Lot 107 Freehold Town Centre Investment Comprising Eleven Commercial Units And Residential Ground Rent IncomeAuction Date:
26th July 2023
1-8 Gray's Walk, 59,60,61,61A,61B Pyle Street & 10 Scarrots Lane, Newport, Isle of Wight, PO30 1UL
Currently let at £84,950 per annum
Gray’s Walk is a relatively modern purpose-built block running between Pyle Street and Scarrots Lane, a short distance from the junction of Pyle Street and St James Street in the heart of Newport, the Isle of Wight’s county town.
Gray’s Walk comprises eight commercial units, all of which are let and producing a healthy income while the Pyle Street elevation is book-ended by numbers 59 and 61 Pyle Street, which are also let, and to the rear 10 Scarrots Lane which is arranged as a two-storey café/coffee shop which also forms part of the Title.
In addition, the upper floors include three residential flats sold under the terms of long leases but with the freeholder the beneficiary of the ground rent paid by these units. The commercial units of varying sizes are let to a good range of occupiers including a dental surgery, café, electrical retailer and computer repair services. The properties are considered ideal for addition to an income producing portfolio.
1 Gray’s Walk
Main retail trading area, small kitchen and staff cloakroom with W.C.
Tenancy
Let under the terms of a commercial lease for a term of five years from 1st October 2022 at a current rent of £7,000 per annum.
2 Gray’s Walk
Main retail trading area, small kitchen and staff cloakroom with W.C.
Tenancy
Let under the terms of a commercial lease for a term of five years from 23rd January 2020 at a current rent of £7,000 per annum.
3 Gray’s Walk
Main retail trading area, small kitchen and staff cloakroom with W.C.
Tenancy
Let under the terms of a commercial lease for a term of five years from 1st March 2023 at a current rent of £7,000 per annum.
4 Gray’s Walk
Main retail trading area, small kitchen and staff cloakroom with W.C.
Tenancy
Let under the terms of a commercial lease for a term of five years from 1st June 2023 at a current rent of £7,000 per annum.
5 Gray’s Walk
Main shop/retail area, large walk-in store, staff kitchen and cloakroom with W.C.
Tenancy
Let under the terms of a commercial lease for a term of five years from 1st July 2021 at a current rent of £6,000 per annum.
6 Gray’s Walk
Main shop/retail area, large walk-in store, staff kitchen and cloakroom with W.C.
Tenancy
Let under the terms of a commercial lease for a term of six years from 8th November 2014 at a current rent of £6,500 per annum.
7 & 8 Gray’s Walk
Not inspected at the time of publication but comprising a dental surgery with dental treatment and waiting rooms, staff kitchen and cloakrooms with W.C.’s.
Tenancy
Let under the terms of a commercial lease for a term of fifteen years from 30th November 2010 at a current rent of £24,000 per annum.
59 Pyle Street
Trading as a café with main customer area, kitchen and cloakroom with W.C.
Tenancy
Let under the terms of a commercial lease for a term of five years from 4th July 2018 at a current rent of £9,000 per annum.
61 Pyle Street
Main shop/retail area, two storerooms, kitchen and cloakroom with W.C.
Tenancy
Let under the terms of a six month licence from 1st January 2023 at a current rent of £6,500 per annum.
10 Scarrots Lane
Two-storey unit at present arranged as a café.
Ground Floor
Café/trading area, food counter and cloakrooms/ W.C.s
First Floor
Additional seating/service area and kitchen.
Tenancy
Let under the terms of a commercial lease for a term of 10 years, from 6th January 2020, at a current rent of £11,000 per annum.
Flats
59, 60 & 61B Pyle St
59 and 60 are sold under the terms of 150-year leases from 25th June 2018 and 61B on a 99-year lease from 1st January 2002, all three flats are at a current ground rental of £150 per flat per annum.
Outside
Gray’s Walk is built around a pretty central courtyard and with pedestrian access onto both Pyle Street and Scarrots Lane.
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
