Lot 122 Freehold Town Centre Investment Comprising Eleven Commercial Units And Residential Ground Rent IncomeAuction Date:
20th September 2023

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 2023 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

The terms of a new 7-year lease has been agreed at a rental of £14,000 per annum. A copy of the lease will be included in the legal documentation available to download from the Clive Emson website.

Flats

59, 60 & 61B Pyle St

59/60 sold under the terms of 150-year lease from 25th June 2018 at a current ground rental of £150 per annum. 61B on a 99-year lease from 1st January 2002, at a current ground rental of £150 per annum.

Outside

Gray’s Walk is built around a pretty central courtyard and with pedestrian access onto both Pyle Street and Scarrots Lane.