Retail premises for sale in Castle Street, East Cowes, Isle Of Wight PO32
* Calls to this number will be recorded for quality, compliance and training purposes.
Property features
- Popular and well-established Indian Restaurant located in Castle Street, East Cowes adjacent to the Red Funnel Car Ferry Terminal
- Ground floor commercial premises let on a 6yr lease from 2022. Planning permission in place to convert the two flats above into four units
- Total combined income from the commercial and residential parts of the property is £34,600 per annum
- Freehold for sale, with offers invited in the region of £550,000
Property description
Location
The property is situated in Castle Street close to the centre of East Cowes, in the town's main shopping area with Co-Operative, Waitrose and Lloyds Pharmacy being amongst a variety of retailers. East Cowes has an approximate population of around 7,000, substantially boosted during the now extending summer season, with visitors coming to the Island via the Red Funnel car ferry port just down the road. East Cowes has seen considerable investment from Seeda on employment facilities within the town and extensive development, particularly by a Waitrose supermarket and Barratt Homes, as well as dramatic improvement of the Marina facilities by Dean and Reddihoff. East Cowes is now perceived as a "growth" town.
Description
The property is offered as a mixed investment with a commercial unit on the ground floor running to approximately 78m2 (839 ft2) in total including kitchen and w.c., which is currently let at £19,000 per annum. The upper floors are current laid out as two apartments - one 2-bed and one 3-bed both benefitting from sea views. Currently these bring a combined income of £15,600 per annum. The total income for this investment is £34,600 per annum.
Planning Permission
Due to the size of the flats, it is perceived that they could be split into four separate apartments. Planning permission for this has been granted for to the Isle of Wight Council, under planning reference 22/00552/ful. If converted as per this planning application, the new apartments could possibly generate an additional £15,000 per annum income.
Terms
Offers invited in the region of £550,000 for the freehold premises & development opportunity.
Uniform Business Rate
Rateable Value: £8,700
2022/2023: £0.512p without small business relief. Interested parties should make their own enquiries of the Isle of Wight Council to confirm any rate liability or rate concession that may be applicable by telephoning Business Rates on
Council Tax
Each of the flats currently fall under Council Tax band B
Viewing
Strictly by appointment with sole agents Gully Howard Commercial Property, Suite 11 Salisbury Gardens, Dudley Road, Ventnor PO38 1EJ. Call Gavin Chambers or Morgan Williams on . E: Or .
Under no circumstances should any approach be made to staff or personnel within the property as they will be unable to assist you
Property info
* Sizes listed are approximate. Please contact the agent to confirm actual size.
For more information about this property, please contact
Gully Howard, PO38 on +44 1983 507984 * (local rate)
Disclaimer
Property descriptions and related information displayed on this page, with the exclusion of Running Costs data, are marketing materials provided by Gully Howard, and do not constitute property particulars. Please contact Gully Howard for full details and further information. The Running Costs data displayed on this page are provided by PrimeLocation to give an indication of potential running costs based on various data sources. PrimeLocation does not warrant or accept any responsibility for the accuracy or completeness of the property descriptions, related information or Running Costs data provided here.
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Suite 11, Salisbury Gardens, Dudley Road, Ventnor, PO38 1EJ