Got an idea for a restaurant? Olde Towne Portsmouth has a space for you.
Maybe you’ve got a notion for some fine cuisine that could change the world. Or maybe you’ve been holding on to mom’s secret barbecue recipe and you’re prepared to unleash a taste sensation to unsuspecting taste buds everywhere. You’ve been kicking around a concept for a start-up but are waiting for the right moment and circumstance to bring it to fruition. You’re not on your own in this. Many entrepreneurs sit on their ideas for months or even years before taking action. Most never manage to take the risk.
But you? Maybe you have the dream. Maybe you’ve got the passion and the talent. Maybe you’re standing on the edge and you’re ready. Right now. But you just haven’t found the perfect spot to draw your line in the sand and shout to the rooftops that you’re open for business.
Let me let you in on a little secret. Come closer. Look both ways to make sure no one’s listening in. Okay. Are you ready?
Don’t know much about Olde Towne? Oh, sure. You’ve heard of Portsmouth. But maybe you aren’t aware that the city has been building up to a renaissance for the past few years. Does the area have challenges? Absolutely. But in the midst of those challenges some historic, absolutely charming properties are incredibly undervalued at the moment. Perfect for some young, lean, mean, start-up machine to swoop in and nab a deal.
Walking these streets you’re nearly overcome by over 250 years of history. High Street dates back to 1751, when Colonel William Crawford laid out a business corridor that has endured literally for centuries with a uniquely Virginian mixture of period homes, artist owned galleries, and antique shops filled to brim with dusty treasures. Looking for a market? Portsmouth hosts tens of thousands of commuters daily. Many of whom are likely looking for a bite to eat as they wait for the traffic to die down before returning home.
Thank you to our promotional partner on this article, Portsmouth Department of Economic Development
Simply put, they don’t build it like this anymore. We’ve taken the time to highlight a few prime locations for you intrepid captains of industry.
301 High St. / 510 to 520 Middle St.
For Sale at $595k
Sporting a prime location in a bustling section of High Street, commercially zoned – this single story location boasts a courtyard opposite the Children’s Museum of Portsmouth in the heart of Olde Towne. Across the street the Sports Hall of Fame draws in plenty of tourists. Both the Elizabeth River and the ferry to Norfolk are within walking distance.
With the current pricing currently twenty-four grand under its original $619k asking price, the property is being sold in as-is condition. A budding restauranteur could take the corner spot on High Street that formerly housed a long running China Garden location and rent out the other three spots to bring in steady recurring revenue.
- 301 High Street: Approx. 4440 Sq. Ft.
- 510 Middle Street: Approx. 1400 Sq. Ft.
- 516 Middle Street: Approx. 1400 Sq. Ft.
- 520 Middle Street: Approx. 600 Sq. Ft.
- Situated near the main ferry line from Norfolk to Portsmouth
- Major Portsmouth employers include Naval Ship Yard – 14,000 employees and the Medical Center – 7,000 employees
- Olde Towne attractions include the Children’s Museum of Virginia., Portsmouth Pavilion outdoor concert venue and the Virginia Sports Hall of Fame.
- Daytime population within a 10 minute drive or ferry ride (over 179,000 employees)
Main Corner Space great for: Buffet style dining. Cafeteria. Pizza House.
Smaller spaces great for: Professional Office. Salon. Retail.
Listing Agent: Jenny Sung. 757-270-6080, 757-499-2888.
467 Court Street
Fully Fixtured Restaurant. For Sale: $795k
The perfect spot for a special events space or restaurant with catering — this charm laden location boasts four floors and over 18,000 square feet, the first floor is fully furnished and loaded with character. The interior features open brick walls and an eclectic layout.
The second and third floors are perfect as additional room for catering, offices, and special events. Alternatively they can be converted into apartments to provide recurring revenue for a first floor business.
Ideally positioned near the intersection of Court and High Streets, two blocks from I-264, within walking distance of the Portsmouth Pavilion, this building is a steal as it’s being listed at a 50% reduction in asking price. Plus, it’s just across the street from the the weekly held Olde Towne Farmers Market which is celebrated for creating an influx of foot traffic into the neighborhood.
- 18,160 SF
- Four story Commercial building fully furnished turnkey restaurant on 1st floor
- Recent upgrades: Sprinkler System, new HVAC, Handicap Elevator
- First Floor :: Fully built-out and equipped restaurant
- 2nd & 3rd Floor :: Catering/Banquet Hall, Special Events/Weddings/Parties
- Potential conversion to apartments or offices
Great for: Fine Dining with Catering. Sports Bar with Dining. Special Event Hosting.
Listing Agent: Kevin O’Keefe. 757-217-1885. Molly Korte. 757-217-1881.
725 High Street. Montgomery Square Shoppes.
Available for Lease. Rates are Negotiable.
Formerly hosting the famed Montgomery Grill and a number of retail locations, Montgomery Square stands at the center of downtown Portsmouth’s redevelopment efforts. With suitable space available for both a restaurant as well as commercial / retail, your budding entrepreneurial efforts could be perfectly situated in a historic building in the middle of a mass market.
65,000 cars pass this prime location at the intersection of High and Effingham Streets every day. Montgomery Square is a unique urban fusion with 69 apartment floorplans atop 43,000 square feet of commercial zoning. An estimated 114,000 strong potential customer base resides within a three mile radius.
This prominently featured corner location is within striking distance of everything Portsmouth is becoming again. The best restaurants, shops, and schools in the area make for a unique walking neighborhood that also enjoys all the benefits of main street thoroughfare traffic.
- 43,816 Square Feet
- Street Parking and Parking Lot
- Prices are Negotiable, Triple Net
- Suite 1 – 8,637 SF
- Suite 2 – 4,261 SF
- Suite 3 – 4,473 SF
- Suite 4 – 19,990 SF 1st Floor (Can be subdivided) 6,455 SF Mezzanine Level
Potential for: Restaurant or Grill. Retail Spaces. Commercial or Office. Hotel.
Listing Agent: Brenda Karp. 804-364-1006.
Seize the Day!
Fortune favors the bold. No matter what you’re thinking of for your business venture, chances are that Olde Towne Portsmouth has a deal waiting for you! You’re just a phone call away from the opportunity to place your operation in the heart of one of the countries most historic localities. Why not start out within a dynamic up and coming community ready to support your dream?
Opportunity abounds! What are you waiting for?