A would-be restaurateur could cash in with a business opportunity in revitalised St George.

A former restaurant in the heart of the Olde Towne is up for grabs — and the selling agent said that plans for a new hotel and regular cruise ship callers would increase business in the island’s former capital.

Cesa Edwards, of Bermuda Longtail Real Estate, said the King’s Square premises was for sale at a reduced price of $1.47 million.

Ms Edwards added: “It’s completely vacant — there was a restaurant upstairs but the owner shut it down more than a year ago.

“It’s been a few years since that building was a fully occupied property.”

She said: “Subject to change of use, it could be a residence combined with a restaurant.

“And, in a few years, it sounds like things are really going to pick up in St George’s with the cruise ships.”

The 1800s building is close to Ordnance Island, the cruise ship terminal and the town hall, as well as the main shopping areas of St George.

The upper floor has a kitchen with dumbwaiter and a walk-in freezer, as well as office and storage space, with a loading bay outside.

It also has a bar area with open beam ceilings, restrooms and a covered balcony.

Downstairs features brick accents, a kitchen, staff restrooms and was most recently used as a pantry.

Ms Edwards said the business had been listed for some time, but the redevelopment of tourism in the area and the reduced price had sparked interest.

She added: “There has been a bit of interest but, again, people were sort of waiting to gather knowledge about what’s happening in St George’s and, of course, there’s money.

“You would still have to fix the property up and fit it out.”

But Ms Edwards said: “It’s got excellent potential because a lot happens in that square — Christmas and New Year, things happen and they also have outdoor movies during the summer.

“And, once the hotel is open and St George’s gets the cruise ships and everything else going on, it’s a wonderful opportunity.

“St George’s will experience some significant activity once things are put into place, but it takes time.”