Restaurants for sale in Isle of Wight

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Well known highly regarded restaurant

Isle of Wight, England

  • Leasehold Price: £89,000  Price Reduced arrow_drop_down
Seller Reference: COM927
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Business Description
 
 
 
 
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Seller Reference: COM927
Request Details
Business Description
Cowes is an internationally renowned yachting centre and, with its Red Funnel links from Southampton, a very popular destination for the locals, yachting community and tourists alike.
DESCRIPTION
Currently one of the highest rated restaurants in Cowes the business offers approximately 48 covers over the ground and first floors. The licensed premises also has a recently installed bar which has proven to be very popular for wet sales alone.

The ground floor provides some 32 sq m (344 sq ft) of restaurant space plus commercially equipped kitchen and storage of around 19 sq m (204 sq ft). To the rear of the property there is access to a small courtyard providing further outdoor storage space.

The first floor offers approximately 15 sq m (161 sq ft) of restaurant space. This room makes a great party room if needed and can be hired as such directly via the website. The two WCs are also located on the first floor.

There is also a loft hatch providing access to further storage on the second floor of around 9 sq m (96 sq ft).

Each floor also has air con units providing cool and hot air. An inventory can be provided upon request.

The Business

This family business has been traded for 19 years and has a proven track record. The menu offers various dishes and has been kept up to date over the years offering various vegetarian, vegan and gluten free meals.

Included in the sale would be the easy to use website which also has the benefit of a booking system in place for which a small subscription is paid.

Although the business is in a predominantly seasonal location there is proven year round trade and accounts will be made available to bone fide applicants, once a viewing has been undertaken and a NDA signed.

SERVICES
The property has mains gas, electricity, water and drainage.
TERMS
The business is available to purchase at £104,950 for the fixtures, fittings and goodwill + stock at valuation. The property is held on a new 10 year lease from September 2017 at a current rent of £12,000pa.
OUTGOINGS
The VOA shows the rateable value as £9,300, the rates payable would be circa £4,670 although this figure does not include any applicable small business rates relief.
Tenure:
Leasehold
Location Details:
Situated in Cowes, this fantastic opportunity benefits from a high level of footfall, passing trade and regular repeat custom.
Leasehold Term:
10 year lease from September 2017. Rent £12,000 pa
Listed by:
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