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Lot: 117 - FREEHOLD TOWN CENTRE BUILDING COMPRISING FOUR FLATS AND COMMERCIAL UNIT SOLD ON A LONG LEASE - The front of the building from Union StreetLot: 117 - FREEHOLD TOWN CENTRE BUILDING COMPRISING FOUR FLATS AND COMMERCIAL UNIT SOLD ON A LONG LEASE - The Living Room in one of the flatsLot: 117 - FREEHOLD TOWN CENTRE BUILDING COMPRISING FOUR FLATS AND COMMERCIAL UNIT SOLD ON A LONG LEASE - An internal view of a first floor flatLot: 117 - FREEHOLD TOWN CENTRE BUILDING COMPRISING FOUR FLATS AND COMMERCIAL UNIT SOLD ON A LONG LEASE - A view inside a flat at the rear of the buildingLot: 117 - FREEHOLD TOWN CENTRE BUILDING COMPRISING FOUR FLATS AND COMMERCIAL UNIT SOLD ON A LONG LEASE - The living/dining room in one of the rear flats
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Lot 117 Freehold Town Centre Building Comprising Four Flats And Commercial Unit Sold On A Long LeaseAuction Date:
6th February 2025

34 Union Street, Ryde, Isle Of Wight, PO33 2LE

£290,000*+ FEES

Currently let at £29,640 per annum

Category Residential Investment
Tenure Freehold
Bedrooms x 4
Bathrooms x 4

Key Features

Freehold Town Centre Investment
Four Flats Let at £29,640PA
Planning Consent for a Further Residential Flat
Sea Views From the Upper Floor

Situated in the heart of Ryde town centre, this impressive freehold building comprises a chemist shop on the ground floor, which has been sold off under the terms of a long lease with the long lessees contributing to the building insurance and maintenance via a service charge. The upper floors have been converted into four self-contained residential flats, all of which are let under the terms of Assured Shorthold Tenancy Agreements and producing a very healthy and worthwhile income stream. In addition, planning consent exists under the terms of the original planning consent to add a fifth flat to the rear of the building should the new owners wish to do so. Flat 3 is a duplex unit which enjoys attractive views over the Solent towards the mainland beyond.

Flat 1

First Floor

Entrance hall, living room/kitchen, bedroom with en-suite shower room/W.C.

Tenancy

Let under the terms of an Assured Shorthold Tenancy Agreement at a current rental of £495 per calendar month.

Flat 2

First Floor

Entrance hall, living room/kitchen, bedroom with en-suite shower room/W.C.

Tenancy

Let under the terms of an Assured Shorthold Tenancy Agreement at a current rental of £605 per calendar month.

Flat 3

First Floor

Entrance hall, L-shaped living/kitchen room.

Second Floor

Two bedrooms and shower room with W.C.

Tenancy

Let under the terms of an Assured Shorthold Tenancy Agreement at a current rental of £895 per calendar month.

Flat 4

First Floor

Studio apartment comprising living room/kitchen/bedroom and shower room with W.C.

Tenancy

Let under the terms of an Assured Shorthold Tenancy Agreement at a current rental of £475 per calendar month.

Planning

Listed Buildings Consent has been granted by Isle of Wight Council under ref: P/02610/08, dated 9th February 2009, for conversion of 1st, 2nd and 3rd floors into five flats to include rear extension at first floor level with balcony, subject to conditions.

A copy of the Consent and accompanying documents may be downloaded from the Local Planning Authority website, Isle of Wight Council. Tel: 01983 823552. Website: iow.gov.uk.

Auctioneer's Note

Four of the five flats were created as detailed above. Accordingly, consent is extant for the addition of the fifth flat if required.

EPC Rating E

All flats are Council Tax Band TBC



34 Union 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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