Lot 76 Double-fronted Shop, Flat Let To A Regulated Tenant And Former Bakehouse With PotentialAuction Date:
26th July 2023
51-53 School Green Road, Freshwater, Isle of Wight, PO40 9AS
This freehold mixed investment opportunity is situated close to the centre of Freshwater with all its shopping and other amenities, a short drive from the Needles at the western end of the Isle of Wight.
The ground floor at the front is occupied by a double-fronted retail unit under the terms of a commercial lease. The space has previously been arranged as two separate retail units and could revert to this use in the future if required and subject to any required consents being obtainable. The first floor, which also appears to have been two separate residential units in the past, is at present arranged as a large single flat which is occupied by a regulated tenant.
The property sits on a plot of 0.05 hectares (0.12 acres) which includes a former bakehouse with access from School Green Road. It is considered that the outbuildings offer scope and potential for residential conversion subject to all necessary consents being obtainable.
Retail Unit
Ground Floor
Double-fronted shop unit with staff room/kitchen and cloakroom with W.C.
Tenancy
Let under the terms of a commercial lease at a current rental of £6,250 per annum.
Residential Flat
Ground Floor
Kitchen.
First Floor
Landing, living room, dining room, three bedrooms, bathroom with no W.C. and cloakroom with W.C.
Tenancy
Let under the terms of a Regulated Tenancy with a current rental of £475 per calendar month.
Council Tax Band B
Outside
Situated to the rear is the former bakehouse with gardens beyond.
Local Planning Authority
Isle of Wight Council. Tel: 01983 823552. Website: iow.gov.uk.
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
