Lot 141 Commercial InvestmentAuction Date:
12th June 2024
38/38A High Street, Ryde, Isle Of Wight, PO33 2HT
Currently let at £6,550 per annum
Located in the heart of Ryde town centre’s pedestrianised area and surrounded by national multiples, including Poundland who have recently relocated to a large shop directly opposite. The property is let to a local charity on a lease which has the provision for a rolling break option on a month’s notice from either party. It is considered that there are excellent prospects for re-letting to a new tenant on better commercial terms. Several expressions of interest from prospective tenants have been received at significantly higher rental terms.
Accommodation
Main retail area, staff kitchen/ancillary space and basement.
Tenancy
Let under the terms of an annual lease expiring 23rd April 2025 at a current rental of £6,500 per annum. There is a mutual break option exercisable on a month’s notice. The lease is contracted out of the Landlord & Tenant Act 1954 protection.
38 High Street
Tenure
Held under the terms of a 999-year lease from 11th October 1853.
Flat 38A
Tenure
Sold on a 999-year lease (less one day), from 11th October 1853, at a current ground rental of £50 per annum.
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
