Lot 56 Freehold Town Centre Mixed InvestmentAuction Date:
11th December 2024
3 Union Street, Ryde, Isle Of Wight, PO33 2DU
Currently let at £12,125 per annum plus vacant flat
This freehold end-terrace building occupies a prime site at the lower end of Union Street, close to the Esplanade, with Union Street being Ryde's primary retail location.
The ground floor at the front of the building is let under the terms of a commercial lease producing a very worthwhile income. The lower ground floor area to the rear of the building is a vacant one-bedroom flat.
The remainder of the building is arranged as five residential flats which have been sold off on long leases paying a ground rent to the freeholder. We are advised that the freeholder also arranges for building management insurance and reclaims the cost by a service charge to the long lessees.
3 Union Street
Ground Floor
Main retail area, staff cloakroom with W.C.
Basement
Store.
Tenancy
Let on a seven-year commercial lease from 10th November 2023 at a current rental of £12,000 per annum.
Basement Flat
Living room, shower room with W.C., small kitchen, bedroom.
Outside
Small courtyard.
EPC Rating
D (96). Floor area 100 sq.m.
Council Tax Band A
Flats 1-5
Tenure
Each flat sold on a 150-year lease from 1st January 2002 at a ground rental of £25 per flat, per annum.
Auctioneer's Note 1
Section 5B Notices under the Landlord & Tenant Act 1987 (as amended) have been served and the leaseholders have not reserved their rights under the legislation.
Auctioneer's Note 2
Although held under the Freehold Title of 3 Union Street, Ryde, under the Schedule of Notices of Leases the flats are identified as Flats 1-5, 46 Castle Street in the Office Copy Entries.
Freehold with Part Vacant Possession
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
