Investment / Development Opportunity For Sale

Location

The property is located towards the bottom of the ever-popular Union Street, close to the recently redeveloped promenade and bus interchange. This is a high footfall area of Ryde, being between the mainland links and the amenities of the town centre. Ryde has an immediate population of around 25,000, considerably boosted by the influx of summer tourists as well as day-trippers via fast passenger catamaran and Hovercraft links from Portsmouth and Southsea. The town's boasts a 24,000 ft² Co-Operative supermarket in addition to Peacocks, WH Smith, Costa Coffee, The Card Factory, Specsavers, Superdrug, The Works, Poundland, J D Wetherspoon and Dominos. The town has benefitted recently from restoration works to many of its Victorian buildings and now presents as a smart and lively shopping area.

Description

Building consisting of Ground Floor retail, Lower Ground Floor basement and studio flat, as well as 5 other flats each sold off on long leaseholds. The shop currently uses part of the basement but this is not formally part of its lease, so could be taken back to extend the studio flat should it be felt necessary. Regarding the separately accessed Lower Ground Floor studio flat, the layout is somewhat compromised with a small galley kitchen being between the lounge and bedroom. As such, with a bit of creativity, it may be possible to swap the shower-room and small galley kitchen around or possibly put the kitchen into the main living area and extend the bedroom. These works have been taken into consideration when reaching the price we are testing the market at. Please see floor plans for further details.

The Lease

The shop is held on a new 7-year Full Repairing and Insuring Lease at £12,000 per annum with rent reviews every 3rd anniversary linked to RPI and capped at 4%. There is a tenant’s option to break at 3.5 years with 6 months prior notice of the break to be given.

Terms

Offers are invited in the region of £178,000 for a new long leasehold interest of the Ground Floor and Basement. A new management company will be set up to run the freehold (thus no independent landlord)

Uniform Business Rate

Rateable Value: £10,500

2023/2024: £0.512p without small business relief. Interested parties should make their own enquiries of the Isle of Wight Council to confirm any rate liability or rate concession that may be applicable by telephoning Business Rates on 01983 821000

Viewing

Strictly by appointment with sole agents Gully Howard Commercial Property, Suite 11 Salisbury Gardens, Dudley Road, Ventnor PO38 1EJ. Call Gavin Chambers or Morgan Williams on 01983 301434. E: gchambers@gullyhoward.com or mwilliams@gullyhoward.com

UNDER NO CIRCUMSTANCES SHOULD ANY DIRECT APPROACH BE MADE TO THE PREMISES AS THEY WILL BE UNABLE TO ASSIST WITH ANY ENQUIRIES