This attractive landmark building is situated in the centre of the historic village of Brading and is at present configured as 14 commercial units, including a restaurant, let on commercial leases for terms ranging from 12 months to six years.
In addition, there is a three bedroom apartment which is let under the terms of an Assured Shorthold Tenancy Agreement. It is considered that there may be scope and potential for further residential conversion, subject to all necessary consents being obtainable.
Rectory Mansion is held almost entirely on a single freehold title with the exception of the ground floor area, marked in blue on the plan, which is held on a virtual freehold 999 year lease. This element of the investment is shown as Unit 14 (Barbering) on the occupancy schedule.
To the north of the property, and available as a separate Lot (Lot 97 in the catalogue), is a substantial car park held on a leasehold basis, which may make an attractive additional purchase for the buyer of this Lot.
Local Planning Authority
Isle of Wight Council. Tel: 01983 823552. Website: iow.gov.uk.
Held on separate long leasehold and freehold titles. Unit 14 (Barbering) is held under the terms of a 999 year lease from 20th March 2015. The remainder of the property is held on a freehold title.
The car park Lot 97 will only be made available for bidding in the auction once reserve has been reached for the sale of Rectory Mansion.