Investment Consideration:
Gross Initial Yield: 8.32%
Rental Income: £38,700 p.a.
VAT is NOT applicable to this property
Comprises two shops on the ground floor, with four flats on the upper floors
Total area size of 277 sq m (2,979 sq ft)
Situated in the heart of the town centre within short walk to the seafront, with occupiers nearby including Co-Op Food, Restaurant`s, Hair Salon, Tattoo Studio and many more.
Property Description:
The property comprises two retail shops on the ground floor and four flats on the first and second floor, providing the following accommodation and dimensions:
Ground Floor:
Shop No.25 - 37 sq m (398 sq ft)
Shop No.27 - 55 sq m (592 sq ft)
First Floor:
Flat No.25A - 44 sq m (473 sq ft)
1 Bedroom, Kitchen, Living Room, Bathroom
Flat No.27A - 40 sq m (430 sq ft)
1 Bedroom, Kitchen, Living Room, Bathroom
Second Floor:
Flat No.25B - 56 sq m (602 sq ft)
2 Bedrooms, Kitchen, Living Room, Bathroom
Flat No.27B - 45 sq m (484 sq ft)
1 Bedroom, Kitchen, Living Room, Bathroom
Total Commercial Area: 92 sq m (990 sq ft)
Total Residential Area: 185 sq m (1,989 sq ft)
Tenancy:
Shop No. 25 is at present let to an Individual for a term of 3 Years from 13th March 2021 at a current rent of £5,400 p.a. and the lease contains full repairing and insuring covenants. Deposit held of £1,130. In occupation since 2017.
Shop No. 27 is at present let to an Individual for a term of 5 Years from 19th May 2023 at a current rent of £6,780 p.a. and the lease contains full repairing and insuring covenants. Rent review on 19th May 2026. No breaks. Deposit held of £1,130. Tenant pays reduced rent of £4,570 p.a. for the first year. Vendor will top-up rent so the buyer receives the equivalent of £6,780 p.a. from completion.
Flat No. 25A is at present let on an AST to an Individual for a term of 12 Months from 1st November 2022 at a current rent of £5,940 p.a. Rent deposit held of £495. In occupation since 2020.
Flat No. 27A is at present let on an AST to an Individual for a term of 12 Months from 1st December 2022 at a current rent of £6,900 p.a. Rent deposit held of £500. In occupation since 2021.
Flat No. 25B is at present let on an AST to an Individual for a term of 12 Months from 29th May 2020 at a current rent of £6,900 p.a. Rent deposit held of £575.
Flat No. 27B is at present let on an AST to an Individual for a term of 6 Months from 4th November 2017 at a current rent of £6,780 p.a. 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. The property is situated in the heart of the town centre within short walk to the seafront, with occupiers nearby including Co-Op Food, Restaurant`s, Hair Salon, Tattoo Studio and many more.
