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.
