Key features
- Ground floor commercial premises suited to Retail, Office, café, or restaurant use on Newport High Street
- Total area running to approximately 117.4m² (1,263ft²)
- Boasting the potential for circa 40 covers as a restaurant/café
- First year rent of £9,750 per annum. Significant first year incentives may be available subject to strength of covenant
LOCATION
The unit, formerly Phil's Diner/ Top of the Town Café, is located at the Western end of Newport's High Street, with return frontage from both the High Street and rear access to the café premises from Pyle Street. Newport itself is undoubtedly the comparison centre for the Island with an immediate population of around 25,000 and an adjusted catchment often quoted as being in excess of 60,000 when Newport operates as the comparison shopping centre for the entire Island population of around 130,000. Continued investment in the town ensures its importance as a retail/leisure centre.
DESCRIPTION
A glazed frontage of some 7.2m onto the High Street leads to a unit with a maximum depth of around 14.3m connecting with Pyle Street to the rear. The overall ground floor commercial area is approximately 95m² (1,022ft²). There is a w.c. facility with disabled access, open kitchens, store cupboard with a staff w.c. and further store room at first floor level completing the commercial offering. Please see floorplan overleaf for further details. The Rateable Value has just been decreased to £12,000 – meaning that if this is the intending tenant’s only commercial premises they could be eligible for 100% Business Rates Relief (please contact the Isle of Wight Council Business Rates department for further details)
TERMS
A New lease available, our client would consider offers "in the region of" £9,750 for the first year's rent. The lease will benefit from the security of tenure provisions of the 1954 Landlords and Tenants Act. Significant first year incentives may be available to help the new tenant establish their business, subject to covenant strength. The intending tenant will be asked to contribute to the landlord's reasonable legal costs in setting up the lease.
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
UNIFORM BUSINESS RATE
Rateable Value: £12,000
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
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