Lot 108

FREEHOLD MIXED INVESTMENT AND DEVELOPMENT OPPORTUNITY

Egan House, Madeira Road, Totland Bay, Isle of Wight, PO39 0BJ
Egan House, Madeira Road, Totland Bay, Isle of Wight, PO39 0BJ
MAY AUCTION

On the instructions of the Receivers

Currently let at £29,480 per annum Plus vacant flat and commercial unit for completion

Situated in the village of Totland, a short drive from the larger settlements of Freshwater and Yarmouth with it's car ferry connections to Lymington and the mainland. Originally comprising a public house and hotel accommodation, planning consent was obtained in 2015 for conversion, which has been partially completed.

The accommodation comprises five flats comprising two two-bedroom units and three one-bedroom apartments. In addition, one of the commercial units is at present let and trading as the village Post Office, while the adjoining commercial unit requires completion and may have scope for other alternative uses including residential, subject to all necessary consents being obtainable.

Ground Floor

Post Office

Main shop/retail area, small staff amenity area and cloakroom with W.C.

Tenancy

Let under the terms of a Commercial Lease for a term of five years from 28th January 2020 at a current rental of £3,800 per annum.

Commercial

Vacant shell.

Apartment 5

Living room/kitchen, bedroom and shower room.

First Floor

Apartment 1

Living room/kitchen, bedroom and bathroom with W.C.

Tenancy

Holding over under the terms of an Assured Shorthold Tenancy from 7th October 2017 at a current rental of £495 per calendar month.

Apartment 2

Living room / kitchen, two bedrooms and bathroom with W.C.

Tenancy

Holding over under the terms of an Assured Shorthold Tenancy from 15th April 2017 at a current rental of £675 per calendar month.

Second Floor

Apartment 3

Living room/kitchen, two bedrooms and bathroom with W.C.

Tenancy

Holding over under the terms of an Assured Shorthold Tenancy from 25th July 2017 at a current rental of £575 per calendar month.

Apartment 4

Living room/kitchen, one bedroom and bathroom with W.C.

Tenancy

Holding over under the terms of an Assured Shorthold Tenancy from 3rd April 2018 at a current rental of £495 per calendar month.

Outside

Garden to the rear.

Planning

Planning Permission has been granted by Isle of Wight Council, under ref: P/00529/15, dated 13th August 2015, for operations and change of use of ground floor to Wellbeing Centre to include relocation of Post Office to front of building, single storey, rear extension to provide café, alterations at first and second floor levels to provide three additional flats, associated landscaping and bicycle sheds (revised scheme), subject to conditions.

A later application ref: P/00397/17, dated 9th August 2017, for retention and completion of use of ground floor as one bedroom flat, Wellbeing Centre and café.

Auctioneer's Note

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

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/