Key features
- Popular and well-established Indian Restaurant located in Castle Street, East Cowes adjacent to the Red Funnel Car Ferry Terminal
- Total combined income from the commercial and residential parts of the property is £34,600 per annum
- Ground floor commercial premises let on a 6yr lease from 2022. Planning permission in place to convert the two flats above into four units
- Freehold for sale, with offers invited in the region of £550,000
LOCATION
The property is situated in Castle Street close to the centre of East Cowes, in the town's main shopping area with Co-Operative, Waitrose and Lloyds Pharmacy being amongst a variety of retailers. East Cowes has an approximate population of around 7,000, substantially boosted during the now extending summer season, with visitors coming to the Island via the Red Funnel car ferry port just down the road. East Cowes has seen considerable investment from Seeda on employment facilities within the town and extensive development, particularly by a Waitrose supermarket and Barratt Homes, as well as dramatic improvement of the Marina facilities by Dean and Reddihoff. East Cowes is now perceived as a "growth" town.
DESCRIPTION
The property is offered as a mixed investment with a commercial unit on the ground floor running to approximately 78m² (839 ft²) in total including kitchen and w.c., which is currently let at £19,000 per annum. The upper floors are current laid out as two apartments - one 2-bed and one 3-bed both benefitting from sea views. Currently these bring a combined income of £15,600 per annum. The total income for this investment is £34,600 per annum.
PLANNING PERMISSION
Due to the size of the flats, it is perceived that they could be split into four separate apartments. Planning permission for this has been granted for to the Isle of Wight Council, under planning reference 22/00552/FUL. If converted as per this planning application, the new apartments could possibly generate an additional £15,000 per annum income.
TERMS
Offers invited in the region of £550,000 for the freehold premises & development opportunity.
UNIFORM BUSINESS RATE
Rateable Value: £8,700
2024/2025: £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
COUNCIL TAX
Each of the flats currently fall under Council Tax band B
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.
Under no circumstances should ANY approach be made to staff or personnel within the property as they will be UNABLE to assist you
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