Lot 108: FREEHOLD MIXED INVESTMENT AND DEVELOPMENT OPPORTUNITY

Postponed

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.

Residential EPC: D
Commercial EPC: TBC