Lot 54 Substantial Town Centre Investment With Consent For Five Additional FlatsAuction Date:
12th June 2024
20 & 21 High Street and 22 Anglesea Street, Ryde, Isle Of Wight, PO33 2HW
Currently let at £43,150 per annum
Situated in a prime location fronting Ryde's popular pedestrianised High Street, the lot comprises three commercial premises all of which are let - one to WHSmith (who have been in situ since the year 2000) and two smaller companies, producing a very worthwhile rental return overall.
Additionally, Planning Consent has been obtained for residential conversion of the substantial upper parts.
20 High Street
Tenancy
Let under the terms of a FRI commercial lease to WHSmith Retail Holdings Ltd for a term of five years from 24th August 2021 at a current rental of £25,400 plus VAT per annum.
21 High Street
Tenancy
Let under the terms of a FRI commercial lease to Crepe Lovers Ltd for a term of ten years from 30th July 2021 at a current rental of £13,000 plus VAT per annum. The lease is subject to upwards only rent reviews every third year of the term with the tenants’ only break option at the fifth year.
22 Anglesea Street
Let under the terms of a FRI commercial lease to Good As Gold Beauty for a term of five years from 1st August 2023 at a current rental of £4,750 plus VAT per annum, with an upwards only rent review at the third anniversary.
Tenure
The property is held under the terms of a 999-year lease from 11th July 2000, at a current ground rental of £5 per annum. The lease contains an option to purchase the freehold for £1 at any time after
the 50th anniversary.
Auctioneer’s Note
The parts of the building required for the residential conversion are included in the demise of the commercial leases, but represent an attractive development opportunity, should these areas become available by negotiation or vacant possession. Development could be implemented as a whole or in three distinct stages as and when possession is gained for each of the relevant parts.
Planning
Planning Permission has been granted by Isle of Wight Council under ref: 21/02244/FUL, dated 5th January 2024, for proposed conversion of part of ground floor and first and second floors to five flats, to include first and second floor extension, alterations to building fenestration and shop front, and relocation of existing air conditioning units (revised plans) (revised description) (revised site address) (re advertised application), subject to conditions.
A copy of the Planning Consent and accompanying documents may be downloaded from the Local Planning Authority website: iow.gov.uk. Tel: 01983 823552.
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
