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Tenanted Restaurant Investment Opportunity On Isle Of Skye For Sale

Portree, Highland, UK
Asking Price:
£345,000
Turnover:
Available on request
Net Profit:
Available on request

Delightful property hosting the only Chinese restaurant in the town of Portree, with stunning views over Portree harbour.

Located in the centre of this ever-popular tourist destination, close to other amenities and within a prominent position.

Offered freehold, with a tenant in place, offering a 9% return on investment, and strong resale in this location.

12 year lease, rental of £30,000 per year with 8% uplift, excellent investment opportunity.

Superb fully refurbished customer spaces plus exceptionally well-appointed service areas and guest washrooms.

External seating area and ‘The Shack’ offering alfresco dining.

Property Information

Property:

Freehold

Living Accommodation:

There is no owner’s accommodation allocated within this property.

Location:

The Isle of Skye, or in Scots Gaelic 'Eilean A Cheo' meaning Misty Isle, is located on the north western coast of Scotland and is a world-renowned holiday destination for a great number of reasons, appealing to a wide range of visitors. Portree is the cultural hub for Skye, and the largest settlement with a population of about 2500. Its name comes from the Gaelic Port-an-Righ, which translates as "King's Port" and dates to a visit by King James V, plus a fleet of warships, in 1540, to persuade the island clans to support him. Portree is a bustling port and a thriving cultural centre, and was also the place where Bonnie Prince Charlie spent his last days in Scotland. Among the attractions of Portree is the award winning Aros Centre which incorporates an exhibition capturing the drama of Skye's history. The centre is also the access point for walks in Portree Forest. Portree has an abundance of interesting shops and is a must-visit location for those travelling to the Isle of Skye.

Skye’s rugged Cuillin Mountains are known to walkers and climbers the world over and visitors are drawn to the spectacular Trotternish Ridge to the north as this wild area is dominated by astonishing rock formations such as the Old Man of Storr, Kilt Rock and the truly extraordinary pinnacles of the Quaraing. Fishing, water sports and genealogy are constant attractions along with breath-taking scenery, castles, distilleries and a Highland welcome.

The influence of the sea is also never far away (you are never more than 11 miles from sea) with sea fishing and a wide range of other water sports available on Skye, (including diving and kayaking) Wildlife cruises sail from various locations from which you might be able to spot seals, lovable otters, great golden eagles or even rare and mighty sea eagle.

Portree’s active port is set around a natural harbour framed by high cliffs, is a centre of activity used by fishing boats and cruise ships as well as pleasure craft. Portree benefits from excellent leisure facilities including a swimming pool, pony-trekking and boat cruises plus plenty of shopping opportunities in addition to the great variety of cafes and restaurants, all of which are in easy walking distance. There is primary and secondary schooling within the town.

Premises Details:

DESCRIPTION
No 1 Bosville is a most attractive semi-detached property within a prominent trading location. The building is in an elevated position offering stunning harbour views which is exacerbated by the fact that the main dining aspects of the café / restaurant are situated on the first floor providing unrivalled coastal vistas. Set to the centre of Portree, the business aspects are easily located. This fully modernised property dates from around 1920 but is beautifully appointed and finished. The service areas are ideally situated to meet the quality and high demand for a modern café and restaurant. The business is being offered with a sitting tenant on a 12 year lease that was granted in 2020. Further details are available on request.

The first-floor seating area is set to 28 covers and offers a comfortable space for guests. The quality of the furnishings is excellent and it is evident throughout that the vendors have spared no expense when developing and totally renovating this high-quality business.

TRADE
Trading as a Chinese Restaurant, this business is the only restaurant and take away of this sort in the town of Portree and is such enjoys a high footfall. The current tenant is happy to trade mainly in the Summer season.

LEASE
Full repairing and insuring lease, granted in 2020. Rental of £30,000 per anum with an 8% uplift. Full details are available from the selling agent.  

THE PROPERTY
Of traditional stone construction, built in the 1920s, the property is a 2-storey semi-detached building under a pitched slate roof. The internal aspects have a lovely ambience and offers excellent modern facilities. The entrance is accessed from street level leading to a reception area where there is a small bar servery. From this area wooden stairs lead to an open-plan dining area set for up to 28 covers. The majority of seating and tables are free-standing with some fitted units. The customer seating area is blessed with numerous windows offering stunning sea views. The restaurant has a number of charming features including a feature slate wall and a window set to the rear offering a view of the rock formations behind the building. Located on the ground floor are customer wash rooms including 2 unisex units plus a disabled W.C. The kitchen is also located off the reception area and is configured to an ‘L’ shape. An area is used for a pot wash plus preparation area and another is used for food service. The kitchen is modern and well-appointed with a full extraction unit.

EXTERNAL
The property has steep rising ground to the rear which has limited amenity value. To the side of the property is an area of flat ground where there is a shack and bench seating which was highly popular for alfresco dining, selling ice-creams etc. The shack was designed to provide a refreshment stand. Most diners are accommodated within the town centre and therefore parking is not an issue. For those travelling further afield there are numerous public parking areas within the town centre.

SERVICES
The business benefits from mains electricity, water and drainage. Heating throughout is electric, there is no mains gas to the property. LPG gas is used for cooking. The property is fully double glazed and is fire safety compliant.

Business Operation

Reasons for selling:

The current vendors have owned the business since 2006, having fully redeveloped the property making it the delightful venue it represents today. It is now their desire to focus on other properties and businesses within their portfolio, hence their decision to sell this potentially profitable and highly attractive leasehold opportunity.

Other Information

Related Documents:

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