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Lot: 83 - FREEHOLD TOWN CENTRE MIXED INVESTMENT - Corner building with commercial unit on ground floorLot: 83 - FREEHOLD TOWN CENTRE MIXED INVESTMENT - Rear and side elevation
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Lot 83 Freehold Town Centre Mixed InvestmentAuction Date:
6th February 2025

3 Union Street, Ryde, Isle Of Wight, PO33 2DU

£146,000*+ FEES
Category Mixed Commercial/Residential
Tenure Freehold
Bedrooms x 1
Bathrooms x 1

Key Features

Freehold Town Centre Building
Additional Income Available by Letting the Vacant Flat
Ideal for Addition to an Income Producing Portfolio

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



3 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

Viewings

    The viewing times for the lot are listed below, please make sure you book into the viewing either through the website or phoning 0345 8500333, as on occasions viewing times change or may be cancelled.

    Book a new viewing or cancel an existing viewing for this property before 5pm the day before.

  • There are no future viewings currently available, please contact our office on 0345 8500333

Joint Agents

Gully Howard

Gully Howard
01983 301434

Legal Documents

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