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AGENT'S DETAILS


Ventnor – Freehold Shops and Residential Investment

For sale: £450,000.00|2972 Sq Ft|Residential, Flat, General Retail, Mixed Use, Retail, Other Property Types & Opportunities

PROPERTY DETAILS

FOR SALE£450,000.00
SIZE2972 Sq Ft
ADDRESS25-27 Pier Street, Ventnor, Isle of Wight, PO38 1SX
TYPEResidential, Flat, General Retail, Mixed Use, Retail, Other Property Types & Opportunities
TENUREFor Sale Freehold
POSTED ON2nd June 2020

DESCRIPTION

Investment Consideration:
Comprises three shops on the ground floor, with four flats on the upper floors.
The property is considered ideal for addition to an investment portfolio for its ongoing income-producing potential.
VAT is NOT applicable to this property.
Situated south of St Boniface Down, and built on steep slopes leading down to the sea.

Property Description:
The property comprises three shops on the ground floor, with four flats on the upper floors. Two of the shop units are at present inter-connected and let singularly. Three of the flats are one-bedroom units, while the fourth has two bedrooms.

The property provides the following accommodation and dimensions:
No. 25A Pier Street (Ground Floor)
36.6 sq m (394 sq ft)

No. 25 & 27 Pier Street (Ground Floor & Basement)
54.8 sq m (589 sq ft)

No. 25A Pier Street (First Floor Flat)
Comprises Living room, kitchen, bedroom and bathroom with W.C.
44.0 sq m (473 sq ft)

No. 27A Pier Street (First Floor Flat)
Comprises Living room, kitchen, bedroom and shower room with WC
40.0 sq m (430 sq ft)

No. 25B Pier Street (Second Floor Flat)
Comprises Landing, living room, kitchen,
two bedrooms and bathroom with WC
56.0 sq m (602 sq ft)

No. 27B Pier Street (Second Floor Flat)
Comprises Living room, kitchen, bedroom, cloakroom with WC and shower room (no WC)
45.0 sq m (484 sq ft)

Tenancy:
Shop No. 25A is at present let to an Individual for a term of 3 years from 13th March 2018 at a current rent of £4,940 per annum and the lease contains full repairing and insuring covenants. Rent deposit is held of £1,235.

Shop No. 25 & 27 is at present let to an Individual t/a Wood & Handycrafts for a term of 5 years from 19th February 2018 at a current rent of £6,600 per annum and the lease contains full repairing and insuring covenants. The tenant did not exercise the break clause in 2020 and rent deposit is held of £1,000.

The first floor residential flat No. 25A is at present let on an AST to an individual for a term of 6 months from 30th November 2015 (Holding Over) at a current rent of £5,940 per annum. Rent deposit held of £685.

The first floor residential flat No. 27A is at present let on an AST to an individual for a term of 6 months from 30th November 2015 (Holding Over) at a current rent of £6,000 per annum. Rent deposit held of £500.

The second floor residential flat No. 25B is at present let on an AST to an individual for a term of 2 months from 15th February 2016 (Holding Over) at a current rent of £6,960 per annum. Rent deposit held of £665.

The second floor residential flat No. 27B is at present let on an AST to an individual for a term of 3 months from 20th March 2016 (Holding Over) at a current rent of £6,000 per annum. Rent deposit held of £565.

Location:
Ventnor is a seaside resort on the south-east coast of the Isle of Wight, England, 11 miles (18 km) from Newport. It is situated south of St Boniface Down, and built on steep slopes leading down to the sea. The population is approximately 5,800.

LOCATION

Location: 25-27 Pier Street, Ventnor, Isle of Wight, PO38 1SX

Shanklin (2.9 miles)

Lake (4.0 miles)

Sandown (4.7 miles)

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