Prime Location Restaurant For Sale

Location

Located in St Thomas Square in the heart of Newport, the Island's County Town and supported by many other eateries, bars, take-aways and specialist retailers. Newport is the Island's county town and undoubted commercial centre. The immediate population is around 25,000 with a catchment of around 60,000 when operating as the comparison shopping centre for the entire Island population of around 140,000. Continued investment in the town, most recently from Mountain Warehouse, ensures its importance as a retail and leisure centre.

Description

Restaurant and Bar well known and highly regarded with a reputation for providing good quality Italian cuisine in a relaxed atmosphere. The restaurant currently operates with 60 covers inside and has a Licence for a further 60 covers outside. The premises present in very good condition with contemporary décor and fixtures. There is a fully equipped commercial kitchen which has a full extraction system in place.

Terms

Available by way of a sub-let, with either £25,000 ingoing premium and a rent of £35,000 per annum OR £ZERO ingoing premium and a rent of £45,000 per annum.

Uniform Business Rate

Rateable Value: £23,000

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 ASSIST WITH ENQUIRIES