About this property
An extremely popular and well known restaurant business for sale.
Situated in Yarmouth, this property is located on the High Street, a very short stroll away from The Square and the harbour.
Yarmouth is an affluent town to the West Wight and boasts many boutique and niche stores together with a harbour, the pier and Wightlink car ferry to Lymington. Yarmouth has a population circa 865 (2011 census) but is one of the most popular destinations on the Island for tourists and locals alike.
The town of Freshwater is approximately 10 minute drive, the County Town of Newport is approx. 25 minute drive.
Offered for sale is a relatively new business, trading since November 2017, but with good books and great potential for the future. The restaurant currently trades 12pm – 3pm and 5pm – 10pm and is open 7 days a week.
The restaurant has accommodation over the ground, first and mezzanine in a large character building and offers 70 covers overall, 30 to the mezzanine and 40 to the first floor. Accomodation is laid out as follows:
Storeroom with fridges and freezers
Approximately 84.42 sq m (910 sq ft) overall with open feature beamed ceiling, large feature windows to the front and fireplace. The first floor also has the bar area, kitchen and further storage. The kitchen is a well equipped commercial kitchen.
The mezzanine offers a further 14.62 sqm (160 sq ft).
Having undergone extensive refurbishment and fit out by our clients Cucina is offered only due to our clients future business plans.
Accounts can be made available to bona fide applicants only once a viewing has been undertaken and a non disclosure agreement signed.
The premises are held on a 21 year lease expiring in 21/04/2026 at a current passing rent of £10,080pax.
The property has gas, electricity, water and drainage. Applicants are advised to check the availability and suitability of services to their own satisfaction.
Our client is asking £120,000 for the benefit of the lease, fixtures, fittings, equipment, plus stock at valuation.
The VOA shows a rateable value of £6,900. Using the current UBR of 0.49, the rates payable will be circa £3450. The property currently benefits from small business rates relief. Applicants are advised to contact the rating office to discuss the qualifying criteria for this.
All viewings to be undertaken by HRD Commercial 01983 527727 or joint agents Scotcher and Co 01983 822288.