Key features
- Highly visible position, opposite Morrisons and The South Street Retail Park
- The premises run to a total of approximately 150.3m² (1,617ft²) arranged over 3 floors
- Has traded as a restaurant but could suit other uses subject to necessary consents
- Freehold building to purchase with offers invited “in the region of” £295,000, or available to lease at £28,000 per annum
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 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 301434. E: gchambers@gullyhoward.com or mwilliams@gullyhoward.com
Market your property
Whether you're aiming to sell or re-let your commercial property, our agency is dedicated to assisting you.
