Retail premises for sale in Pier Street, Ventnor PO38

Fixed price £450,000 (£151.41/sq. ft)
Retail premises for sale 2,972 sq. ft*

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25-27 Pier Street, Ventnor, Isle Of Wight, Po38 1Sx

Interested in this property? Call +44 20 3641 9157 * or Request Details

* Calls to this number will be recorded for quality, compliance and training purposes.

Property features

  • Freehold Shops and Residential Investment
  • Comprises three shops on the ground floor, with four flats on the upper floors
  • Ideal investement for its ongoing income-producing potential
  • VAT is not applicable to this property
  • Situated south of St Boniface Down, leading down to the sea

Property description

Investment Consideration:
Gross Initial Yield: 8.10%
Rental Income: £36,440 p.a.
VAT is not applicable to this property.
The property is considered ideal for addition to an investment portfolio for its ongoing income-producing potential.
Comprises three shops on the ground floor, with four flats on the upper floors.
Situated south of St Boniface Down, and built on steep slopes leading down to the sea.

Property Description:
The property comprises three shops on the ground floor, with four flats on the upper floors. Two of the shop units are at present inter-connected and let singularly. Three of the flats are one-bedroom units, while the fourth has two bedrooms.

The property provides the following accommodation and dimensions:
No. 25A Pier Street (Ground Floor)
36.6 sq m (394 sq ft)

No. 25A Pier Street (First Floor Flat)
Comprises Living room, kitchen, bedroom and bathroom with W.C.
44.0 sq m (473 sq ft)

No. 25 & 27 Pier Street (Ground Floor & Basement)
54.8 sq m (589 sq ft)

No. 27A Pier Street (First Floor Flat)
Comprises Living room, kitchen, bedroom and shower room with WC
40.0 sq m (430 sq ft)

No. 25B Pier Street (Second Floor Flat)
Comprises Landing, living room, kitchen, two bedrooms and bathroom with WC
56.0 sq m (602 sq ft)

No. 27B Pier Street (Second Floor Flat)
Comprises Living room, kitchen, bedroom, cloakroom with WC and shower room (no WC)
45.0 sq m (484 sq ft)

Tenancy:
Shop No. 25A is at present let to an Individual for a term of 3 years from 13th March 2018 at a current rent of £4,940 per annum and the lease contains full repairing and insuring covenants. Rent deposit is held of £1,235.

Shop No. 25 & 27 is at present let to an Individual t/a Wood & Handycrafts for a term of 5 years from 19th February 2018 at a current rent of £6,600 per annum and the lease contains full repairing and insuring covenants. The tenant did not exercise the break clause in 2020 and rent deposit is held of £1,000.

The first floor residential flat No. 25A is at present let on an AST to an individual for a term of 6 months from 30th November 2015 (Holding Over) at a current rent of £5,940 per annum. Rent deposit held of £685.

The first floor residential flat No. 27A is at present let on an AST to an individual for a term of 6 months from 30th November 2015 (Holding Over) at a current rent of £6,000 per annum. Rent deposit held of £500.

The second floor residential flat No. 25B is at present let on an AST to an individual for a term of 2 months from 15th February 2016 (Holding Over) at a current rent of £6,960 per annum. Rent deposit held of £665.

The second floor residential flat No. 27B is at present let on an AST to an individual for a term of 3 months from 20th March 2016 (Holding Over) at a current rent of £6,000 per annum. Rent deposit held of £565.

Location:
Ventnor is a seaside resort on the south-east coast of the Isle of Wight, England, 11 miles (18 km) from Newport. It is situated south of St Boniface Down and built on steep slopes leading down to the sea. The population is approximately 5,800.

Property info

* Sizes listed are approximate. Please contact the agent to confirm actual size.

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For more information about this property, please contact
Blue Alpine Partners, SW1P on +44 20 3641 9157 * (local rate)

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Property descriptions and related information displayed on this page, with the exclusion of Running Costs data, are marketing materials provided by Blue Alpine Partners, and do not constitute property particulars. Please contact Blue Alpine Partners for full details and further information. The Running Costs data displayed on this page are provided by PrimeLocation to give an indication of potential running costs based on various data sources. PrimeLocation does not warrant or accept any responsibility for the accuracy or completeness of the property descriptions, related information or Running Costs data provided here.

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