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
    23/May/2019
  • Rent
    £17,400 per Annum Exclusive
  • Status
    Available
  • Price*
    £175,000
  • Sector
    Leisure
  • Auction Venue
    The Montcalm Hotel
    2 Wallenberg Place
    London W1H 7TN
  • The Ale & Oyster<br>Richard Hotel, Esplanade<br>Ventnor<br>Isle of Wight<br>PO38 1JX
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* More information on the term "price" can be found here

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.

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

FloorUseGross Internal Floor Areas (Approx)TenantTermRent p.a.x
GroundRestaurant/
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
INDIVIDUALSHeld 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.

Property Documents

  • Solicitors Legal Pack
    Updated Date
    01.05.19
    File Size
    17 MB
    Login to View
  • Catalogue Page
    Updated Date
    01.05.19
    File Size
    556 KB
    View PDF
  • Site Plan
    Updated Date
    01.05.19
    File Size
    1 MB
    View PDF
  • Common Auction conditions
    Updated Date
    10.01.19
    File Size
    143 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF

Contacts

Acuitus
David MargolisDavid Margolis +44 (0)20 7034 4862 +44 (0)7930 484 440david.margolis@acuitus.co.uk
George GoucherGeorge Goucher 020 7034 4860george.goucher@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

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