Restaurant for salePhoenix Ale House and Flat/Office Development Opportunity, 110 Academy Street, Inverness, Inverness-Shire, IV1
Offers in Region of
- Business for sale
* Outstanding opportunity to purchase a rejuvenated bar and restaurant in the center of Inverness.
* Previously run by tenants, attracting a rental of £42,000 per annum.
* Excellent trading location on a busy arterial route through the city within an area of significant business and retail activity.
* A substantial property footprint with strong building development potential to introduce 4 accommodation units.
* Well performing business from bar sales and restaurant income with tremendous further business development opportunities.
The Phoenix Ale House is a most prominent and well-presented property. The subjects are believed to originate from the early 1800s and converted to a bar in the 1890s. The building has Category 'B' listed status. The current owner has restored the ground floor aspects of the property to a high standard presenting the business in excellent condition. The Phoenix Ale House has been operating since May 2014. The property has 3 floors plus an extensive basement area. The trading elements of the business are all set on the ground floor comprising of a characterful bar and a large restaurant area. The first and second floors are unused but present huge potential to develop 4 self-contained flats.
The Phoenix Ale House has a strong external visual presence which continues internally. There are two entrances to the bar / restaurant. One door leads directly to the bar. A most attractive feature of this unit is the Island bar which has remained unchanged for many years and has a terrazzo spittoon. The original features of the bar add character and a degree of nostalgia to what is an excellently presented recreational space. The bar offers a fine range of cask and keg beers. The combination of good ales and a traditional bar set to modern standards is making the Phoenix Ale House an increasingly popular venue for locals and visitors alike. The bar is open 7 days a week and the business benefits from an increasingly loyal local support plus a growing number of casual visitors who utilise the town centre for shopping / nights out. In addition there is throughput of customers from the large number of tourists who visit Inverness.
The restaurant which is separate from the bar is an expansive area which presents a versatile trading space that can comfortably seat up to 65 covers. The quality of catering within the Phoenix is quickly developing a fine reputation and is increasingly being seen as a venue for town centre functions. Though in the early stages of business development the Phoenix has undoubted further potential than is being realised at this time.
The Phoenix Ale House is situated on Academy Street, one of the key roads dissecting Inverness City centre. This trading location ensures a high level of passing trade both from tourists and locals alike. Inverness is a popular tourist destination with a high number of hotels, guest houses and self-catering establishments swelling the number of inhabitants to the City during the main season. The City itself has extensive facilities for visitors and inhabitant's alike boasting two golf courses, an excellent indoor swimming complex, cinema, bowling and ample opportunity to enjoy evening entertainment at a range of venues which includes Eden Court Theatre. Nearby Cawdor Castle offers a taste of Scotland's medieval past while Culloden Battlefield and Visitor Centre are most popular attractions with both UK and overseas visitors.
Whether it is a Whisky Trail, a boat trip on Loch Ness or a visit to one of the many accessible Scottish castles, Inverness is an ideal base to explore the many visitor destinations across the Highlands. The City of Inverness is a vibrant centre of tourism and commerce presenting many opportunities for expanding this hospitality business. The new University of Highlands and Islands campus is indicative of the growth of the City over the past few years.
REASON FOR SELLING
The vendor purchased the Phoenix Ale House in 2014 redeveloped the property and had leased it out to tenants, he has now taken possession again and is looking to sell the Freehold, however he would consider a lease to an experienced operator. It is his desire to draw down on his business interests after 50 years in the hospitality sector that brings this excellent business opportunity to the market.
The Phoenix Ale House is a 3 storey property plus a vast basement level with its origins from around the early-1800s. The property is in a corner location providing excellent prominence and branding. The building is of stone construction under slate roof. The premises trading aspects are fully compliant with Environmental Health and Fire Regulations.
The main access to the business is off Academy Street directly into the main bar area. The bar has attractive original wooden floors and its feature Island bar. The internal aspects are presented in excellent condition and the bar is sparsely furnished with free-standing and fixed units. The bar has a TV and is designed for the casual drinkers. From the bar there is a gent's washroom which has been fitted out to a high standard; these facilities can also be accessed from the restaurant. A secondary entrance from Academy Street leads into a spacious hallway which provides access to the bar to the left and to the restaurant area to the right.
The large restaurant area is set to an 'L' shape with an attractive wooden bar to the rear of the room. The restaurant is tastefully decorated and intelligently laid out with a range of free-standing furniture plus some soft furnishings and booth style units. The ambience and décor of the restaurant is very warming. The flooring within the restaurant is varied which breaks up the areas making the space more pleasing to the eye. The available area would lend itself well for functions and entertainment events. From the restaurant customers can gain access to the ladies, gents and disabled washrooms.
Off the restaurant is a fully refitted compact commercial kitchen with modern catering equipment. There is a further utility room off the kitchen which is used as a preparation room and general storage area. A functional office is accessed from the restaurant which also gives access to the cellar and a vast array of storage areas. Deliveries are received through a drop-hatch from Academy Street.
There is no private accommodation with this business.
The first and second floor presents an opportunity to develop 4 flats. The vendor would be content to provide access to costing for the development. It is understood that local government development funding may be available to renovate the building to bring it back into use as accommodation.
The business benefits from mains electricity, gas and water.
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