Lot 119

THREE STOREY FREEHOLD FORMER PUBLIC HOUSE WITH POTENTIAL AND FOUR BEDROOM HMO

The Stag Public House, 45 Sandown Road, Lake, Isle of Wight, PO36 9LL
Guide Price £280,000 – £300,000 * + Fees

HMO previously fully let at £21,300 per annum

Currently let at £15,900 per annum (one empty room)

Viewing by arrangement with Clive Emson Auctioneers

The Stag is a well known and prominent public house situated on the traffic lights in the middle of Lake at the junction of Newport Road, Sandown Road and Lake Hill.

The public house has been closed for some considerable time with the public house arranged over two floors with the main bar and kitchen area on a slightly raised ground floor level while below is a semi basement area which includes a former club room/secondary bar as well as the beer cellar and storage. It is considered that the former public house may be suitable for conversion to other uses including potentially residential accommodation, subject to all necessary consents being obtainable.

On the upper floor is a recently refurbished four bedroom HMO which is producing a very worthwhile income in its own right.

Lower Ground Floor

Secondary bar/club room, beer cellar and boiler room.

Ground Floor

Pub/restaurant area, small kitchen, ladies & gents cloakrooms with W.C.s

First Floor

Currently arranged as a HMO with communal living room/kitchen, four letting rooms.

Local Planning Authority

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

HMO Tenancies

Room 1

Currently vacant.

Room 2

Let on an Assured Shorthold Tenancy Agreement from 2nd August 2021 at a current rental of £475 per calendar month.

Room 3

Let on an Assured Shorthold Tenancy Agreement from 20th July 2021 at a current rental of £450 per calendar month.

Room 4

Let on an Assured Shorthold Tenancy Agreement from 9th July 2021 at a current rental of £400 per calendar month.

Freehold with Part Vacant Possession

The Stag Public House, 45 Sandown Road, Lake, 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/