TYPEResidential, Retail, Other, Other Property Types & Opportunities
POSTED ON13th February 2019
Opportunity to purchase a substantial commercial unit with residential in Shanklin Town Centre. LOCATION Situated on the corner of Cross Street and North Road in Shanklin, this prominent corner unit is opposite Regent Street and benefits from good visibility to passing traffic.
Shanklin offers a population circa 9000 (2011 census) and is a great shopping and retail hub to the south of the Island. Benefitting from year round trade and a boost in numbers in the summer season due to the high volume of tourists visiting the Old Village each year.
Shanklin offers good links to Lake, Sandown and Ryde via the railway and easy access to Ventnor. DESCRIPTION A substantial ground floor & part first floor commercial unit currently trading as a hair salon. The whole property offers approximately 200 sq m (2152 sq ft) including staff areas and reception.
To the rear of the unit with a separate access is a ground floor one bedroom flat with open plan living room/kitchen, shower room and WC. When let this unit provides income circa £4740 per annum, tenancy currently under application on an Assured Shorthold Tenancy agreement.
The unit also benefits from planning permission for conversion of part of the commercial unit to a 1 bedroom apartment with open plan living room/kitchen and bathroom. A copy of the planning permission and plans can be seen on request.
TERMS Our client is asking guide price £225,000 for this substantial property with the benefit of the planning permission for conversion of part and a tenant in the residential apartment to the rear. OUTGOINGS The VOA shows a rateable value of £10,000, using the current UBR the rates payable will be approximately £4790 not including any small business rates relief where applicable. Please note once the conversion of part has been undertaken the unit will need to reassessed for business rates. PLANNING Planning permission for conversion of part to residential can be found at www.iwight.com by searching TCP/00497/X or P/00187/17. VIEWING All viewings to be arranged via HRD Commercial. Please contact 01983 527727. Agents Notes Our description of any appliances and/or services (including any central heating system) should not be taken as any guarantee that these are in working order. None of the statements contained in these particulars as to this property are to be relied upon as statements or representation of fact nor is it intended to form any part of any contract. Especially if travelling long distances, if there is any point of particular importance, please contact the office who will be pleased to clarify the information. Floor plans are a schematic and are for guidance only. All measurements are approximate. Please note that if our photographs depict the property in a furnished condition, on completion all furnishings will be removed unless specifically mentioned elsewhere as being included in the sale.