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Lot: 54 - SUBSTANTIAL TOWN CENTRE INVESTMENT WITH CONSENT FOR FIVE ADDITIONAL FLATS - Front of the building from High StreetLot: 54 - SUBSTANTIAL TOWN CENTRE INVESTMENT WITH CONSENT FOR FIVE ADDITIONAL FLATS - The building from Angesea StreetLot: 54 - SUBSTANTIAL TOWN CENTRE INVESTMENT WITH CONSENT FOR FIVE ADDITIONAL FLATS - A front view from High StreetLot: 54 - SUBSTANTIAL TOWN CENTRE INVESTMENT WITH CONSENT FOR FIVE ADDITIONAL FLATS - Upper floors for conversionLot: 54 - SUBSTANTIAL TOWN CENTRE INVESTMENT WITH CONSENT FOR FIVE ADDITIONAL FLATS - Room requiring refurbishment looking towards fireplace and sash windowLot: 54 - SUBSTANTIAL TOWN CENTRE INVESTMENT WITH CONSENT FOR FIVE ADDITIONAL FLATS - Upper floors for conversionLot: 54 - SUBSTANTIAL TOWN CENTRE INVESTMENT WITH CONSENT FOR FIVE ADDITIONAL FLATS - Upper floors for conversionLot: 54 - SUBSTANTIAL TOWN CENTRE INVESTMENT WITH CONSENT FOR FIVE ADDITIONAL FLATS - Room needing refurbishment with bare floorboards and sash windowLot: 54 - SUBSTANTIAL TOWN CENTRE INVESTMENT WITH CONSENT FOR FIVE ADDITIONAL FLATS - Location plan
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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

£325,000*+ FEES

Currently let at £43,150 per annum

Location plan
Category Commercial Investment
Tenure Freehold

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.



20 & 21 High Street and 22 Anglesea Street, Ryde, Isle Of Wight


There is an addendum available to be read
in conjunction with the legal documentation.

Further Information

Rob Marchant/Mike Marchant
on 01489 564606

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Scotcher & Co

Scotcher & Co
01983 822288

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