Freehold Pub / Development Opportunity

Location

The Victoria Tavern sits towards the southern end of Clarence Road, and is well placed to serve local residences and businesses. The surrounding area is densely populated and the nearby East Cowes Marine and recent Barratt residential development bring further opportunities to drive trade. 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 c.600m away. East Cowes has seen considerable investment from SEEDA on employment facilities within the town and extensive development by Barratt Homes and the development of a Waitrose Supermarket, as well as dramatic improvement of the Marina facilities by Dean and Reddihoff. East Cowes is now perceived as a "growth" town.

Description

Providing approximately 111m² (1,195ft²) of public space, the Victoria Tavern is presented as a traditional wet-led pub set in the heart of a densely populated area. The public areas are open-plan and offer a spacious environment for seating and pub games. There is potential to develop the food trade. The public areas of the tavern are supported by ladies and gents WC facilities. Cellerage, a utility room, and general store complete the commercial accommodation. The premises might well lend themselves to a development opportunity to residential use, subject to any relevant planning or building regulation consents etc.

Outside

There is a trade courtyard area to the rear of the property

Owners Accommodation

Comprising two bedrooms, lounge, domestic kitchen, and family bathroom. Please see floor plan for further detail.

Terms

Offers are invited in the region of £250,000 (plus VAT).

Uniform Business Rate

Rateable Value: £11,000

2024/2025: 54.6p 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 01983 821000

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 01983 301 434. E: gchambers@gullyhoward.com or mwilliams@gullyhoward.com

EPC

The property has an EPC rating of C

Sale Conditions

Each party is to be responsible for their own costs incurred in this transaction.

The Purchaser will be required to pay an abortive legal fee deposit of £5,000 (to be held by the Seller’s solicitor) prior to the release of the legal package. The Purchaser will have 15 working days from the date the legal package is released from the Seller’s solicitor to the Purchaser’s solicitor to exchange contracts. If the Purchaser exchanges contracts within such period, the abortive fee deposit will be credited against the purchase price. If the Purchaser withdraws from the transaction or contracts are not exchanged within such period, the abortive legal fee will be forfeited.

The Seller will undertake to provide timely responses to the Purchasers enquiries (CPSE’s will not be provided as the Vendor has never occupied the property) and comments to facilitate their ability to exchange contracts within the required time. The deposit will be refunded if the Seller is unable show good title (assuming any issue raised is not able to be covered by title indemnity insurance) or withdraws from negotiations within the required time (save where due to the Seller revising the agreed terms). If exchange shall not occur within the required time, the Seller shall be free to withdraw from the transaction and retain the abortive legal fee deposit. Upon exchange of contracts the Purchaser will pay a further deposit of 10% of the total purchase price. Completion to be 15 working days thereafter.