Mermaid Seafood Restaurant in St Ives Up for Sale – Could You Be the Next Owner?

One of St Ives’ most iconic seafood restaurants, the Mermaid Seafood Restaurant, is now on the market, offering an exciting opportunity for restaurateurs looking to take the helm of a business that has thrived for over 40 years.

A St Ives Institution

Located in the heart of Down-a-Long, the town’s historic fishing quarter, the Mermaid has been a staple of the local dining scene for decades. Known for its wood-panelled rooms, church pew seating, and fishing net décor, the restaurant has long been a favourite among locals and visitors alike.

Run by Matthew Smith and his wife Roz Smith for the past 22 years, the restaurant has remained a family-owned gem, originally started by Matthew’s parents. The Mermaid’s menu is centred around fresh, locally caught seafood, complemented by locally farmed meat and poultry, and an extensive wine list.

Prime Location & Leasehold Details

Situated just steps from Porthmeor Beach, the Mermaid occupies a former stone cottage at the end of a terrace on Fish Street, linking to Back Road East. The property includes a ground-floor restaurant with a spacious flat above.

The leasehold interest is now available, with a 21-year lease that began in April 2023. The current rent is £30,000 per annum, with a rent review scheduled for April 2027.

Owners Ready for the Next Chapter

Reflecting on their time at the Mermaid, Matthew and Roz said:

“After some incredible years, we’re ready for the next chapter. The Mermaid has been a beloved institution in St Ives, and it’s been a privilege to serve the local community and our visitors. This is a fantastic opportunity for new owners to take the reins of the town’s oldest and one of its most successful restaurants.”

A Rare Business Opportunity

The sale is being handled by Fleurets and SF Commercial, with Nick Fisher from Fleurets praising the restaurant’s legacy:

“Matthew and Roz have created something truly special with the Mermaid, establishing it as a cornerstone of St Ives’ dining scene. For over 40 years, they’ve built a reputation for offering fresh, locally sourced seafood and exceptional hospitality.”

Sally French from SF Commercial highlighted the growth potential for the future owners:

“As Matthew and Roz look to retire, this is a fantastic opportunity for someone to not only continue that success but also explore further growth. With its prime location near Porthmeor Beach and the potential for expansion, this is a rare opportunity for restaurateurs looking to take over a well-loved, thriving business.”

Find Out More

For more details or to arrange a viewing, contact Fleurets at west@fleurets.com or call 0117 923 8090. Joint agent Sally French can also be reached at 07772 50166.