Long Established Italian Restaurant, Ryde

Location

Located in an enviable position at the foot of Union Street. Not only benefitting from views towards Ryde Pier and the Solent beyond, but also the large amount of footfall that this part of Ryde develops with the newly regenerated train & bus station diagonally opposite, and many people using the nearby Fast-Cat and Hovercraft connections to Portsmouth. The restaurant also benefits from a corner presence, thus being visible from Union Street and if approached from St Thomas Street. There are two good-sized council-operated car parks within easy walking distance of the restaurant. The town has recently been granted a £20m investment fund to promote and refurbish the town. 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

The Ground Floor runs to a total of circa 148m² (1,593ft²), with a total restaurant area of approximately 110m² (1,184ft²). There are two restaurant areas with the main restaurant running to approximately 34 covers, and the smaller restaurant on the corner of Union Street running to 26 covers. The premises also benefits from some outdoor seating for up to 12. The fully equipped kitchen is also supported by a separate pizzeria area with a pizza oven and related equipment. A full itinerary available to bona fide applicants. In addition to the main premises, there is also a garage which can be used for extra storage, plus parking space outside. This is a 3–4 minute walk from the premises. Please see floor plan for further details.

The Business

Long established business, which will celebrate its 25th anniversary in February 2025. The premises is fully licenced. As well as the restaurant offer, the business successfully sells many high quality Italian foods, olive oils, and beverages. The business is very profitable, consistently showing a gross profit margin in excess of 70% of turnover. Accounts can be sent to bona fide applicants after viewing.

Restaurant Hours

The restaurant is open every day except Wednesdays from 10am until 10pm, currently offering breakfast/coffee and drinks from 10am to 5pm with a lunch sitting from 12pm to 3pm and dinner service from 5pm to 10pm.

Terms

Offers are invited in the region of £180,000 for the benefit of the goodwill, fixtures and fittings, and assignment of the lease, with a current passing rent of £20,500 per annum.

Uniform Business Rate

Rateable Value: £17,000

2024/2025: 54.6p 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 301 434. E: gchambers@gullyhoward.com or mwilliams@gullyhoward.com

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