OK, the Inquiring Iguana's face is red. He screwed up yesterday. Shipwreck Landing, the popular waterfront restaurant in Coral Bay is not for sale. The land underneath it, however, is.
See, Islandia Real Estate's listing of the three-quarter acre property says what's offered is "well established 'island style' restaurant and shops on the waters' edge in Coral Bay."
Well, it turns out that the listing is misleading … the businesses themselves are not for sale … just the real estate where those businesses are located.
In other words, a new owner would have four tenants – including a restaurant, for as long as those leases are in place.
The real estate includes several retail spaces across from the restaurant building, suitable (and currently leased by) gift shops.
The listing also offers hope: "Plenty of room to expand or possibly add dock." A reasonable person would assume from this description that the property includes rights to the waterfront acoss the road from the restaurant – just imagine the traffic issues that could create with wait persons and customers moving back and forth.
Shipwreck's a wonderful and casual place. Open to the air and sea breezes, you really feel comfortable there. And when the house band plays, you know a good time will be had by all.
The COMPLEX is for sale with leases in place for Shipwreck Restaurant & 3 occupied retail spaces. The asking price of $1.5M includes the land (.76 acre), the buildings & the leases in place.
My limited knowledge of businesses selling on STJ says that, this seems like it might be doable for someone with restaurant experience. Property plus a well established eatery…..haven’t seen something priced like this in a while.
My favorite “watering hole” on St John……
good drinks, good food, good views and good peeps!
Does anyone know what the total amount is that’s collected each month from all three places?
I can provide that info for you if you email me [email protected]
Sounds like a reasonable deal, just hope whoever buys it doesn’t change the landscape…..