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30 St. Thomas St - Ristorante Michelangelo 1,593 SF Retail Condo Unit Offered at $159,887 in Ryde PO33 2DL
INVESTMENT HIGHLIGHTS
- Located at the foot of Union Street, the restaurant benefits from views of Ryde Pier
- Fully licensed
- Outdoor seating
EXECUTIVE SUMMARY
The property of masonry construction is located at the foot of Union Street, the restaurant benefits from views of Ryde Pier and the Solent, with Portsmouth visible on clearer days.
PROPERTY FACTS
| Total Building Size | 4,779 SF | Floors | 3 |
| Property Type | Multifamily (Condo) | Typical Floor Size | 1,593 SF |
| Property Subtype | Apartment | Year Built | 1930 |
| Building Class | C | Lot Size | 0.04 AC |
| Total Building Size | 4,779 SF |
| Property Type | Multifamily (Condo) |
| Property Subtype | Apartment |
| Building Class | C |
| Floors | 3 |
| Typical Floor Size | 1,593 SF |
| Year Built | 1930 |
| Lot Size | 0.04 AC |
1 UNIT AVAILABLE
Unit 30
| Unit Size | 1,593 SF | Condo Use | Retail |
| Price | $159,887 | Sale Type | Owner User |
| Price Per SF | $100.37 | Tenure | Freehold |
| Unit Size | 1,593 SF |
| Price | $159,887 |
| Price Per SF | $100.37 |
| Condo Use | Retail |
| Sale Type | Owner User |
| Tenure | Freehold |
DESCRIPTION
Offering approximately 148sqm (1,593sq ft) overall, the main restaurant consists of approximately 110sqm (1,184 sq ft), split between two areas with the main restaurant offering approximately 34 covers, and the smaller restaurant on the corner of Union Street offering up to 26 covers. The premises also benefits from further outdoor seating for up to 12. The fully equipped kitchen is also supported by a separate pizzeria area with a pizza oven and related
equipment. There is also a garage which can be used for extra storage, plus parking space outside. This is a 3–4 minute walk from the premises. The premises is fully licensed and successfully sells many high-quality Italian foods, olive oils, and beverages alongside the main income from the restaurant. Established in February 2000, the business is very profitable, consistently showing a gross profit margin in excess of 70% of turnover. Accounts can be sent to bona fide applicants after viewing. The restaurant is open 6 days a week from 10am until 10pm, currently offering breakfast/coffee and drinks from 10am to5pm with a lunch sitting from 12pm to 3pm and dinner service from 5pm to 10pm.
SALE NOTES
Our client is asking for offers in the region of £120,000 for the benefit of the goodwill, fixtures and fittings, and assignment of the lease, with a current passing rent of £20,500 per annum.
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 4 | - | - |
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30 St. Thomas St - Ristorante Michelangelo
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