About this property
Opportunity to purchase a very well know and respected trading café business in Newport Town Centre.
Situated in Newport Town Centre, Town Choice is in an excellent location benefitting from a good footfall between Newport Bus Station and St Thomas Square.
This Grade II Listed property sits amongst a mix of popular boutique stores and close to St Thomas’ Church. St Thomas’ Square hosts the weekly farmers market and is a popular destination year round.
Newport is the principle town of the Island and offers amenities including St Marys Hospital, various primary and secondary schools, doctors’ surgeries, churches, cinema and the Isle of Wight County Hall.
Offered for sale is a well-known trading café business which includes a 4 bedroom apartment over.
The accommodation is laid out as follows:
Entrance from Town Lane directly into the café with approximately 90 covers which has recently been refurbished.
A well-equipped commercial kitchen sits just off the café area. An inventory can be provided upon request.
WCs and Store.
A modern conservatory offers approximately 18 covers and overlooks the lovely garden.
To the rear is a lovely walled garden with various shrubs and borders and offering approximately 24 covers.
Office/Storeroom for the café.
Access to the apartment.
The apartment offers Lounge/Kitchen/Diner, Bathroom, and Four Bedrooms. The residential element is currently let to a third party at a rental of £9000 per annum.
The whole of the premises are held on a 10 year lease from August 2016 at a current rental of £25,000 per annum for the remainder which will be transferable to the new business owner.
The Business has traded very successfully for many years and has a good track record. The vendors have advised that the gross profit margin has always been +70% during their time as owners.
Accounts can be provided for bone fide applicants once a viewing has been undertaken and a non-disclosure agreement signed.
The property benefits from electric, gas, water and drainage.
Our client is asking £59,950 for the business, fixtures, fittings and goodwill plus stock at valuation.
The VOA shows a rateable value of £13,750. Using the current UBR the rates payable will be circa £7040. This figure doesn’t include any applicable small business rates relief.
All viewings to be arranged via HRD Commercial. Please contact 01983 527727.