The business has been run by the present operator for 10 years from 1996, but in recent times, due to personal circumstances, has only been operating a 16 hours week. Thus, the business has not been able to take full advantage in particular of the potential for lunchtime and afternoon opening.
A 20 year lease from 1996 with rent reviews linked to RPI plus 2%. The current passing rent is £400 per calendar month (£4,800 per annum).
Located on the outskirts of Newport, towards Carisbrooke, the business is very well located and supported by a densely populated residential area with plans afoot, we understand, for yet more homes to be built in the vicinity. The premises also benefit from being close to several schools, giving potential for lunchtime and afternoon trade, which is not currently being exploited to its full potential. Off street parking is also available to the front of the premises. Newport boasts an immediate population of around 25,000 and an adjusted catchment in excess of circa 60,000 when operating as the comparison shopping centre for the entire Island population of around 130,000. Continued investment in the town more recently from Starbucks, Bet Fred Pandora, J D Wetherspoon and the soon to be opened Prezzo Restaurant at the top end of the High Street, ensures its importance as a retail/leisure centre.
THE LEASE A 20 year lease from 1996 with rent reviews linked to RPI plus 2%. The current passing rent is £400 per calendar month (£4,800 per annum).
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