Successful and profitable Restaurant and Hotel

Location

Substantial restaurant and hotel, built in 1850, mimicking the style of Osborne House, with observation tower looking to the Solent. In recent years, the hotel has been extensively refurbished, offering well-presented ensuite bedrooms. Ryde has an immediate population of around 25,000, considerably boosted by the influx of summer tourists as well as day-trippers via fast passenger catamaran and Hovercraft links from Portsmouth and Southsea. The town's boasts a 24,000ft² Co-Operative supermarket in addition to Peacocks, WH Smith, Costa Coffee, The Card Factory, Specsavers, Superdrug, The Works, Poundland, J D Wetherspoon and Dominos. The town has benefitted recently from restoration works to many of its Victorian buildings and now presents as a smart and lively shopping area

Description

Substantial restaurant and function room, supported by a 12-bedroom hotel opened by our clients in 1995. As well as the restaurant and hotel offering, there is a self-contained flat in the basement of the Hotel. The restaurant runs to 194 covers and serves in the region of 55,000-60,000 meals per year. This is supported by a function room for business use which can seat a maximum of 50 people. There is also an outdoor seating area, and extensive lawns to the front. It has to be said that the hotel does not currently do functions such as weddings so there is opportunity to generate a good amount of additional income should it be desired. It should also be noted that adjacent to the hotel, there is planning permission for 472 new dwellings. This will of course generate even more “on the doorstep” trade in the future for the bar and restaurant.

The Business

The current owners have traded the premises for nearly 30 years, and have decided to sell due to retirement. As previously mentioned, the mainstay of the business is the restaurant, then being supported by the hotel with consistent turnover over the last four years (except 2021 in which turnover suffered somewhat due to COVID). Accounts are available to bona fide applicants after viewing.

Terms

Offers are invited in the region on £980,000 for the freehold of the premises, goodwill, fixtures and fittings.

Uniform Business Rate

Rateable Value: £50,000

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

UNDER NO CIRCUMSTANCES SHOULD ANY DIRECT APPROACH BE MADE TO THE PROEPRTY AS THE STAFF THERE WILL BE UNABLE TO ASSIST WITH ANY ENQUIRIES