Key features
- Traditional hostelry in Newport's Town Centre, close to Newport’s transport links and prominent South Street retailers
- Pub runs to circa 75m² (807ft²), with approximately 55 covers plus bar seating
- Spacious two bedroom owners apartment on the first floor of the property
- Offers invited in the region of £25,000 for the leasehold with a passing rent of £26,475.51 per annum, fixtures, fittings and goodwill, plus s.a.v.
LOCATION
Occupying a highly prominent return frontage to both South Street, the main arterial road into Newport's town centre and Town Lane, the Prince of Wales is a highly visible Tudor styled building. This location allows the proprietors to take advantage of the high footfall from shoppers and locals alike, using what is undoubtedly the Island's comparison retail centre and main commercial hub. 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 Warren James Jewellers at the top of the High Street, ensures its importance as a retail and leisure centre.
DESCRIPTION
With entrances off both South Street and Town Lane, there is open plan bar seating for approximately 55 customers, plus a further six stools to the bar itself. The pub is traditionally arranged with carpeted flooring, a working fireplace with brick and timber surround, one further fireplace, two wall mounted televisions, a juke box, darts run and sound system. The public areas run to approximately 56m² (602 ft²). Adjacent to the bar is a wash-up area and kitchen. The public areas are serviced by Ladies and Gents toilet facilities. Please see floor plan for further detail.
OUTSIDE
Cellarage of some 3.7m x 3m is accessed by the dray man, through an open courtyard area, also allowing for some external seating with a covered area as a "smoking solution".
TRADING STYLE
The premises currently serves drinks only, though it has previously provided some lunchtime food. There is a tie on lagers, ales, cider, mixers, and post-mix, but free of tie on spirits and wine. The bar hosts darts and crib teams.
THE LEASE
A residue of a 10-year term from February 2021 provided by Punch, with the landlords being responsible for cellar maintenance, and machine income is split 90% to the lessee and 10% to the landlords. The current passing rent is £26,475.51 per annum.
TERMS
For sale, with offers invited in the region of £25,000 for lease assignment, goodwill, fixtures & fittings, plus stock at valuation.
UNIFORM BUSINESS RATE
Rateable Value: £11,750
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
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 DIRECT APPROACH BE MADE, AS THE STAFF WILL BE UNABLE TO ASSIST
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