Leading Coromandel furniture store
Fagan’s Furniture Beds and Homeware, a business which has served the Coromandel Peninsula for 18 years, is now for sale.
The large store at 33 Albert St, Whitianga, has a 550sq m showroom and a firm following, says ABC business broker Ellen Place.
“Fagan’s is regarded as a one- stopshop, catering for every room in the house. It has upmarket appeal and presence, combined with extremely knowledgeable staff whose passion is to serve their community,” says Place.
“Following 10 years of service, the vendors have decided to sell this part of their business in preparation for retirement.
“They intend retaining their Whitianga Flooring and Tile Warehouse operation, although they have advised that they would consider selling both operations to a single buyer if interested,” says Place.
“Without significant competition in the majority of the Coromandel, the business has a unique advantage in the furniture market, ensuring good sales and profits.
“It is rare for such a business to have an exclusive market share of this sort, so Fagan’s can offer as a stable and profitable business with continued scope for growth.”
Place says the store serves a wellheeled local and holiday clientele, with disposable income and the inclination to spend it on high quality furnishings and homewares.
The present lease commenced on March 17, 2000.
It was most recently renewed for three- year- period, from January 15, 2015. There are two further rights of renewal ( from January 2018, and in January 2021, with the lease term ending in January 2024).
Current rent is $ 86,450pa net, plus operating expenses and costs.
Place says Fagan’s iconic double fronted premises front on to Whitianga’s main high street sits opposite a main traffic junction which i s impossible to miss. There is free on street parking in front of the premises.
Full- height windows highlight seasonally appropriate product displays, designed to capture cus- tomer attention and to draw them in. The store is bright with an open plan floor arrangement, featuring beautiful room sets to inspire customers. There is a separate bedroom saleszone, stocked with complementary accessories and bedroom furniture. Small homeware goods are grouped by type on the right hand side of the store and include plenty of items ideal for impulse purchases.
“If you are someone with a creative flair, a passion for home interiors or an eye for style this could be the opportunity for you.
“Alternatively you may have strong management skills or want a managed investment, or have expansion plans for this vibrant furniture business.”