Lot 141 Freehold Town Centre Mixed Commercial And Residential InvestmentAuction Date:
26th July 2023
73 High Street, Shanklin, Isle of Wight, PO37 6NL
Currently let at £33,240 per annum
Occupying and landmark location at the traffic lights on the corner of the High Street and Victoria Avenue, this freehold three storey building would make an excellent addition to an income-producing property portfolio.
The ground floor is let to a longstanding commercial tenant who has recently committed to an extension of his previous lease term. The upper floors are arranged as five residential flats, all of which are let under the terms of Assured Shorthold Tenancy Agreements and producing a very worthwhile income.
Ground Floor
Commercial
Main retail space with staff cloakroom and small kitchen and additional store room situated on the other side of the residential communal hallway.
Tenancy
Let under the terms of a recently renewed five-year commercial lease, expiring on 17th May 2028, at a current rental of £6,000 per annum.
Flat 8 (Ground Floor Rear)
Entrance hall, living room/bedroom, kitchen, utility room and shower room with W.C.
Tenancy
Let on an Assured Shorthold Tenancy Agreement at a current rental of £425 per calendar month.
First Floor
Flat 5
Living room/bedroom, kitchen and shower room with W.C.
Tenancy
Let on an Assured Shorthold Tenancy Agreement at a current rental of £425 per calendar month.
Flat 6
Entrance hall, living room, kitchen, bedroom and shower room with W.C.
Tenancy
Let on an Assured Shorthold Tenancy Agreement at a current rental of £500 per calendar month.
Second Floor
Flat 1
Living room/kitchen, bedroom and shower room with W.C.
Tenancy
Let on an Assured Shorthold Tenancy Agreement at a current rental of £500 per calendar month.
Flat 2
Entrance hall, living room/kitchen, bedroom and shower room with W.C.
Tenancy
Let on an Assured Shorthold Tenancy Agreement at a current rental of £420 per calendar month.
Each Flat Council Tax Band A
There is an addendum available to be read
in conjunction with the legal documentation.
Joint Agents
Gully Howard
01983 301434
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
