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Isola, John Street, Douglas Asking price: £560,000

  • External
    External
  • Ground Floor Dining Area
    Ground Floor Dining Area
  • Ground Floor Dining Area
    Ground Floor Dining Area
  • Ground Floor Dining Area
    Ground Floor Dining Area
  • First Floor Dining Area
    First Floor Dining Area
  • First Floor Dining Area
    First Floor Dining Area
  • First Floor Dining Area
    First Floor Dining Area
  • First Floor Dining Area
    First Floor Dining Area
  • Lower Ground Floor Dining Area
    Lower Ground Floor Dining Area
  • Kitchen
    Kitchen
  • Kitchen
    Kitchen
  • Lower Ground Floor Dining Area
    Lower Ground Floor Dining Area

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  • Excellent investment opportunity
  • Long term tenant
  • Successful Italian restaurant
  • Rental income of £36,000 per annum
  • Prime town centre location
  • Rustic accommodation over 3 floors

INVESTMENT OPPORTUNITY

A unique opportunity to purchase a freehold property in central Douglas. The property is leased to Isola Restaurant.

The well established restaurant business has been open since 2005 and has 10 years left remaining on the lease.

Annual rental income of £36,000. Yield 6.42%.


Location

Centrally located in the heart of Douglas, the property can be found just off Ridgeway Street along John Street.

Internal Accommodation

The property comprises three floors of dining catering for up to 60 covers, kitchen, store rooms, office area and side yard with further outside store.

Ground Floor
Comprises a beautifully rustic reception leading into the main dining area that extends to approximately 340 sq ft. A spacious open plan bar area overlooks the middle of the dining area.
Corridor leads to kitchen, separate wash room and enclosed storage area to the rear.

First Floor
Stairs lead to two further private dining rooms. Separate ladies and gents WC's are located on this floor.

Second Floor
Stairs to second floor office and store room with unused bathroom.

Lower Ground Floor
From ground level, stairs lead to dining area of approximately 360 sq ft.

Outside

A cobbled courtyard is located to the side of the property currently used as a car parking space with potential to develop and extend the restaurant further.

Door to outside store extending approximately 210 sq ft located at the rear comprising a large walk in fridge and further storage area.

Services

All mains services are connected. Gas fired central heating.

Business

The business including goodwill and equipment is for sale at an asking price of £75,000.

Inventories of the installations and furnishings will be supplied prior to exchange of contracts.

Lease

A new lease is being offered on full repairing insuring terms with a preferred term of 5+ years.

The asking rent is £36,000 per annum exclusive.

Legal Costs

Each party to pay their own legal costs.

Further Information

Copies of the last three year's trading accounts are available on request by agreement with the owner.

Viewing

Strictly by prior appointment through the Sole Agents, Chrystals Commercial.


Isola, John Street
Douglas IM1 1EF
County: Isle of Man
Sale Type: For Sale
Ref #: C2211

P: 01624 625100

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