  FS CMa type stars are a group of Galactic objects with the B[e] phenomenon.
They exhibit strong emission-line spectra and infrared excesses, which are most
likely due to recently formed circumstellar dust. The group content and
identification criteria were described in the first two papers of the series.
In this paper we report our spectroscopic and photometric observations of the
optical counterpart of IRAS 00470+6429 obtained in 2003--2008. The optical
spectrum is dominated by emission lines, most of which have P Cyg type
profiles. We detected significant brightness variations, which may include a
regular component, and variable spectral line profiles in both shape and
position. The presence of a weak Li {\sc I} 6708 \AA line in the spectrum
suggests that the object is most likely a binary system with a B2--B3 spectral
type primary companion of a luminosity $\log$ L/L$\odot$ = 3.9$\pm$0.3 and a
late-type secondary companion. We estimate a distance toward the object to be
2.0$\pm$0.3 kpc from the Sun.
