Freehold Retail and Residential Development Opportunity with Planning Permission to convert Upper Floors to Residential
Vacant Property with Planning Permission to convert Upper Floors to Residential (1x 1 bed and 1x 2 bed flat)
Approximately 2,854 sq ft
Property previously let at £70,000 p.a.x.
Nearby occupiers including B&M, Boots the Chemist, Superdrug, Pandora, McDonalds, Costa Coffee, JD Sports, Sports Direct, Clarks and Waterstones
Would suit Owner Occupiers, Developers or Investors
VAT free opportunity
Lot 37
Auction 30th March 2023
Vacant Possession
Status Withdrawn Prior
Price
Sector High Street Retail, Residential, Development
Auction Venue Live Streamed Auction
Property Information
Location
Miles
5 miles south of Cowes,15 miles south-west of Portsmouth
Roads
A3, A3054, M27, M275
Rail
Ryde Esplanade, Ryde St Johns Road
Air
Isle of Wight Airport, Southampton Airport
Situation
Newport, a historic market town, is the principal commercial and retail centre for the Isle of Wight. The property is situated in a prominent position on High Street and benefits from nearby occupiers including B&M, Boots the Chemist, Superdrug, Pandora, McDonalds, Costa Coffee, JD Sports, Sports Direct, Clarks and Waterstones.
Tenure
Freehold.
Location
Miles
5 miles south of Cowes,15 miles south-west of Portsmouth
Roads
A3, A3054, M27, M275
Rail
Ryde Esplanade, Ryde St Johns Road
Air
Isle of Wight Airport, Southampton Airport
Situation
Newport, a historic market town, is the principal commercial and retail centre for the Isle of Wight. The property is situated in a prominent position on High Street and benefits from nearby occupiers including B&M, Boots the Chemist, Superdrug, Pandora, McDonalds, Costa Coffee, JD Sports, Sports Direct, Clarks and Waterstones.
Tenure
Freehold.
Description
The property comprises a vacant shop and ancillary accommodation arranged on the ground, first and second floors.
VAT
VAT is not applicable to this lot.
Planning
Full Planning Permission was granted in January 2022 to convert current ancillary accommodation on the first and second floors to 2x 2 bed self-contained residential flats (1x 1 bed and 1x 2 bed). All enquiries should be made with Isle of Wight Council (www.iow.gov.uk) (Tel: 01983 821000) (Ref number: 21/00524/FUL)
Completion Period
Six Week Completion
EPC
Band D
Description
The property comprises a vacant shop and ancillary accommodation arranged on the ground, first and second floors.
VAT
VAT is not applicable to this lot.
Planning
Full Planning Permission was granted in January 2022 to convert current ancillary accommodation on the first and second floors to 2x 2 bed self-contained residential flats (1x 1 bed and 1x 2 bed). All enquiries should be made with Isle of Wight Council (www.iow.gov.uk) (Tel: 01983 821000) (Ref number: 21/00524/FUL)
Completion Period
Six Week Completion
EPC
Band D
Tenancy & Accommodation
Floor
Use
Floor Areas Approx sq m
Floor Areas Approx sq ft
Tenant
Ground First Second
Retail/Ancillary Ancillary Ancillary
109.62 86.11 69.41
(1,180) (927) (747)
VACANT
Total
265.14
(2,854)
If you are the successful bidder, Acuitus requires a separate payment of £1,500+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.
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