• A long established strong business, for sale due to retirement
• An exceptional, character property with some of the finest views on the Island plus parking & 3 bedroom owner's accommodation
• OIR of £549,950 freehold, FF, GW + SAV
Property location: The Blacksmiths Arms enjoys an enviable location situated only 5 minutes drive from Newport town centre, the Island's County town. Enjoying an elevated position on one of the main spine roads and tourist routes to the West of the Island. Due to its location, The Blacksmiths Arms enjoys stunning panoramic views across the surrounding countryside to the sea and mainland beyond.
Description: Developed as a sister restaurant to the well established Lugleys and Braunstone House Hotel in Newort. Lugley's of Cowes is well established as a highly popular and significant venue. An entrance lobby leads to a sumptuous seating area with sofas and easy chairs allowing clientele the opportunity to stop for coffee and pastries or enjoy a pre-dinner drink prior to being seated. A well stocked wrap-around bar has seating to bar stools for 8 customers and is open to the main restaurant, currently laid to cater for 54 covers though flexible should greater numbers be required.
The restaurant itself presents as a high class venue with an ambience enriched by stripped oak flooring, chandeliers, radiator covers with a fleur-de-lys design. An area with tiled flooring in the middle of the premises gives access to both ladies and gents facilities. Glazed and panelled fold back doors lead to the rear dining/function room which can be flexible in its layout and easily able to cater for 34 diners in comfort. This public room is also well appointed with stripped oak flooring and chandeliers.
Swing doors between the two dining rooms lead to an extensively fitted commercial kitchen with prep area, wash-up and stores. The cellar can be accessed independently from the front of the premises.
Outside: A paved area to the front of Lugley's of Cowes allows for covered seating where drinkers and diners can enjoy a drink or a meal during pleasant weather. The Business: Established since 2006 and operated by our clients since 2010, the management team at Lugley's of Cowes have achieved an impressive turnover which boosts in trade over nautical events such as Cowes Week, The Round the Island Race and The Classic Yacht Regatta etc along with the continuing development of prestige apartments close by, it is our opinion that healthy profits are certainly available to the right operators. More detailed accounting information is available to bona fide applicants after inspection.
Accommodation: The premises benefit from 2 flats for staff use perhaps best illustrated by the sketch floor plan attached although may be described as one 2-bedroom apartment with en-suite shower /WC and living room/kitchen.
The other also has 2 bedrooms both with WC and shower. Please note that both apartments are currently used for storage purposes only and are not currently habitable.
Premises Licence: Licence IW 009739 provides for the supply of alcohol on weekdays from 10.00am to 11.00pm and on Sundays from 12 noon to 10.30pm with variations on Christmas Day, Good Friday and New Year's Eve. Late night refreshment is permitted between Monday and Saturday from 11.00pm to 11.59pm and Sundays from 11.00pm to 11.30pm.
Uniform Business Rates: Rateable Value - £14,250 (2014/2015) 48.2p without small business relief. Small business relief may be available on the property. Interested parties should make their own enquiries of the Isle of Wight Council with regard to any rate liability or rate concession that may be applicable.
Price: Offers are invited in the region of £95,000 for the benefit of the trade fixtures, fittings and goodwill of the business simultaneous with an assignment of the sub-lease plus stock, glassware and loose catering effects at valuation. The incoming tenant will be expected to pay the landlord's reasonable legal fees in assigning the lease.
Alternatively, its sister restaurant Lugleys & Braunston House Hotel in Newport is available at offers "in the region of' of £170,000.
The Lease: At the time of print, we await sight of the document, but understand it to be 12 year terms from July 2004 at a passing rent of £29,000 per annum exclusive.
Inventory: An indicative inventory is available.
EPC: Awaiting EPC rating.
Viewing: Strictly by appointment via Grant Higgs on 01983 640000. Under no circumstances should any direct approach be made as staff will be unable to assist you.
The Blacksmiths Arms enjoys an enviable location situated only 5 minutes drive from Newport town centre, the Island's County town. Enjoying an elevated position on one of the main spine roads and tourist routes to the West of the Island. Due to its location, The Blacksmiths Arms enjoys stunning panoramic views across the surrounding countryside to the sea and mainland beyond.
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