Lot 93

FREEHOLD TOWN CENTRE INVESTMENT COMPRISING COMMERCIAL AND GROUND RENT INCOME

27-31 Regent Street, Shanklin, Isle of Wight, PO37 7AF
27-31 Regent Street, Shanklin, Isle of Wight, PO37 7AF
Withdrawn After

Currently let at £19,337.80 per annum

Rising to £21,637.80 subject to new lease

Regent Street is the main retail trading street in Shanklin which is a popular seaside town situated on the south east corner of the Isle of Wight. This substantial building was originally constructed as retail units on the ground floor with commercial offices above. However, the offices were converted into six residential apartments approximately 10 years ago, all of which have been sold under the terms of long leasehold arrangements.

The freeholder benefits from a ground rent income from each of the six flats with four of the ground rents subject to five yearly reviews and the other two subject to 10- yearly reviews. Additionally, the freeholder is responsible for insurance, management and maintenance of the building which is recovered from the leaseholders by way of a service charge.

The three retail units on the ground floor are all let under the terms of commercial leases as detailed below.

Ground Floor

Commercial

29 Regent Street

Let under the terms of a commercial lease for the term of five years from 1st August 2018 at a current rental of £8,500 per annum.

29A Regent Street

Let under the terms of a commercial lease for the term of six years from 31st July 2015 at a current rental of £3,000 per annum.

Auctioneer’s Note 1

Heads of Terms have been agreed for a new six-year lease for 29a Regent Street at a rent of £5,300 per annum. At the time of publication the new lease has yet to be completed but it is hoped that this may be achieved prior to the auction. Prospective purchasers should refer to the legal documentation for further information.

30 Regent Street

Let under the terms of a commercial lease for the term of five years from 16th May 2019 at a current rental of £6,540 per annum.

First and Second Floor Residential

Flats 1 & 2, 27 Regent Street and Flats 1 & 2, 31 Regent Street

Sold under the terms of 125- year leases from 1st January 2012 at a current ground rent of £224.45 per flat, subject to RPI Linked five-yearly reviews, which are now due.

Flats 3 & 4, 31 Regent Street

Sold under the terms of 125- year leases from 1st January 2012 at a current ground rent of £200 per annum, subject to RPI Linked 10-yearly reviews, which are now due.

Outside

There is a yard and car park to the rear. Six of the car parking spaces are allocated to the residential element, but the remainder offer scope and potential for income production.

Auctioneer's Note 2

Section 5B Notices under the Landlord and Tenant Act 1987 (as amended) have been served and the leaseholders have not reserved their rights under this 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/