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Plot for sale
Ramsey, Isle Of Man
£425,000
Ramsey, Isle Of Man
£425,000
Our Summary
- Subject to obtaining the necessary permissions, the building offers the potential to maintain the ground floor space as commercial, such as reinstating the bistro or creating a garage and off-road parking, whereas the upper floors could be converted to create luxury harbourside living accommodation
- Subject to Planning Permission to widen the existing entrance there is the potential to convert the rear of the building to a 2 car garage
- This can be completed under Permitted Development and would only require Building Regulations and not Planning Permission
- Once completed the building has potential to return a net yield of just under 10% per annum
- Architects drawings are available upon requestIn addition, there is the potential the redevelopment of the property may qualify for a Government grant subject to a successful application
- Additional Information - -Established Restaurant Freehold for Sale-Option to Redevelop as a number of ground floor commercial units and 3 Apartments-Harbourside Location-Equipped to Continue as a 70 Cover Restaurant-Further Redevelopment Subject to Planning Consent-Architects Drawings Available-Stunning Harbour Views-New Windows-Located Next to Public Car Park-Central Ramsey LocationDirections - From Parliament Square travel in a northerly direction taking the right hand exit onto Derby Road at the second roundabout
Description
This historic building in Ramsey's quayside offers a unique opportunity to purchase the freehold and redevelop the property. The ground floor space, currently 248 sqm, could be maintained as commercial, such as a restaurant or garage, while the upper floors could be converted into luxury harbourside living accommodation. The building has a rich history, having been a former guest house for sailors, offices, and restaurant, and has stunning harbour views. With potential to subdivide the ground floor into smaller units, convert the rear to a 2-car garage, and create apartments on the first and second floors, this property has the potential to return a net yield of just under 10% per annum. Architects' drawings are available upon request, and the redevelopment may even qualify for a government grant subject to a successful application.