.

8. Good exposure, parking and access in retail strip.

9. Customer counts averaging about 170 per day with a peak in the late afternoon.

10. Very well merchandised.

11. Adjusted Net for one plus small part time assistant $190,000 p.a in 2020/2021

12. Trading Hours 9am to 5pm Monday to Friday only. Mail arrival 7.45 am.

13 Purchase price $650,000 plus SAV about $55,000.

Financial Details

Australia Post commissions Net of GST 2018/2019 $133,467.62

Australia Post commissions Net of GST 2019/2020 $139,229.45

Australia Post commissions Net of GST 2020/2021 $147,687.37

Pom Commissions to December 2021 are running approx 10% ahead of the previous year.

Stock Sales Tax returns 2018/2019 $295,002.48

Stock Sales Tax returns 2019/2020 $304,645.56

Stock Sales Tax returns 2020/2021 $320,526.63

Tax returns 2018/2019 Declared Gross Profit 214,506 on total sales including AP commission of $428,470.

Tax returns 2019/2020 Declared Gross Profit 226,506 on total sales including AP commission of $443,875.

Tax returns 2020/2021 Declared Gross Profit 243,950 on total sales including AP commission of $468,214.

Real operational costs excluding labour, being rent insurance, security, technology, consumables, telephone, electricity are about $45,000 p.a.

PO Boxes leased as of January 2022 total 285 with Total PO boxes installed listed as approximately 392

Please note: Complete financials are available conditional on the prospective purchaser:

1. Establishing capacity to purchase and finance availability.
2. Establishing genuine interest
3. Meeting the vendors and inspecting the business.
4. Establishing their ability to meet Australia Posts assignment approval requirements.

Guidance and assistance is available in order to meet these conditions.

Property Information

Real Estate:

Lease

Lease Terms:

5 year lease from 8th October 2018 with two further 5 year options total lease term with options 15 years with 11.6 years remaining. Base rent $28,344.50 plus outgoings of only water useage. Subject to annual CPI rises and markeyt reviews on options.

Location:

Prime High Street Location

Premises Details:

Well located Modern Retail Licensed Post Office. Up to date presentation and fit out. approximately 45 square metres

Business Operation

Expansion Potential:

This LPO is run very well and is growing as the area expands residential development. This is reflected in the continued growth of retail sales and AP commissions

Competition / Market:

Only office in the town of Gerringong with the nearest Post office located about 12 kilometres away.

Reasons for selling:

Vendors wish to retire due to health related issues.

Trading hours:

9 am to 5 pm Monday to Friday no Saturdays with mail arriving at 7.45 am

Employees:
owner operator with part time staff
Years established:
Over 90 years

Franchise Information

Franchise opportunity:

Franchise Resale

Franchise terms:

Subject to Australia Postsw approval terms and conditional to the successful completion of the 7 week training course. The LPO Agreement is set for an indefinite term and is ongoing governed by clauses 20 and 22 of the LPO Agreement.
Licensees have the right to on sell their business subject to AP approval and the completion of the required training.

Other Information

Support & training:

The sale of a Licensed Post Office is subject to Australia Post Approval. Training is 7 weeks with ongoing support from AP's Network support team. Training and assignment cost is $4,400 .

Financing available:

All banks will lend for the purchase of a Licensed Post Office subject to proof of income, debt serviceability and security, Westpac and the ANZ Banks will lend on the cash flow and have industry experience in the lending for the purchase of an LPO. St George is currently considering offering cash flow lending. Cash flow lending is generally limited to 50% of the purchase including stock.

Inventory / Stock value:
$55,000 (AUD)
Relocatable:
This business can be relocated.

Contact HAROLD A ASHCROFT

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