Restaurant/cafe for sale in Town Lane, Newport, Isle Of Wight PO30
* Calls to this number will be recorded for quality, compliance and training purposes.
Property features
- Highly visible position, opposite Morrisons and The South Street Retail Park
- Has traded as a restaurant but could suit other uses subject to necessary consents
- The premises run to a total of approximately 150.3m2 (1,617ft2) arranged over 3 floors
- Freehold building to purchase with offers invited “in the region of” £295,000, or available to lease at £28,000 per annum
Property description
Location
The property is in a highly visible location being in a corner position opposite to Morrisons and Marks and Spencer and adjacent to the South Street Retail Park and Bus Interchange. Newport is the county town of the Isle of Wight and undoubtedly the Island's main commercial hub. The immediate population of the town is around 25,000 and an adjusted catchment is often quoted as being in excess of 60,000 when Newport operates as the comparison shopping centre for the entire Island population of around 140,000.
Description
A character commercial building, being Grade II listed, currently arranged as a restaurant trading over two floors. The whole building was completely re-fitted, decorated and extended in 2016 and presents in very good order. The main element of the re-fit was to make the first floor a public space. The ground floor, running to approximately 70.9m2 (763ft2), is currently laid out to bar/reception area, ground floor dining and commercial kitchen which is fitted to a very high standard. The first floor with a net area of circa 51.3m2 (552ft2) is laid out as dining rooms, currently offering circa 34 covers. This space is supported by a further office on the second floor running to approximately 27.9m2 (300ft2). The premises also benefits from a rear yard which is currently occupied by refrigeration & freezer units. Please see floor plan for further details.
Terms
Available to purchase the whole building for "offers in the region of" £295,000. Alternatively available by way of new lease on a Fully Repairing and Insuring basis at £28,000 per annum. Full lease terms by negotiation.
Uniform Business Rates
Rateable Value: £19,000
2023/2024: £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
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
Property info
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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Gully Howard
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Suite 11, Salisbury Gardens, Dudley Road, Ventnor, PO38 1EJ