Lot 101: FOUR STOREY TOWN CENTRE BUILDING INCLUDING VACANT COMMERCIAL UNIT AND PLANNING FOR TWO ADDITIONAL FLATS

Sold After

Situated close to the centre of Shanklin, the ground floor of this imposing building was last in use as a bookmakers office with additional storage behind and below. Set into a hill, the basement level from the front elevation becomes the ground floor to the rear where a service road gives access to the building.

Planning Consent has been obtained for a rear extension to provide two, one-bedroom residential units, with the existing retail/office space retained for further commercial use. Two flats on the upper floors have been sold under the terms of long leases.

Planning

Planning Permission has been granted by Isle of Wight Council under ref: P/01346/18, dated 15th February 2019, for partial change of use proposal from existing commercial space into two one-bedroom private flats with separate commercial space and two storey rear extension, internal alterations, subject to conditions.

A copy of the Planning Consent and proposed plans will be available to download from the Local Planning Authority website, the Clive Emson website, or for inspection at the Auctioneer’s Office.

Tenure

The front half (approximately) of the building is freehold, while the rear section is held under the terms of a 900 year lease, from 24th October 1922, at a ground rental of £9 and 15 shillings per annum.

The upper flats (51A and 51B High Street) have been sold on 125 year leases, from 7th August 2002, at a current ground rental of £100 per annum.

Ground Floor

Main trading area with rear offices and cloakroom facilities with W.C.s.

Basement

Sub-divided into store rooms and a former cloakroom.

Commercial EPC: D