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14 Tynwald Street, Douglas, Isle of Man, IM1 1BG
£425,000
Bedrooms
Bathrooms
Reception
A unique opportunity to purchase the freehold of an historic building situated perfectly on Ramsey's quayside in the heart of the town.
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.
The Opportunity - A unique opportunity to purchase the freehold of an historic building situated perfectly on Ramsey's quayside in the heart of the town.
Shipdesine House is a three storey building within the Ramsey Conservation Area.
The property is a former guest house for sailors, and has been offices and also a former restaurant. It is stone built with a mixture of pitched slate roofs and part flat roofs, with traditional smooth render to the main parts of the building.
The building could be reopened to its former use as a successful restaurant.
The existing ground floor commercial space is 248 sqm / 2675 sqft.
There are a number of existing entrances so this could be potentially sub divided into 2 or 3 smaller units for individual rent.
There is also 23 sqm / 248 sqft of external space with direct views out to the Harbour.
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.
On the first floor level there is an existing 2 bedroom apartment with a large lounge space overlooking the Harbour. This is 80 sqm / 855 sqft.
Also at first floor level is the former open plan function room space of 110 sqm / 1182 sqft. 2 options have been drawn up for this space to be converted in to a 3 bedroom apartment all with en suite bathrooms or a 4 bedroom apartment. This can be completed under Permitted Development and would only require Building Regulations and not Planning Permission.
On the second floor there is a 53 sqm / 570 sqft apartment with an adjacent additional room of 23 sqm / 248 sqft.
There are 2 no. cellars on the lower ground floor of the property which provide good storage options.
In total the area of the building is approximately 514 sqm / 5,532 sqft.
Once completed the building has potential to return a net yield of just under 10% per annum.
Architects drawings are available upon request
In 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 Location
Directions - From Parliament Square travel in a northerly direction taking the right hand exit onto Derby Road at the second roundabout. Continue along the quayside passing the swing bridge until reaching Market PLace whereby the Harbour Bistro will be presented directly in front of you identifiable by our For Sale board.
New Home: Non New Home
Your property may be repossessed if you do not keep up repayments on your mortgage.
Monthly Payment: £ 8,216.87
Monthly Payment: £ 8,216.87
Monthly Payment: £ 8,216.87
Amortization For Monthly Payment: £8,216.87 over 30 years ( Based on 3.20% Interest )
Using your investment as a 25.00% deposit and £ 5,833 in costs for purchasing and getting ready to let.
Stamp Duty is a tax paid on completion via your solicitor, the calculation includes the 3% surcharge for second homes.
Your home may be repossessed if you do not keep up repayments on your mortgage.
The refurbishment budget is set to 2.50% of the purchase price, but this will vary dependent on the suitability of the property for the rental market. Select a value that you feel is appropriate to the condition of the property.
This will vary between lenders, type of report and whether or not you are buying with a mortgage, for advice on which type of survey would be appropriate speak with an advisor from Preston Baker Financial Services.
Lenders will often charge a fees for the arrangement of a mortgage, for advice on what lenders may charge, speak with an advisor from Preston Baker Financial Services. Your home may be repossessed if you do not keep up repayments on your mortgage.
This is the sum of mortgage admin, land registry, search, bank transfer and any other fees incurred.
Purchase costs include assumed mortgage and survey costs which are estimated. For a quote contact a Preston Baker Financial Services mortgage advisor who can provide you with current and accurate information. The stamp duty calculation has applid the 3% stamp duty surcharge on the basis that this will be a second property.
The mortgage is assumed to be interest only. Your home may be repossessed if you do not keep up repayments on your mortgage.
This is the percentage of the rent that you will spend maintaining the property.
Ground Rent only applies to leasehold properties. This is an assumed ground rent, the confirmed figure can be found in the Property Information Questionnaire.
Service charge only applies to leasehold properties. The correct figure can found in the Property Information Questionnaire answered by the seller.
This is a standard, indicative figure only. Properties that have a service charge often have this included withing that charge. Please consult the Property Information Questionnaire for more information.
Final Equity Profit = Final Property Value - Mortgage Required - Investment
Cumulative Rental Profit = Annual rental profit x Time of Investment
This is the assumed rate of house price inflation.
This is the property value at the end of the investment based on an assumed rate of % house price inflation.
14 Tynwald Street, Douglas, Isle of Man, IM1 1BG
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