Lot 54

HEAD LEASEHOLD OF TWO SHOPS AND FIVE FLATS

18-20 High Street, Ventnor, Isle Of Wight, PO38 1RZ
Guide Price £115,000 – £125,000 * + Fees

On the instructions of the Receivers, fully let at £12,500 per annum

Applicants may view the lot externally only

Situated in the south-east corner of the Island in the attractive town of Ventnor, the head leasehold interest of this three storey building comprises two shops and five flats.

The two shops and three of the five flats have been sold under long leases, with the two lower ground floor flats remaining under the ownership of the head leaseholder.

Lower Ground Floor

Flat 1

Living room, kitchen/dining room, bedroom and bathroom with W.C.

Tenancy

Believed to be let under the terms of an Assured Shorthold Tenancy at a rental of £525 per month.

Flat 2

Living room, bedroom, kitchen and conservatory.

Tenancy

Believed to be let under the terms of an Assured Shorthold Tenancy at a rental of £475 per month.

Outside

Amenity space and parking for one car.

Commercial

18 & 20 High Street

Both sold under the terms of a 500-year lease, from 27th January 2012, at a current ground rental of £50 per annum.

Residential

Flat 5

Sold under the terms of a 120-year lease, from 4th September 1998, at a ground rent of £100 per annum.

Flats 3 & 4

Sold under the terms of a 125-year lease, from 25th March 1995, at a ground rent of £200 per annum.

Tenure

Held under the terms of a 999-year lease, from 2nd January 1873, at a ground rent of £100 per annum.

Auctioneer's Note 1

We are advised that Flat 2 does not have Planning Consent for residential use. Prospective buyers are advised to rely on their own enquiries.

Auctioneer's Note 2

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.

Auctioneer’s Note 3

Section 5B Notices under the Landlord & Tenant Act 1987 (as amended) have been served on the residential leaseholders who have not reserved their rights under the legislation.

18-20 High Street, Ventnor, 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/