Key features
- Located in the centre of Newport High Street over Waterstones book shop and O2 phone shop
- Arranged over 3 floors, and running to approximately 534m² (5,747ft²)
- Substantial office accommodation or could be redeveloped to residential use subject to relevant consents
- Offered for rent, with the 1st floor being £16,000 p.a. and the 2nd and 3rd Floors available separately at £18,000 p.a., or offers in the region of £350,000 for a new virtual freehold (999-yr leasehold) interest
Location
Located in one of the highest footfall areas of Newport, the Isle of Wight's county town. It benefits from being next door to Waterstones, in close proximity to Halifax Bank and adjacent to St James' Square which is the home of 4 major banks and Costa Coffee. Other prominent retailers are in close proximity such as Holland & Barrett, Trespass, Boots, EE, and Clinton Cards. The immediate population of Newport is around 25,000 with a catchment of around 60,000 when operating as the comparison shopping centre for the entire Island population of around 140,000. Continued investment in the town ensures its importance as a retail and leisure centre.
Description
Building split over 3 floors with Ground Floor entrance off Newport High Street running to approximately 534m² (5,747ft²). The First Floor offices, available from November 2023, run to a total of circa 232m² (2,497t²). The Second and Third Floors, available from April 2024, run to a total of circa 302m² (3,250ft²). The premises, as of late, have been used as office accommodation with the First Floor let separately to the second and third floors however it could be easily utilised as on substantial office, or let as two separate elements. Alternatively the building may well lend itself to residential development. It is worth noting that the building is listed. Please see floor plan for further details.
Terms
Offered for sale or rent, with the First Floor office suite being £16,000 per annum, the Second and Third floor offices being £18,000 per annum. The offices could be let as a whole by separate negotiation, or alternatively the property could be purchased, with offers invited “in the region of” £350,000 for a new 999-yr lease (virtual Freehold) of the upper floors.
Uniform Business Rates
Rateable Value: £15,500 + £7,600 (First Floor), £12,000 + £6,000 + £6,200 (Second and Third Floors)
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
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