Lot 101

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

51 High Street, Shanklin, Isle of Wight, PO37 6JJ
51 High Street, Shanklin, Isle of Wight, PO37 6JJ
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.

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 cliveemson.co.uk/buyers-fees/