Stunning Harbourside Commercial And Residential Investment Opportunity For Sale

Ilfracombe, Devon, UK

Asking Price:: £775,000

Turnover:: Not applicable

Net Profit:: Not applicable

This property on The Quay is a landmark building in Ilfracombe, being a very attractive and substantial property situated in one of the town's most sought after locations sitting immediately adjacent to the picturesque harbour in a mixed parade of shops, restaurants and bars leading down towards the pier. The property enjoys wonderful views over the inner harbour towards Hillsborough and from the rear over the Bristol Channel and rugged coastline towards Wales in the distance.

The property was completely renovated and restored in recent times by a previous owner and world-renowned artist, who re-opened what was once the White Hart Inn as a high quality Bistro/Bar and Restaurant. Further improvements have been made by the current owner to completely transform the upper floors of the building to form fabulous living accommodation which is beautifully appointed and refurbished to a very high standard presented as a very spacious 4 bedroom, 2 bathroom residence together with the most stunning main living room which is an impressive 36ft long and with a superb vaulted ceiling which is designed to look like an upturned ship’s hull. Plenty of light floods the room through the sea facing gabled end which comprises an expanse of floor to ceiling glass which beautifully frames the stunning views from the rear over the Bristol Channel and towards the distant Welsh coastline. Double doors provide access to a sea facing terrace. Within the living room is a mezzanine level dining area which is another feature of the property, adding to its unique design and layout.

The property could suit a variety of purposes and is great for an owner/occupier to live and run the business from within. Alternatively the commercial and residential areas of the building could be let separately providing the owner with an excellent annual income. At present, the ground floor commercial area is let on a 5 year lease at an annual rent of £24,000. This area is being run as a successful cafe business. The upper floors which comprise the residential accommodation, is currently used as a very successful high-quality holiday let.

Both areas of the property have been separated from one another and allow for independent use by different operators giving greater flexibility as to the use of the building. The services have been split and there is a very tastefully designed and installed glazed and oak partition on the first floor which screens the two areas from one another. However, the property could easily be used by an owner occupier and opened up to interconnect if needed.

The location is truly outstanding with very few opportunities to buy a mixed commercial/residential property sitting immediately adjacent to the harbour ever being available. The property is right in amongst the various shops, restaurants, wine bars and public houses, cafes and art galleries within the sea front area. The "Verity" statue stands prominently on Ilfracombe pier and has been the catalyst for a great number of visitors to the town in recent years. The high street with its further selection of small independent shops and amenities is again just a short distance away and there are schools for all ages as well as Tesco, Lidl and Co-Op Supermarkets.

There is always something to see on a day to day basis as the harbour forms one of Ilfracombe’s main attractions and is the area from which the town built its foundations as a working fishing port and hub for importing coal back in the early Victorian era and then latterly becoming a thriving tourist resort thereafter. The sea front area in particular has seen huge investment in recent years. There is a constant stream of boats in and out of the harbour, both those out for pleasure and leisure pursuits as well as fishing boats and charter vessels.

Property Information

Property:: Freehold

Location:: North Devon has a huge amount to offer with the fabulous golden sand surfing beaches at Woolacombe, Croyde and Saunton just a short car ride away. The Exmoor National Park is also within easy reach and enjoys some breath-taking scenery and miles and miles of walking. North Devon’s main trading centre, Barnstaple, is approximately 12 miles away and has many of the big name shops. There is also a rail link to Exeter which then connects directly to the major stations in London. The main A361 North Devon Link road also connects from Barnstaple and joins the M5 at junction 27.

Premises Details:

THE GROUND FLOOR

The ground floor of the premises amounts to approximately 97m2 (1,041ft2) and is the main 'commercial' area of the property. The current use is as a cafe business. We understand the planning use class is defined as E (Commercial, Business and Service). At the front of house there is a large serving area, approximately 22ft x 18ft, which has full height glazing and retractable sliding doors open onto the harbour side frontage. There are Ladies and Gents WC's for use by patrons of the cafe.

The counter area offers a further 17ft x 12ft. Beyond the counter is a food preparation room with a range of commercial grade appliances and work surfaces further on again is a kitchen/washing area with further stainless-steel commercial equipment including a dishwasher, sinks and fridges. At the very rear there is a walk-in cold room. ** Please note, the commercial appliances are not included in the sale but are available by separate negotiation if required.

As mentioned above, this area is let on a 5 year commercial lease at an annual rent of £24,000, thus providing the new owner of the building with a very handy ready-made income.

THE FIRST FLOOR

The upper floors of the building are laid out as living accommodation and could be occupied permanently if required. However, at present this area of the building is being used as a high-quality holiday let. The beautifully appointed accommodation throughout has been tastefully and expertly refurbished in recent years. On the half landing there are further Ladies and Gents WC's. The first floor amounts to 138m90ft2)2 (1,4 and has very impressive rooms across the level. The heart of the home is the fabulous and extremely impressive living room located at the rear of the building and as described earlier with its superb shapely vaulted ceiling, hardwood floor and its perfectly framed far reaching views over the Bristol Channel. The mezzanine dining area provides a further unique feature to this striking and exquisite space. There is a modern and well equipped kitchen which has an extensive range of fitted units and is inclusive of integrated appliances such as two ovens, an induction hob with an extractor canopy over, dishwasher, fridge and freezer.

The hallway has an attractive oak floor and leads out to the front of the building where there are two generous sized bedrooms on this floor, both of which have two pairs of French doors which open as Juliet balconies and which offer delightful views over the inner harbour and moored boats and across to the town and around to Hillsborough which shelters the bay. Bedroom 1 has a fireplace feature with a decorative surround and mantle over. The large en suite bathroom is beautifully appointed and spacious having a bath as well as a separate walk-in shower cubicle and contemporary tiling. Bedroom 1 is set up as a double room whilst bedroom 2 is arranged with two single beds. The principal bathroom is another spacious facility which is well equipped and again has modern sanity ware which includes a bath and a separate walk-in shower.

THE SECOND FLOOR

The attractive staircase with its ornate spindle balustrade continues up to the second floor. There are two further large bedrooms with the space exaggerated further by high beamed vaulted ceilings in both rooms. As with the bedrooms on the floor below, two pairs of French doors in each room forms Juliet balconies and again enjoys the ever changing harbour side views. There are period features throughout the property and in bedroom 3 there is an ornamental cast iron fireplace with a marble surround and mantle over. This floor amounts to 38m2 (404ft2).

The furniture in the apartment is not included in the sale but is available by separate negotiation.

OUTSIDE

At roadside, we understand there is an area at the front of the building where chairs and tables can be set. This would provide some outdoor seating for those using the cafe, for example. At the rear of the building and leading from the main and impressive living room, there is a sea facing terrace which has space for tables and chairs and which enjoys far reaching views over the Bristol Channel taking in Capstone and Lantern Hill, the Bristol Channel and across to the distant Welsh coastline.

Parking permits are available from North Devon District Council for the Cheyne Beach Car Park that sits to the rear of the property.