Key features
- Overlooking Coppins Bridge roundabout in a highly visible and prominent location
- Both floors held on the residue of 7-year leases which both reach the end of their current terms on 30th April 2027. Total gross rent £22,000* pa
- Building comprises two separately let offices on the Ground, and First Floors, with each floor running to approximately 54.2m² (584ft²)
- Offers are invited “in the region of” £195,000 for the freehold interest of the premises
LOCATION
Occupying a prominent position overlooking the most important traffic interchange on the Isle of Wight, 4 East Street offers office space for Island businesses in Newport town centre, with high visibility and allocated parking. . Newport is the Island's county town and undoubted commercial centre. The immediate population is around 25,000 and an adjusted catchment is often quoted as being in excess of 60,000 when Newport operates as the comparison shopping centre for the entire Island population of around 130,000. Continued investment in the town ensures its importance as a retail/leisure centre progresses.
DESCRIPTION
Two office suites on the Ground and First floor, both running to approximately 54.2m² (584ft²). Both offices present well and benefit from off-street parking facilities, and each office has its own separate entrance.
THE LEASES
Both leases are 7-year terms commencing 30th April 2020 (expiring in April 2027), held on internal repairing and insuring obligations. The current passing rent for the Ground floor is £10,000 per annum, and the passing rent for the First Floor is £12,000* per annum. *It must be noted, though, that the current First Floor tenant pays the utility bills for the property, thus a realistic net rent would likely be in the region of £9,500 to £10,000 per annum. This is due to the fact that the directors of Character Inns, who hold the lease, currently own the premises.
TERMS
Offers are invited “in the region” of £195,000 for the freehold of the property.
UNIFORM BUSINESS RATE
Rateable Value: £7,100 (Ground Floor), £5,000 (First Floor)
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
PLEASE DO NOT MAKE ANY APPROACH TO THE PROPERTY DIRECTLY, AS THEY WILL BE UNABLE TO ASSIST
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