ADDRESS15 High Street, Ventnor, Isle of Wight, PO38 1RZ
TYPERetail, Retail - High Street, Office, Land, Offices, Commercial Land
TENUREInvestment Opportunity, For Sale Leasehold
POSTED ON6th January 2023
Description
Investment Consideration: Gross Initial Yield: 8.29% Rental Income: £9,120 p.a. VAT is NOT applicable to this property The property comprises a ground floor retail shop t/a Pet Store Nearby occupiers include Post Office and Premier Express, amongst others.
Property Description: The property comprises ground floor retail shop t/a Pet Store, providing the following accommodation and dimensions: Ground Floor: 73.40 sq m (790 sq ft) Open plan retail, Storage, WC
Tenancy: The shop is at present let to an Individual for a term of 5 years from 1st May 2022 at a current rent of £9,120 per annum and the lease contains full repairing and insuring covenants. Rent review on 01.05.25 (open market upward only). Tenant option to determine on 01.05.24 with minimum 3 month`s notice. Deposit held of £1,520.
Tenure: Long leasehold. Held on a 999 year lease from 18 November 2011 at a ground rent of peppercorn.
Location: Ventnor is a seaside resort and civil parish established in the Victorian era on the south-east coast of the Isle of Wight, England, eleven miles (18 km) from Newport. It is situated south of St Boniface Down, and built on steep slopes leading down to the sea.
