Lot 82 Freehold Town Centre Building Comprising Four Flats And Commercial Unit Sold On A Long LeaseAuction Date:
20th March 2025
34 Union Street, Ryde, Isle Of Wight, PO33 2LE
Currently let at £29,640 per annum
Key Features
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.
EPC Rating D
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.
EPC Rating C
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.
EPC Rating E
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.
EPC Rating E
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.
All Flats Council Tax Bands A
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
