3 Ground and Lower Ground Floor Retail Units with First Floor Self Contained Offices and a lock up garage
Tenants Include a health store, a barber shop, a cafe and a financial services provider
Busy Town Centre Location on Part Pedestrianised element of High Street
Popular Tourist Destination
Lot 34
Auction 18th May 2023
Rent £30,300 per Annum
Status Sold
Price £216,000
Sector High Street Retail
Auction Venue Live Streamed Auction
On Behalf of Joint LPA Receivers
Property Information
Location
Miles
6 miles south of Newport
Roads
A3055, A3020
Rail
Shanklin Railway Station
Air
Southampton Airport
Situation
The property is located in the attractive Isle of Wight seaside town of Shanklin. The island has a population of approximately 140,000 people which is substantially increased by the approximate 2.5 million tourists who visit the island annually. The property is situated in a prominent position on the part pedestrianised corner of the High Street (A3055), Western Road and Orchadleigh Road. Nearby occupiers include an eclectic mix of local retailers, cafes and restaurants.
Tenure
Freehold.
Location
Miles
6 miles south of Newport
Roads
A3055, A3020
Rail
Shanklin Railway Station
Air
Southampton Airport
Situation
The property is located in the attractive Isle of Wight seaside town of Shanklin. The island has a population of approximately 140,000 people which is substantially increased by the approximate 2.5 million tourists who visit the island annually. The property is situated in a prominent position on the part pedestrianised corner of the High Street (A3055), Western Road and Orchadleigh Road. Nearby occupiers include an eclectic mix of local retailers, cafes and restaurants.
Tenure
Freehold.
Description
The property, an attractive retail parade, comprises three retail units on the ground floor with ancillary accommodation on the lower ground floor together with self contained office's and one flat on the first floor of 25 High Street (the flat has been sold off on a long lease). In addition, there is a garage and yard to the rear of the property accessed via Orchardleigh Road.
VAT
VAT is applicable to this lot.
Planning
The upper floors of the property may benefit from future conversion for a variety of uses, subject to necessary consents/permissions. Interested Parties are referred to Isle of Wight Council - Tel 01983 823552 - www.iow.gov.uk/environment-and-planning/planning
Note
This property is being marketed for sale on behalf of Joint LPA Receivers and therefore no warranties, representations or guarantees are given or will be given in respect of the information in this brochure or any matter relating to the property, including VAT. Any information provided is provided without liability for any reliance placed on it and the Receivers are acting without personal liability. The Receivers are not bound to accept the highest or any offer.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property, an attractive retail parade, comprises three retail units on the ground floor with ancillary accommodation on the lower ground floor together with self contained office's and one flat on the first floor of 25 High Street (the flat has been sold off on a long lease). In addition, there is a garage and yard to the rear of the property accessed via Orchardleigh Road.
VAT
VAT is applicable to this lot.
Planning
The upper floors of the property may benefit from future conversion for a variety of uses, subject to necessary consents/permissions. Interested Parties are referred to Isle of Wight Council - Tel 01983 823552 - www.iow.gov.uk/environment-and-planning/planning
Note
This property is being marketed for sale on behalf of Joint LPA Receivers and therefore no warranties, representations or guarantees are given or will be given in respect of the information in this brochure or any matter relating to the property, including VAT. Any information provided is provided without liability for any reliance placed on it and the Receivers are acting without personal liability. The Receivers are not bound to accept the highest or any offer.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Address
Floor
Use
Floor Areas Approx sq m
Floor Areas Approx sq ft
Tenant
Term
Rent p.a.
Rent Review
25 High Street
Ground Lower Ground
Retail Ancillary
42.10 38.70
(453) (416)
INDIVIDUALS t/a Shanklin Heath Store
25 years from 09/10/2006 expiring 08/10/2031
£9,600
09/10/2026
25a High Street
First
Residential
-
-
INDIVIDUALS
999 years from 04/04/1973
-
27 High Street
Ground Lower Ground
Retail Ancillary
37.40 22.58
(402) (243)
INDIVIDUAL t/a The Barber Club
5 years from 25/03/2020
£6,500
27-29 High Street
First
Office
75.28
(810)
VECTIS FINANCIAL SERVICES
5 years from 25/03/2020
£5,000
29 High Street
Ground
Retail
46.30
(498)
INDIVIDUALS t/a Copper Kettle Cafe
5 years from 15/01/2007 expiring 14/01/2032
£8,000
15/01/2025 and 3 yearly
Garage to Rear of 27 High Street
Garage
INDIVIDUALS
Informal Agreement
£1,200
Total Approximate Floor Area
262.36
(2,822) (1)
£30,300
(1) The floor area stated above are those published by the Valuation Office Agency (www.voa.gov.uk).
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.
