Investment Sale of Successful Hotel/Bar/Restaurant Business

Location

Located on Shanklin Esplanade overlooking the expansive sandy beaches which wrap around Shanklin Bay. Shanklin boasts one of the busiest Esplanades on the island, supported by many hotels, bars, restaurants, and leisure facilities. Significant recent investment has been put into improving recreational facilities with a recently built ‘pitch and putt’ as well as indoor activity facilities for children. The original building is believed to date back to 1830 and was reputedly patronised providing inspiration to anthropologist Charles Darwin, who was quoted as saying “this is the nicest seaside place that I have ever seen”. Shanklin is the Island's major town on the south coast and serves as a day-to-day needs centre, particularly for the Sandown, Shanklin Lake conurbation, which wrap around Sandown Bay. The sandy beaches and leisure offer of the area ensure high numbers of visitors and tourists, particularly in the Summer season, boosting the local population of around 19,500. It also has a railway station which goes through to Lake, Sandown, Brading and Ryde Pier Head to link up with Wightlink’s fast passenger ferries to Portsmouth Harbour and trains onwards to London Waterloo and Gatwick.

Description

A substantial building offering Bar, Restaurant and extensive terraces to the front, with panoramic views of the beaches and way across towards Whitecliff Bay. The top terrace can be enclosed and heated to facilitate all year round use and together with a Bar and Dining Room they provide 190 covers in total. In addition to this there are 8 guest rooms, 3 of which have sea views and all of which have en-suite facilities and flat screen TVs. There is also owners’ accommodation comprising one bedroom (en-suite), plus sitting room, office and conservatory and to the rear of the property are staff facilities, storage and utility areas, and access to the beer cellar. There is also a parking area for 5 cars.

The Lease

A Fully Repairing and Insuring lease on a 15yr term from 1st February 2018 unincumbered. The current passing rent if £82,250 per annum. The current owners are holding a 6 month rent deposit along with two separate rent guarantors who own their own homes.

Terms

Offers are invited in the region of £945,000 for the freehold interest of the property, subject to the existing tenancy

Uniform Business Rate

Rateable Value: £53,500

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