Lot 14

VIRTUAL FREEHOLD INVESTMENT COMPRISING 14 COMMERCIAL UNITS AND A RESIDENTIAL FLAT

Rectory Mansion, 46-48 High Street, Brading, Isle of Wight, PO36 0DQ
Guide Price £550,000+ * + Fees

Currently let at £67,346.40 per annum, including obligatory service charge

Viewing by arrangement with Clive Emson Auctioneers

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.

Tenure

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.

Auctioneer's Note

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.

Rectory Mansion, 46-48 High Street, Brading, Isle of Wight
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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/