Lot 17 Virtual Freehold Town Centre Mixed InvestmentAuction Date:
4th May 2023
6 & 6A Regent Street, Shanklin, Isle of Wight, PO37 7AA
Currently let at £16,560 per annum
This imposing three storey building is situated in Regent Street which is the main trading street in the town of Shanklin, situated on the south east coast of the Isle of Wight.
The ground floor of the building is occupied by a well known local florist who has been in occupation since 1999 under the terms of a commercial lease. The first and second floors are occupied by a residential tenant under the terms of a Regulated tenancy for what is a substantial four-bedroom maisonette.
The building requires some significant maintenance and refurbishment but is considered very worthy of the improvements required, beyond which it would be ideal for addition to an income-producing portfolio.
6 Regent Street
Commercial
Ground Floor
Main sale/trading area with preparation and storage areas beyond, courtyard to the rear and cloakroom with staff W.C.
Tenancy
We are advised that the current occupiers have been in occupation since 1999 and are at present holding over under the terms of a commercial lease, with the term having expired, with a current rental of £1,000 per calendar month.
Auctioneer's Note
The tenants have advised that they would be very keen to secure a new tenancy, subject to agreement of terms. Prospective purchasers should rely on their own enquiries.
6A Regent Street
Residential
First Floor
Kitchen/dining room, living room and bathroom with W.C.
Second Floor
Landing and four bedrooms.
Outside
Roof terrace/garden.
Tenancy
We are advised that the flat is occupied under the terms of a Regulated Tenancy, with the current tenant having been in occupation for 47 years. We are advised that the current passing rent is £380 per calendar month.
Council Tax Band B
Tenure
Held under the terms of a 999-year lease from 25th March 1915.
There is an addendum available to be read
in conjunction with the legal documentation.
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
