Lot 91: TOWN CENTRE COMMERCIAL INVESTMENT WITH FUTURE RE-DEVELOPMENT POTENTIAL

Available At £148,000 + Fees
137 High Street, Newport, Isle Of Wight. PO30 1TY

Currently let at £15,096 per annum

Further information from Clive Emson Auctioneers

01622 608400

Rob Marchant/Mike Marchant

This three storey freehold building adjoins the historic Guildhall in the centre of the Island’s County town of Newport. The property is currently arranged as a fast food takeaway with a small sit in café area with a flat on the first floor, which enjoys separate access from the High Street.

The building has the benefit of an access at the rear to the ground floor kitchen from Quay Street and on the first and second floors of the Quay Street elevation there are further rooms, previously accessed from the adjoining Guildhall, having been utilised as offices, under a now long finished lease, by the Isle of Wight Council.

The only access to these rooms is via the rear first floor front flat and across a flat roof. It is considered there is potential for a further flat to the rear of the property, subject to all necessary consents being obtainable.

Let under the terms of a 21 year commercial lease from 2001 and the end of the existing lease in 2022, may present an ideal opportunity to fully exploit the undoubted potential the building offers.

Local Planning Authority

Isle of Wight Council. Tel: 01983 823552. Website: iwight.com.

Ground Floor

Main takeaway/café area with rear kitchen, food preparation area, store, cloakroom with W.C. and access from Quay Street.

First Floor

Front Flat

Accessed from High Street and currently arranged as landing, two bedrooms, one with en-suite bathroom with W.C.

Second Floor

Front Flat

Landing, two bedrooms and shower-room with W.C.

First Floor – Rear

Offices and a lobby area.

Second Floor – Rear

This was not accessible at the time of our inspection but the Auctioneers are advised comprises two further offices.

Tenancy

Let under the terms of a commercial lease for a term of 21 years from 1st August 2001 at a current rental of £1,258 per calendar month (£15,096 per annum).

Residential EPC: E
Commercial EPC: D

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