Lot 45 Landmark Commercial Investment With Planning For Partial Residential ConversionAuction Date:
1st May 2024
Rectory Mansion, 46-48 High Street, Brading, Isle Of Wight, PO36 0DQ
Currently let at £27,126 per annum plus three empty units
Potential rent fully let is £38,571 per annum
Rectory Mansion is an historic landmark building situated on the main road through the centre of Brading.
The building is at present arranged as a number of business/retail units let to a number of smaller occupiers and producing a very healthy commercial income with scope for additional income subject to the letting of the three vacant units.
Alternatively Planning Consent has been obtained for conversion of the upper two floors to provide residential accommodation with continued commercial activity on the ground floor.
The building is centred around a most attractive central courtyard and it is considered that Rectory Mansion would make a charming addition to an income-producing property portfolio.
Planning
Planning Permission has been granted by Isle of Wight Council on the 10th October 2023 under reference 23/01049/FUL for proposed change of use and conversion of first floor retail units to form one residential flat and one bedsit; conversion of second floor offices/vacant floor space to form two bedsit flats; provisional bicycle storage and refuse bins storage subject to conditions.
A copy of the Planning Permission and accompanying documents may be downloaded from the Isle of Wight Council website, iow.gov.uk. Tel: 01983 823552.
There is an addendum available to be read
in conjunction with the legal documentation.
Important
All lots are sold subject to the Common Auction Conditions and Special Conditions of Sale (unless varied by the Sellers Solicitors), together with the Addendum, which will be available on Auction Day.
* Price Information
Guides are provided as an indication of each Seller’s minimum expectation. They are not necessarily figures at which a property will sell for and may change at any time prior to Auction. Unless stated otherwise, each Lot will be offered subject to a reserve (a figure below which the Auctioneer cannot sell the Lot during the Auction).
We expect the reserve will be set within the guide range or no more than 10% above a single figure guide. Please check our website regularly at cliveemson.co.uk, or contact us on 01622 608400, in order to stay fully informed with the up-to-date information.
Additional Fees
An Administration fee and Other non-optional fees may also be payable in addition to the bid price. All lots are offered subject to the Common Auction Conditions and Special Conditions of Sale or Revised Special Conditions of Sale (as applicable) and may include the repayment of search and other fees and or costs payable by the buyer.
All buyers are advised to inspect all available legal documentation prior to bidding and will be deemed to fully understand what they may be liable for if they are successful in purchasing. This should also include Stamp Duty, Land Registry fees and VAT which may become payable on completion in line with any property transaction, whether it is by auction or private treaty. If, as a buyer, you are in doubt you should seek advice from your own professional advisors. For more information on fees please go to Buyers Fees
