Market Hill, Douglas
Asking price: £375,000

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3 Market Hill, Douglas

  • Exterior
    Exterior
  • Ground Floor Restaurant
    Ground Floor Restaurant
  • Ground Floor Restaurant
    Ground Floor Restaurant
  • Ground Floor Restaurant
    Ground Floor Restaurant
  • Ground Floor Kitchen
    Ground Floor Kitchen
  • Ground Floor Kitchen
    Ground Floor Kitchen
  • First Floor Restaurant
    First Floor Restaurant
  • First Floor Restaurant
    First Floor Restaurant
  • First Floor WC's
    First Floor WC's
  • Photo 14
    Photo 14
  • Second Floor Function Room
    Second Floor Function Room
  • Second Floor Function Room
    Second Floor Function Room
  • Second Floor Function Room
    Second Floor Function Room
  • Second Floor WC's
    Second Floor WC's
  • Photo 9
    Photo 9
  • Third Floor apartment
    Third Floor apartment
  • Third Floor Apartment
    Third Floor Apartment
  • Third Floor Apartment
    Third Floor Apartment
  • Third Floor Apartment
    Third Floor Apartment
  • Basement
    Basement
  • Basement
    Basement
  • Basement
    Basement

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  • Area: 2,716 sq ft
  • Fully tenanted
  • Rental income: £30,000 per annum
  • 8% gross yield

Don't miss out on this exceptional opportunity to acquire a versatile mixed-use investment property ideally positioned on Market Hill in Douglas. Spanning five floors, this property offers a compelling investment prospect.

The main feature of this property is a charming restaurant spread across four floors, providing a captivating dining experience. With ample space for patrons, the restaurant boasts three floors dedicated to dining, including a designated area for functions. Additionally, it includes a well-equipped kitchen and a basement for convenient storage purposes.

On the top floor, a generously sized apartment awaits, offering comfortable living quarters. The apartment comprises a spacious lounge seamlessly integrated with an open-plan kitchen, a bedroom, and a well-appointed bathroom.

Currently, both units are leased to Full Moon Thai, ensuring a steady income stream since June 2022. The lease extends for a duration of 10 years, with a 5-year break clause. Rental income stands at £30,000 per annum, subject to rent reviews on the 2nd, 4th, and 7th anniversaries, ensuring a minimum increase of 10%. Notably, the tenant is responsible for rates and building insurance, further enhancing the investment appeal of this property.



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Location

Market Hill
Douglas IM1 2BF
County: Iom
Sale Type: For Sale
Ref #: DR3626
Darrel Tinnion
Chrystals Douglas
P: 01624 625100
TPO TSI RICS OnTheMarket Isle Man Chamber of Commerce Biosphere