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.
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