Lot 104

THREE STOREY TOWN CENTRE BUILDING WITH INCOME AND TWO FLOORS FOR CONVERSION

31 Cross Street, Ryde, Isle of Wight, PO33 2AA
31 Cross Street, Ryde, Isle of Wight, PO33 2AA
FEBRUARY AUCTION

Currently let at £8,500 per annum

This three storey building benefits from a prominent position at the top of Union Street, the main shopping street in Ryde. The upper two floors have planning consent for conversion to form two one-bedroom flats, whilst the ground floor provides an income courtesy of the commercial lease.

Accommodation

Main retail area, staff kitchen and staff cloakroom with W.C. The upper floors are currently open plan.

Proposed Accommodation

First & Second Floors

Each flat comprising: Entrance hall, bathroom with W.C., kitchen / living room and bedroom.

Tenancy

The ground floor is let under the terms of a 20 year lease from May 2015 at a current rental of £8,500 per annum.

Auctioneer’s Note

Access to the upper floors is via a hatch with loft ladder. Interested applicants are advised to wear appropriate footwear, and view entirely at their own risk.

Planning

Planning permission has been granted by Isle of Wight Council under ref: P00150/14 - LBC/11903/F, dated 15th April 2014, for LBC for internal alterations to 1st and 2nd floor storage areas to form two flats including alterations and extension to existing lightwell on real elevation to provide new stairwell (revised plans), subject to conditions.

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

Freehold with Part Vacant Possession

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/