Lot 89 Town Centre Commercial InvestmentAuction Date:
20th September 2023
69-71 Regent Street, Shanklin, Isle Of Wight, PO37 7AE
£10,000 per annum, rising to £11,000 per annum throughout the term
This double-width former shop unit is located on Regent Street which is considered to be the main trading street in Shanklin, a popular seaside town on the south-east corner of the Isle of Wight.
Formerly two retail units, the property is, at present, let to a tech company, originally under the terms of a three year lease but with an additional year having recently been negotiated for addition to the lease term.
Ground Floor
Two former retail units now largely knocked through into a single open-plan office environment with a workshop/office, staff kitchen and cloakroom with W.C.
Outside
To the rear is a small courtyard-style garden and rear pedestrian access.
Tenancy
Occupied under the terms of an initial three-year lease from October 2021 at a rent of £10,000 per annum.
We are advised that a further 12 months has been negotiated with the current tenants which is to be added to the existing lease term at an increased rental of £11,000 per annum. Prospective purchasers should of course rely on their own enquiries.
Tenure
To be sold under the terms of a new lease of 125 years which will commence upon completion of the sale.
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
