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AGENT'S DETAILS


Newport – Multiple Freehold Shops and Residential Investment

For sale: £500,000.00|4467 Sq Ft|Offices, Flat, General Retail, Retail - High Street, Restaurant/Cafes, Mixed Use, Residential, Retail, Other Property Types & Opportunities

PROPERTY DETAILS

FOR SALE£500,000.00
SIZE4467 Sq Ft
ADDRESS1/1A/2/3/3A High Street, 2/3 East Street and The Flat, 2 East Street, Newport, Isle of Wight PO30 1SS
TYPEOffices, Flat, General Retail, Retail - High Street, Restaurant/Cafes, Mixed Use, Residential, Retail, Other Property Types & Opportunities
TENUREFor Sale Freehold
POSTED ON1st June 2020

DESCRIPTION

Investment Consideration:
Occupies a landmark position in the centre of Newport.
Comprised five shops and three self-contained flats, one flat is sold off on long lease.
VAT is NOT applicable to this property.
Next door to the police station and opposite the Council offices at County Hall.

Property Description:
The property comprises five commercial units and three self-contained flats with a yard/parking area to the rear. One of the flats has been sold off on long leasehold. Two of the commercial units are let to tenants who have been in occupation for many years.

Tenancy:
Shop No. 1 (High Street) is at present let to Eyeland Optical for a term of 7 years 1st August 2010 (Holding Over) at a current rent of £8,800 per annum and the lease contains full repairing and insuring covenants.

Shop No. 2 (High Street) is at present let to an Individual t/a Sandwich Bar for a term of 3 years from 1st February 2019 at a current rent of £5,199.96 per annum and the lease contains full repairing and insuring covenants. The lease provides the tenant with option to determine on the 1st February 2021 and rent deposit held of £433.33.

Shop No. 3 (High Street) is at present let to an Individual t/a The Chinese Medicine & Acupuncture Centre for a term of 10 years from 1st October 2016 at a current rent of £5,400 per annum and the lease contains full repairing and insuring covenants. The lease provides for a rent review every fifth year and rent deposit is held of £450.

Shop No. 2 (East Street) is at present let Ben Bishop Insurance for a term of 5 years from 1st October 2017 at a current rent of £5,280 per annum and the lease contains full repairing and insuring covenants. The lease provides tenant with an option to determine on the 30th September 2020 and rent deposit is held of £1,200.

Shop No. 3 (East Street) is at present let to an Individual t/a Tattoo Studio for a term of 4 years from 7th December 2018 at a current rent of £6,000 per annum and the lease contains full repairing and insuring covenants. The lease provides the tenant with option to determine on the 7th December 2020. The tenant did not exercise a break clause in 2019. Rent deposit held of £1,000.

Flat No. 1A (High Street) is at present let on an AST to an individual for a term of 12 months from 1st August 2019 at a current rent of £9,600 per annum. Rent deposit held of £920.

Flat No. 3A (High Street) is at present let on an AST to an individual for a term of 12 months from 1st March 2020 at a current rent of £6,180 per annum. Rent deposit held of £515.

Flat No. 2 (East Street) is sold off on long leasehold to an individual for a term of 99 years from 24th June 1982 at a current ground rent of £50 per annum.

Location:
Newport is the county town of the Isle of Wight, an island off the south coast of England with a population of 25,496. The town is slightly north of the centre of the Island. The property occupies a landmark position in the centre of Newport, the Island's County Town, next door to the police station and opposite the Council offices at County Hall.

LOCATION

Location: 1/1A/2/3/3A High Street, 2/3 East Street and The Flat, 2 East Street, Newport, Isle of Wight PO30 1SS

Ryde St Johns Road (6.1 miles)

Ryde Esplanade (6.1 miles)

Smallbrook Junction (6.1 miles)

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