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Retail News
Cardzone Ltd t/a Paper Kisses has acquired premises at 6 Bank Street, Braintree by way of lease assignment from a local independent card retailer.
The premises, which comprise a ground floor only lock up shop unit of 706ft², are held on a 7 year full repairing and insuring lease expiring in August 2014 at a current rent passing of £20,000 per annum.
A reverse premium was paid by the outgoing tenant who had retired from the business.
The negotiations were handled by Mark Bradley who commented:-
“A situation arose to acquire the existing goodwill and a fully fitted and racked out card shop on favourable terms following the retirement of the existing tenant who was seeking to dispose of the leasehold interest. Another card retailer had also recently closed in the town and the opportunity to capture market share was quickly identified by my clients.”
Cardzone continue into 2011 with their expansion programme extending further afield into East Anglia, the South East and Home Counties.