34 High St 554 SF 100% Leased Retail Building Shanklin PO37 6JY $147,466 CAD ($266.18 CAD/SF)

LOCATION
The premises are well located in Shanklin High Street with free on-street parking opposite and supported by other restaurants and eateries.

Shanklin is the Island's major town on the south coast and serves as a day-to-day needs centre, particularly for the Sandown, Shanklin, and Lake conurbation. The sandy beaches and leisure offer of the area ensure high numbers of visitors and tourists, boosting the local population of around 19,500.

DESCRIPTION
Bar & Grill running to approximately 51.5m² (554 ft²) in total with the main area running to approximately 27 m² (290 ft²) and currently laid to cater for 28 covers. This area is supported by a small counter/servery/bar area with customer toilets, wash-up and preparation area leading through to the commercial kitchen and a further wash and preparation area to the rear of that.

There is also a yard off to the side of the unit for bin storage etcetera. Please see floor plan for further details. We are informed that the tenants have now gained an alcohol licence.

THE LEASE
The Café is held on the residue of a of a 10 year FR&I lease from 2020, at a current passing rent of £7,200 per annum. The Flat over has been sold off on a long leasehold. The long leasehold dates from 06 April 1848 on the remainder of a 999 year lease term Ground Rent is £10 per annum.

TERMS
For Sale with offers invited "in the region of" £80,000 for the Freehold interest of the building. Copies of the long leasehold for the flat and the lease for the shop are available to bona fide applicants upon request from the agents.

OUTGOINGS
Rateable Value: £4,350

2024/2025: £0.546p without small business relief. Interested parties should make their own enquiries of the Isle of Wight Council to confirm any rate liability or rate concession that may be applicable by telephoning Business Rates on[use Contact Agent Button].

VIEWING
Strictly by appointment with the agents. Call Lisa Mercer or Charlie Dickson on[use Contact Agent Button] or [use Contact Agent Button]