Lot 83

FREEHOLD INVESTMENT

94-94A High Street And 2 Victoria Street, Ventnor, Isle Of Wight, PO38 1ET
Withdrawn Prior

On the instructions of the Receivers, fully let at £8,400

Located in the heart of the Victorian town of Ventnor, this prominent building is located on the main road into the town centre. The entire holding comprises two commercial units and three flats. Each of the flats have been sold on long leases from 1st January 2014 with a ground rent of £100 per flat per annum payable. Both of the Retail units are let under the terms of commercial leases and are producing a healthy income.

Residential

Flats 1,2 & 3

Each sold under the terms of 99 year leases from 1st January 2014 at a ground rent of £100 per flat per annum.

Commercial Tenancies

94-94A High Street

Occupied under the terms of a commercial lease until March 2023 at a current rental of £4,500 per annum.

Victoria Street

Occupied under the terms of a commercial lease until February 2025 at a current rental of £3,600 per annum.

Auctioneer’s Note

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.

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/