Lot 20: FREEHOLD TOWN CENTRE MIXED INVESTMENT BLOCK COMPRISING FIVE SHOPS AND EIGHT FLATS

A rare opportunity to acquire an uninterrupted freehold block in the town centre of Newport, comprising five shops and eight flats, with all but two of the shops, at present, let. Newport is the Isle of Wight’s County Town and major commercial centre.

The flats are arranged as three one-bedroom units and a bedsit, all let on Assured Shorthold Tenancy Agreements. The remaining four flats have each been sold on a long leasehold basis.

The three shops, which are at present occupied, are let on commercial leases, with the fourth and fifth shops at present available for rent at £8,750 per annum which, if achieved, would give an overall rental income for the block of £66,295 per annum.

Commercial

91 Pyle Street

Ground Floor

Reception/retail space, two further offices, kitchen and cloakroom with W.C.

Tenancy

The Shop is currently vacant, but has recently been advertised to rent at a figure of £8,750 per annum.

92 Pyle Street

Main retail/trading space, rear store and cloakroom with W.C.

Tenancy

Currently occupied under the terms of a recently expired commercial lease at a rental of £10,000 per annum.

93 Pyle Street

Main retail/trading space, rear store and cloakroom with W.C.

Tenancy

The shop is currently vacant, but has recently been advertised to rent at a figure of £8,750 per annum. Alternatively consent has been granted for the conversion to a two bedroom flat, subject to conditions.

94 Pyle Street

Main retail/trading space, rear store and cloakroom with W.C.

Tenancy

Let under the terms of a commercial lease for a period of five years from October 2009 at a current rental of £8,750 per annum. Consent has been granted for the conversion to a two bedroom flat, subject to conditions.

1 Carisbrooke Road

L-shaped retail/trading space, kitchen and cloakroom with W.C.

Tenancy

Let for a term of five years from March 2018 at a current rental of £7,500 per annum.

Residential

91A Pyle Street

Tenure

Sold on a 125 year lease from 2nd November 2004 at a current ground rental of £125 per annum.

92A Pyle Street

First Floor

First floor lobby, living room/bedroom, kitchen and shower room with W.C.

Tenancy

Let under the terms of an Assured Shorthold Tenancy Agreement at a current rental of £420 per calendar month.

93A Pyle Street

First Floor

Living room and kitchen.

Second Floor

Bedroom and bathroom with W.C.

Tenancy

Let under the terms of an Assured Shorthold Tenancy Agreement at a current rental of £495 per calendar month.

93B Pyle Street

Tenure

Sold on a 125 year lease from 25th March 1992 at a current ground rental of £50 per annum.

93C Pyle Street

First Floor

Living room and kitchen.

Second Floor

Bedroom and bathroom with W.C.

Tenancy

Let under the terms of an Assured Shorthold Tenancy Agreement at a current rental of £495 per calendar month.

1 Wadham Place

Sold on a 99 year lease from 25th March 1988.

2 Wadham Place

Tenure

Sold on a 99 year lease from 25th March 1988 at a current ground rental of £50 per annum.

3 Wadham Place

First Floor

Entrance hall, living room and kitchen.

Second Floor

Bedroom and bathroom with W.C.

Tenancy

Let under the terms of an Assured Shorthold Tenancy Agreement at a current rental of £450 per calendar month.

Planning

Planning has been granted by The Isle of Wight Council under reference P/00621/18 dated 19th November 2018, for alterations to front and rear elevations including removal of existing shop fronts and internal alterations. Copies of the plans and consent will be available in the legal pack.

Freehold with Part Vacant Possession

Residential EPC: C
Commercial EPC: C

Videos