Key features
- Whole building for sale as an investment property, OR opportunity to rent the shop and the rear 1-bed flat
- Ground Floor commercial accommodation runs to approximately 46.1m² (496.2ft²) with a current income from the residential element of the property of £1,188 per month (£14,256 pa)
- Property currently laid out to ground floor shop with two 2-bed studio flats over, also benefitting from a good-sized garden to the rear
- Offers are invited in the region of £249,000 for the whole property OR shop and First Floor flat to rent at £13,500 per annum
Location
Located in School Green Road, a busy part of Freshwater with good footfall and strong traffic flow through. There is free on-street parking directly outside the property, limited to 1 hour, with the nearby main car park also in easy walking distance. Freshwater is the most important town in the West of the Island with an immediate population of around 5,000. The geographic features of the area - Tennyson Down, Alum Bay and Yarmouth Harbour amongst others - attract a wide range of tourists as the season for the purely beach holiday extends by walkers, sailors, cyclists, fishermen and golfers on Freshwater's cliff top course as well as those pursuing the cultural history of the area with Alfred Lord Tennyson and Julia Margaret Cameron amongst the Victorian artistic community.
Description
The premises consists of Ground Floor retail space, with front and rear entrance running to a total of approximately 46.1m² (496.2ft²). The residential accommodation upstairs is separately accessed; with a studio flat to the front of the building, another studio flat to the rear of the building. The property benefits from a garden which runs back circa 21m (69ft) from the back of the building. In the last year, several upgrades have been made to the building, including a new roof, guttering and boiler. All plumbing and electrics were brought up to date in 2016. Please see floor plan for further details
Current Income
The shop is currently operated by the owners of the premises, but based on recent comparables achieved in Freshwater, a rental figure of circa £6,000 per annum is suggested for the shop. The two flats have let at £1,188 per month (£14,256 per annum) until very recently, where the rear unit has become vacant. It is felt that the now-vacant flat could rent for more than it was previously achieving as they had been a long-term, reliable tenant thus the rent had not been increased in line with the market. The premises will be sold with a vacant shop, and one vacant studio flat, but the flat to the front will still be occupied. Currently the Council Tax is paid by the landlord for the studio flat, which is let at £629 per month (£7,548 per annum).
Terms
Offers are invited in the region of £249,000 for the benefit of the Freehold of the property OR alternatively to rent the shop and the flat at the rear of the property, at £13,500 per annum. If the rental option is chosen, then it will benefit from the garden.
Uniform Business Rate
Rateable Value: £3,300
2024/2025: 54.6p 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
Council Tax Band
The flats are both in Council Tax Band A
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 301 434. E: gchambers@gullyhoward.com or mwilliams@gullyhoward.com
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