Lot 135 - FREEHOLD HIGH STREET BAR WITH FOUR-BEDROOM FLAT ABOVE

Sold £155,000

Currently let at £16,200 per annum until October 2024

Tintos is a well known town centre bar situated adjacent to the former bus garage and a short walk from the Esplanade and beach. The building also comprises a three/four-bedroom flat on the upper two floors with a beer garden to the rear.

The whole building is, at present, let under the terms of a Law Society lease until early October 2024. It is considered the property could continue as a next investment opportunity. Alternatively, there is undoubted scope and potential to separate the commercial and residential elements for investment and/or owner occupation. A further alternative may be to consider splitting the residential accommodation into two smaller flats, subject to all necessary consents being obtainable.

Commercial

Ground Floor

Main bar area, ladies' and gents' cloakrooms and small former kitchen/prep room.

Residential

First Floor

Landing, living room, kitchen and bedroom.

Second Floor

Landing, three bedrooms and bathroom with W.C.

Outside

Garden to rear.

Council Tax Band B

Auctioneer's Note

There is a cellar accessible from the communal lobby to the front of the building.

Local Planning Authority

Isle of Wight Council. Tel: 01983 823552. Website: iow.gov.uk.

Tenancy

Let under the terms of a Law Society lease for a term of five years ending on 5th October 2024 at a current rental of £16,200 per annum.

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 cliveemson.co.uk/buyers-fees/