Lot 63 Mixed Residential And Commercial Investment OpportunityAuction Date:
1st November 2023
71, 72 & 72A High Street, Ryde, Isle of Wight, PO33 2SU
Commercial element currently let at £9,300 per annum
Plus vacant flat with potential income. fully let. £18,600 per annum
Situated in a landmark location on the busy crossroads servicing Ryde High Street and St Johns Hill, this attractive building has undergone a programme of upgrading and refurbishment in recent years.
The accommodation includes two retail units on the ground floor, both of which are let, while on the first floor there is a substantial two-bedroom apartment which is vacant. The property is considered ideal for addition to an income-producing property portfolio.
Commercial
71 High Street - Ground Floor
A corner lock-up shop unit with main retail area, two stock rooms and cloakroom with W.C.
Tenancy
Holding over under the terms of a Commercial Tenancy at a current rental of £6,300 per annum.
72 High Street
Ground Floor
A lock-up shop unit with main retail area, former kitchen to rear and access to a shared yard with external W.C. facility.
Tenancy
Holding over under the terms of a commercial tenancy at a current rental of £3,000 per annum.
Residential
72A High Street - Ground Floor
Entrance lobby, utility area and a further space with potential as a study area.
First Floor
Mezzanine landing with bathroom with W.C, first floor hallway, living room, kitchen and two bedrooms.
Tenancy
Currently vacant.
Tenure
Held under the terms of a 900-year ground lease from 1860 at a nominal ground rent which we are advised has not been collected for many years.
There is an addendum available to be read
in conjunction with the legal documentation.
Joint Agents
Scotcher & Co
01983 822288
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
