Lot 69 Freehold Town Centre Mixed Investment Comprising A Retail Unit And Two FlatsAuction Date:
5th May 2022
102 High Street, Newport, Isle Of Wight, PO30 1TJ
Currently let at £25,400 per annum
This town centre building enjoys a prime location in the heart of the Island's county town. The ground floor commercial space is occupied by a well known and island-wide family run bakery chain with six outlets.
The flats on the upper floors are occupied under the terms of Assured Shorthold Tenancy Agreements and the building is considered ideal for addition to an income producing portfolio.
Retail Unit
Ground Floor
Main retail/trading space with kitchen/food prep area and staff cloakroom with W.C.
Tenancy
Let under the terms of a 10-year commercial lease from 29th October 2018 at a current rental of £12,500 per annum.
102B High Street
First Floor
Living/bedroom/kitchen studio.
Tenancy
Let under the terms of an Assured Shorthold Tenancy Agreement for 12 months from 20th July 2019 at a current rental of £400 per calendar month.
Council Tax Band A
102A High Street
Second Floor
Living room, kitchen/dining room and bathroom.
Third Floor
Two bedrooms.
Tenancy
Let under the terms of an Assured Shorthold Tenancy Agreement for 12 months from 29th October 2021 at a current rental of £675 per calendar month.
There is an addendum available to be read
in conjunction with the legal documentation.
Joint Agents
Scotcher & Co
01983 822288
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 Buyers Fees
