Restaurant/cafe for sale in St James Place, Ilfracombe EX34

Enviable and eye catching location facing west along Ilfracombe seafront in the heart of this popular thriving resort. The property overlooks the promenade, Capstone pleasure gardens, the crazy golf course and is within easy reach of the harbour and all holiday amenities.

The property

This large Victorian property is currently arranged as three units. On the ground floor is a restaurant (now closed) with seating for 24 customers inside and with 32 customers outside as well as a kitchen and store room behind. The luxuriously appointed apartments have their own entrance doors which can be accessed from an internal communal lobby to the side of the property.
The first floor provides a modernised gas centrally heated 2 bedroom apartment, all on one level. The two upper floors provide a spacious modernised 3 bedroom maisonette with gas central heating. There are views of the esplanade and sea beyond at Wildersmouth Beach - the sunsets are spectacular! To the rear of the first floor is a patio bordering Capstone Hill gardens.
The apartments can be used as at present for owners' accommodation plus an annexe or alternatively could be used as owners' accommodation and as a potential holiday let providing a supplementary income. Parking is available for one vehicle. The ground floor may also convert to apartments subject to planning permission if required.
Alternatively, there is opportunity to rent out the ground floor as a commercial unit with the potential rent of £15,000 per annum as well as income by letting one apartment as a holiday let and living in the spacious maisonette on the upper floors.

The business

When trading this was a well respected restaurant with a loyal local and tourist customer base, the owners have since decided to close the business due to retirement. The premises could easily be re-instated.

Services and utilities

All mains connected. We encourage you to check before viewing a property the potential broadband speeds and mobile signal coverage. You can do so by visiting

Business rates

£5,800 ubr, as of April 2023,47.9p in the £. Our Rateable Value figure has been obtained from the Business Valuation website at the time of the property detail going to print, however, we would advise all applicants make their own enquiries via the Valuation Office or website regarding this figure. Small Business Rate relief (100%) may apply as the Rateable Value is below £12,000.

VAT

We understand that our client has not opted to charge VAT. All interested parties should make their own enquiries of hmrc.

Legal advice

We strongly recommend that a buyer takes independent legal advice and instructs solicitors to act on their behalf. Each party bears their own legal costs unless otherwise stated.

Planning

It is the responsibility of the proposed buyer to satisfy for themselves independently that their intended use complies with existing planning permission by contacting the local council planning department. The cost of any change of planning use is the buyer’s responsibility.