PETROL STATION ON MAIN AVENUE IN NICOSIA
|| Greater Nicosia, Nicosia, CYPRUS
|Type of Tenure:
|Stocks (at cost)
||about EURO 45000
|Reason for Sale
||2022 AUDITED/ 2023 YTD Management
||Negotiable (with guarantees)
||4 (incl. Owner)
This large petrol station is advantageously located on one of Nicosia’s busiest avenues. It has a dual access, one from the avenue and one from a road in the back. The access from the avenue is convenient for clients going towards Nicosia centre, while the rear access is convenient for clients going in both directions. Therefore, the station captures a wide variety of daily commuters as well as regulars who live in the area.
In addition, the area serviced by the road in the back of the station is developing rapidly, with residential and office buildings as well as a private college being built. This location offers the best of both worlds: a heavy and steady flow of traffic on the avenue and an ever-increasing traffic on the back road which provides excellent and real growth prospects. Another possibility is to lease an empty plot next to the station to offer a combination of day-parking, car wash plus a small cafeteria. The land lease (which is paid by the Oil Company) has another 14 years and is renewable.
SALES & PROFIT
The petrol station sells about 3 Million liters of fuel annually with a profit margin of around 5.5 €cents per liter, which is the norm in Cyprus. In addition, there is income from the car wash (about 400 cars per month), sales of lubricants and miscellaneous shop sales.
Overall, the net revenue is in excess of €250.000 and growing, while the profit before tax is about €100.000, after deducting €18.000 which is the owner/manager salary. Therefore, for someone who manages the station personally, the total income before tax will be in the region of €118.000.
The rent paid to ESSO is €2.650/ month.
- 95-οctane petrol: 40 tons
- 98 οctane petrol: 20 tons
- Automotive Diesel: 30 tons
- Heating Diesel:30 tons
- Kerozene: 20 tons
- 95 octane:10
- 98 octane: 8
- Automotive Diesel:11
- Heating Diesel:2
- Kerozene: 1
HEATING OIL DELIVERY TRUCK: 4,8 tons
The Asking Price of €350.000 is set at about 3X owners earnings profit before tax (3 X 118.000) and compares favorably to the pricing of petrol stations in Cyprus, especially so since this station has good growth prospects.
Included in the sale is the Heating Oil Delivery truck and Car Wash facilities with all equipment. Fuel in the tanks on the day of transfer and merchandise in the shop to be added to the agreed selling price, estimated at €45.000.
Finally, the current owner/manager will provide hand-over support and training.