The Ale & Oyster Richard Hotel, Esplanade Ventnor Isle of Wight PO38 1JX

  • The Ale & Oyster<br>Richard Hotel, Esplanade<br>Ventnor<br>Isle of Wight<br>PO38 1JX

The Ale & Oyster
Richard Hotel, Esplanade
Ventnor
Isle of Wight
PO38 1JX

Freehold Seafront Bar/Restaurant Investment

  • Popular bar/restaurant in attractive Victorian seaside town
  • Prime location fronting Ventnor Beach with views over Ventnor Bay
  • Popular tourist destination
  • Town centre occupiers include Tesco, Co-op Food, Boots the Chemist and Lloyds Pharmacy as well as various local cafés and restaurants
  • Lot
    20
  • Auction
    23rd May 2019
  • Rent
    £17,400 per Annum Exclusive
  • Status
    Sold
  • Price
    £190,000
  • Auction Venue
    The Montcalm Hotel
    2 Wallenberg Place
    London W1H 7TN
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Freehold Seafront Bar/Restaurant Investment

  • Popular bar/restaurant in attractive Victorian seaside town
  • Prime location fronting Ventnor Beach with views over Ventnor Bay
  • Popular tourist destination
  • Town centre occupiers include Tesco, Co-op Food, Boots the Chemist and Lloyds Pharmacy as well as various local cafés and restaurants
  • Lot 20
  • Auction 23rd May 2019
  • Rent £17,400 per Annum Exclusive
  • Status Sold
  • Price £190,000
  • Sector
    Leisure
  • Auction Venue
    The Montcalm Hotel
    2 Wallenberg Place
    London W1H 7TN

Property Information

Location
Miles
11 miles south of Newport
12 miles south of Ryde
15 miles south of Cowes
23 miles south-west of Portsmouth
Roads
A3055, A3, M27, M275
Rail
Shanklin Station
Ferry Portsmouth Harbour to Ryde (22 min - passenger)
Portsmouth to Fishbourne (45 min - car)
Air
London Gatwick and Southampton Airports
Situation

Ventnor is a picturesque seaside town on the south coast of the Isle of Wight with a population of around 6,000. Ventnor has benefited from significant investment in recent years with the OceanBlue Quay and harbourside café bolstering tourism and employment, while 10 minutes to the east lies Steephill Cove, one of the most secluded and picturesque areas on the Island. With its micro climate and fast access from London (under 2 hours), the Isle of Wight remains a popular and attractive holiday destination.
The property is located on the western end of Esplanade fronting the popular sandy Ventnor Beach with fantastic sea views. There is a public car park close by and on-street parking in front of the property. Occupiers on Esplanade include a collection of restaurants, cafés and hotels with other retailers including Tesco, Co-op Food, Boots the Chemist and Lloyds Pharmacy in the town.

Tenure

Freehold.

Location
Miles
11 miles south of Newport
12 miles south of Ryde
15 miles south of Cowes
23 miles south-west of Portsmouth
Roads
A3055, A3, M27, M275
Rail
Shanklin Station
Ferry Portsmouth Harbour to Ryde (22 min - passenger)
Portsmouth to Fishbourne (45 min - car)
Air
London Gatwick and Southampton Airports
Situation

Ventnor is a picturesque seaside town on the south coast of the Isle of Wight with a population of around 6,000. Ventnor has benefited from significant investment in recent years with the OceanBlue Quay and harbourside café bolstering tourism and employment, while 10 minutes to the east lies Steephill Cove, one of the most secluded and picturesque areas on the Island. With its micro climate and fast access from London (under 2 hours), the Isle of Wight remains a popular and attractive holiday destination.
The property is located on the western end of Esplanade fronting the popular sandy Ventnor Beach with fantastic sea views. There is a public car park close by and on-street parking in front of the property. Occupiers on Esplanade include a collection of restaurants, cafés and hotels with other retailers including Tesco, Co-op Food, Boots the Chemist and Lloyds Pharmacy in the town.

Tenure

Freehold.

Description

The property forms a three storey building, comprising a 76 cover ground floor bar and restaurant, with four flats arranged over first and second floors which have been let on long leases.

VAT

VAT is applicable to this lot.

Completion Period

Six Week Completion

EPC

Band D (Bar/Restaurant). See legal pack at acuitus.co.uk

Description

The property forms a three storey building, comprising a 76 cover ground floor bar and restaurant, with four flats arranged over first and second floors which have been let on long leases.

VAT

VAT is applicable to this lot.

Completion Period

Six Week Completion

EPC

Band D (Bar/Restaurant). See legal pack at acuitus.co.uk

Tenancy & Accommodation

Floor Use Gross Internal Floor Areas (Approx) Tenant Term Rent p.a.x
Ground Restaurant/
Ancillary
163.00 sq m
(1,755 sq ft)
 INDIVIDUALS
t/a Hello Sailor (1)		 Approximately 8.5 years
from 16/10/2013 until
31/03/2022 (outside the
provisions of the
Landlord &Tenant
Act 1954)		 £17,000
First &
Second		 Flats 1-4
Not measured
 INDIVIDUALS Held on 4 leases, each
for a term of 999 years
from 08/03/2012 until
07/03/3011 each at
£100 per annum		 £400
Total
Commercial
Area
163.00 sq m
(1,755 sq ft)
     £17,400

(1) Previously trading as The Ale & Oyster, the tenants have been running the business since 2013 and have recently refurbished and re-branded the premises.
NB: The seller has served notices on the residential tenants, pursuant to section 5B of the Landlord & Tenant Act 1987. No acceptance notices have been received from the tenants within the permitted period and therefore the residential tenants cannot exercise their rights of pre-emption on this sale.

Contacts

Acuitus
David MargolisDavid Margolis +44 (0)20 7034 4862 +44 (0)7930 484 440david.margolis@acuitus.co.uk
Seller's Solicitors
Shepherd and Wedderburn LLP Condor House, 10 St. Paul's Churchyard
London
EC4M 8AL
Lauren McLeod 0207 429 4959lauren.mcleod@shepwedd.com  Scarlett Leigh 0207 429 4911scarlett.leigh@shepwedd.com

Useful Links

Acuitus Finance
Stuart BuchananStuart Buchanan +44 (0)20 7034 4850 +44 (0)7879 432868stuart.buchanan@acuitus.co.uk
AquillaNatasha Ward+44 (0)20 3159 4314+44 (0)7545 208 759natashaw@aquillaib.co.uk

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