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14 Tynwald Street, Douglas, Isle of Man, IM1 1BG
£275,000 Guide Price
Versatile, well positioned commercial property set within a busy retail shopping area, extending to 1979 square feet (approx), currently furnished as a restaurant. The property is a collective of 4 single units comprising a fully equipped commercial kitchen (with fixtures and fittings included), a large seated service area and bar, a private WC and customer toilets. Ample public parking is available immediately out front. This property is likely to suit a variety of business opportunities. The vendor's preference is for a sale with vacant possession, however, enquiries to buy or rent are welcome with viewings strictly by appointment with the agent.
Summary - Versatile, well positioned commercial property set within a busy retail shopping area, extending to 1979 square feet (approx), currently furnished as a restaurant. The property is a collective of 4 single units comprising a fully equipped commercial kitchen (with fixtures and fittings included), a large seated service area and bar, a private WC and customer toilets. Ample public parking is available immediately out front. This property is likely to suit a variety of business opportunities. The vendor's preference is for a sale with vacant possession, however, enquiries to buy or rent are welcome with viewings strictly by appointment with the agent.
Features - Versatile commercial property
Set in a busy retail shopping area
Total area circa 1979 sq ft
Car parking immediately outside
Extensively equipped kitchen
Large seating area with bar
Private WC and customer toilets
Sold with vacant possession
Rental enquiries also welcome
Details - Long Lease. Leasehold Expires November 2107
Current rent 24,000 pa
Rates 5,000 pa (currently paid by tenant)
Property Management Fees 4,800 pa (currently paid by tenant)
Previous occupants have held licences to sell alcohol. Interested parties should make their own enquiries in this regard.
Directions - From Parliament Square continue along Parliament Street until reaching the Courthouse building to the right. Turn left into Market Street. Turn right at the mini-roundabout. Turn right again and pass under the car park barriers. Units 22-25 are on the left side, currently signed as Saffron Restaurant.
New Home: Non New Home
Maximum Area (in sq ft) 1979 sq ft
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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