Key features
- Highly visible position, close to the town centre on the ever popular Cross Street
- Unit let on a new 10-year lease, with a passing rent of £8,400 per annum, with no break clause
- Unit runs to a total of approximately 53.8m² (574ft²) including staff facilities
- Freehold investment for sale, with offers invited in the region of £94,000
Location
Located mid-way along the ever popular and affordable Cross Street, putting the unit close to the top of Union Street and the beginning of the High Street. The unit also benefits from on-street parking opposite, an adjacent bus stop, and the large car park attached to the Co-Operative supermarket. 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, Mountain Warehouse, 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
Double fronted unit running to a total of circa 53.8m² (579ft²) with the retail area running to 41.2m² (444ft²). The unit benefits from a double frontage onto Cross Street of 5.5m (18ft) plus a return window to Union Road. Please see floor plan for further detail. There is a basement attached to the property which is not currently being used. It is viewed that this might be suitable for some development, possibly to residential use subject to any necessary consents & building regulations etc
The Lease
This unit has recently been let on a new 10-year lease from April 2024 with no break, with a passing rent of £8,400 per annum. There is a rent review scheduled at the 5th anniversary of the lease.
Terms
Freehold investment for sale, with offers invited in the region of £97,500.
Uniform Business Rate
Rateable Value: £6,700
2024/2025: £0.546p 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
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