J.G. Rae Trading Limited, 90-92 Commercial Street, Lerwick

Property Details

A rare opportunity to acquire a well-established and highly regarded jewellery business in the centre of Lerwick’s busiest shopping hub, Commercial Street.

Established in 1965, J.G. Rae’s has grown a strong customer base with locals and visitors alike. Offering a wide range of jewellery, watches, clocks, hip flasks and glassware for sale, as well as watch servicing.

With its present owner seeking to take a well-earned retirement, the business offers an opportunity to those looking to take on a new professional project, those looking to relocate to the Shetland Isles or acquire the business for its assets.

Key Features

• Established Reputation: With over six decades of service to the local Shetland community, J.G. Rae’s has built up a strong customer base and is renowned for its service to the isles.
• Prime Location: With its store premises located on the busy Commercial Street area of Lerwick, the premises enjoys high visibility, located meters away from accommodation providers, bars and restaurants.
• Premises: Spanning across two units (both Category C Listed buildings), the store combines its traditional Shetland aesthetics on the exterior well with that of a typical and fully equipped jewellery store on the interior. The premises has been valued at £245,000.
– 90 Commercial Street comprises of the shop floor and a workshop, which is hidden from customers with a partition wall. A small set of stairs takes you to the slight elevated shop floor next door.
– 92 Commercial Street comprises of a ring room (for private viewing of jewellery), a storeroom and an office. An additional set of stairs leads down to the basement and comprises of a delivery room, staff kitchen, WC and storeroom.
– Purchase of the business will include all fixtures and fittings on the premises.
• Product Range: The business offers a range of local products, designed and produced a short distance away at a local workshop.
• Tourism Growth Potential: Lerwick continues to enjoy a significant increase in tourism, particularly from cruise ship visitors. In 2024, Lerwick welcomed 138,537 cruise ship visitors during season, a 21% increase on the previous year. With the store located a short walk from Lerwick’s picturesque Victoria Pier, the business welcomes large footfall from visiting cruise ships keen to explore Shetland’s traditional shops.

Financial Highlights

• Turnover of £241,315 for YE24.
• Fixed Assets in Excess of £238,000 at YE24.
• Capital and Reserves in Excess of £400,000 at YE24.
• Stock will be taken over at valuation on the day of sale.

If you are interested in hearing further information about the business or obtaining the abbreviated trading accounts, please contact Anderson Strathern LLP by email (lerwick@andersonstrathern.co.uk) or telephone (01595 695262).

EPC Rating E

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