166/167 High Street & 12 John Street Ryde Isle of Wight PO33 2HW

166/167 High Street & 12 John Street
Ryde
Isle of Wight
PO33 2HW

Freehold Retail and Residential Investment

Majority let to Mountain Warehouse on a new 10 year lease (subject to option) (2)
Prime pedestrianised High Street location in popular seaside tourist resort
Approximately 10 minutes crossing time to Portsmouth via hovercraft
Nearby occupiers include Boots the Chemist, New Look, Costa Coffee, Betfred and WH Smith

Lot
57
Auction
19th October 2017
Rent
£40,250 per Annum Exclusive
Status
Withdrawn Prior
Price
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG
On Behalf of a Major Fund Manager

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Freehold Retail and Residential Investment

Majority let to Mountain Warehouse on a new 10 year lease (subject to option) (2)
Prime pedestrianised High Street location in popular seaside tourist resort
Approximately 10 minutes crossing time to Portsmouth via hovercraft
Nearby occupiers include Boots the Chemist, New Look, Costa Coffee, Betfred and WH Smith

Lot 57
Auction 19th October 2017
Rent £40,250 per Annum Exclusive
Status Withdrawn Prior
Price
Sector
High Street Retail
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG
On Behalf of a Major Fund Manager

Property Information

Location

Miles: 8 miles east of Cowes, 10 miles south of Portsmouth
Roads: A3054, A3, M275, M27
Rail: Ryde Esplanade, Ryde St Johns Road
Air: Gatwick International Airport, Southampton Airport

Situation

The property is situated in a prominent position on the western side of the pedestrianised High Street. Nearby occupiers include Boots, New Look, Costa Coffee, Betfred and WH Smith.

Tenure

Freehold.

Location

Miles: 8 miles east of Cowes, 10 miles south of Portsmouth
Roads: A3054, A3, M275, M27
Rail: Ryde Esplanade, Ryde St Johns Road
Air: Gatwick International Airport, Southampton Airport

Situation

The property is situated in a prominent position on the western side of the pedestrianised High Street. Nearby occupiers include Boots, New Look, Costa Coffee, Betfred and WH Smith.

Tenure

Freehold.

Description

166/167 High Street comprises a ground floor retail unit with ancillary staff and storage accommodation on the first floor. 12 John Street comprises a ground floor retail unit with first floor ancillary accommodation and has been let on a long lease. The second floor of 166 High Street provides self-contained residential accommodation which has been let on a long lease.

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

Unit	Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Review/ (Reversion)
166/167 High Street	Ground First	Retail Ancillary	209.80 sq m 100.20 sq m	(2,258 sq ft) (1,079 sq ft)	MOUNTAIN WAREHOUSE LIMITED (1)	10 years from October 2017 until October 2027 (2)	£40,000	October 2022
Top Floor Flat, 166 High Street	Second	Residential	Not measured		INDIVIDUAL	125 years from 30/11/2012 until 29/11/2137	£250	30/11/2032 and every 20 years
12 John Street	Ground First	Retail Ancillary	Not measured		INDIVIDUALS t/a Premier Convenience Store	999 years 14/03/2012 until 13/03/3011	Peppercorn	(13/03/3011)
Total			310 sq m	(3,337 sq ft)			£40,250

(1) For the year ending 28th February 2016, Mountain Warehouse Limited reported a turnover of £141,403,000, pre-tax profits of £16,246,000 and a total net worth of £49,311,000 (Source: Experian Group 25/04/2017).
(2) The lease is currently in solicitors’ hands and is due to complete imminently. The lease provides a tenant option to determine at the end of the 5th anniversary of the term and an effective 9 months rent free from completion of the lease. The seller has agreed to adjust the completion monies so that the unit will effectively produce £40,000 p.a.x. from completion of the sale.