Lot 69 Freehold Town Centre Mixed Commercial And Residential Investment With ParkingAuction Date:
13th December 2023
38 & 38A High Street, Ventnor, Isle Of Wight, PO38 1RZ
Currently let at £25,299.96 per annum
This imposing double-fronted four storey Victorian building is situated in Ventnor's popular High Street and is arranged as a ground floor shop with the lower ground floor, first and second floors arranged as residential letting units. The commercial space comprises an antiques and art gallery with a small separate area providing additional window space and storage.
The residential accommodation requires a programme of upgrading and refurbishment (although at the time of publication, each unit is let under the terms of an Assured Shorthold Tenancy Agreement). To the rear there is a small garden accessed from the lower flat. Additionally, there is full width parking, suitable for three vehicles.
Commercial
Ground Floor
Double-fronted shop unit with twin doorways at present trading as a L-shaped antiques and art gallery with a small staff area and cloakroom with W.C. Separate smaller lock-up shop unit providing additional window space and storage.
Tenancy
Let under the terms of a commercial rental agreement at a current rental of £563.33 per calendar month.
Residential
Lower Ground Floor
Entrance hall, kitchen/dining room, living room, bathroom/W.C.
Tenancy
Let on an Assured Shorthold Tenancy Agreement, from 7th September 2017, at a current rental of £475 per calendar month.
Council Tax Band A
First Floor
Entrance hall, living room/kitchen, two bedrooms and bathroom with W.C.
Tenancy
Let on an Assured Shorthold Tenancy Agreement, from 1st November 2016, at a current rental of £550 per calendar month.
Council Tax Band A
Second Floor
Entrance hall, living room/kitchen, two bedrooms and bathroom with W.C.
Tenancy
Let on an Assured Shorthold Tenancy Agreement, from 1st December 2011, at a current rental of £520 per calendar month.
Council Tax Band A
Outside
Garden to the rear with parking beyond.
Viewing
External only.
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
