Smardon's in Brixham High Street was established in 1917 and is believed to be one of the oldest retail outlets in Torbay.
It has been sold by Newshops Ltd, a Bristol-based company, which operates a number of Key Store businesses in the Torbay area and up to Bristol.
Agent Christie & Co says the shop attracted considerable interest because of its good trading location and the reasonable asking price of £25,000 for a new 15-year lease.
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