Lot 4

FREEHOLD TOWN CENTRE MIXED INVESTMENT COMPRISING A SHOP AND FOUR FLATS

12 St James Street, Newport, Isle Of Wight, PO30 5HB
Sold £320,000

On the instructions of the Receivers

This attractive three storey end of terrace building is situated close to the crossroads at the centre of Newport, the Island's County town.

The property comprises a ground floor commercial investment which is at present holding over at the end of a previous commercial lease. Above and to the rear of the commercial element are four self-contained flats which are understood to all be let under the terms of Assured Shorthold Tenancy Agreements.

The property is considered ideal for addition to an income-producing portfolio.

Commercial

Ground Floor

Understood to comprise main retail area, rear store room, staff kitchen and cloakroom with W.C.

Tenancy

Let under the terms of a commercial lease which expires on 31st October 2022 at a rental of £12,750 per annum.

Residential

Ground Floor

Flat 1

Understood to be a one bedroom flat.

Tenancy

Understood to be let on an Assured Shorthold Tenancy Agreement.

First Floor

Flat 2

Kitchen/living room, bedroom and bathroom.

Tenancy

Let on an Assured Shorthold Tenancy Agreement at a current rental of £500 per calendar month.

Flat 3

Understood to be a two bedroom flat.

Tenancy

Let on an Assured Shorthold Tenancy Agreement at a current rental of £650 per calendar month.

Flat 4

Understood to be a one bedroom flat.

Tenancy

Understood to be let on an Assured Shorthold Tenancy Agreement.

Auctioneers Note

At the time of publication it has not been possible to inspect substantial parts of the building and interested parties are therefore advised to rely on their own enquiries.

The limited information provided on income and occupancy is understood to be correct at the time of publication. Again, purchasers are advised to rely on their own enquiries.

Viewing

External only although a video tour of some of the building is available on the Clive Emson website.

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/