Commercial property for sale in High Street, Ryde PO33

Situated in a prime location fronting Ryde's popular pedestrianised High Street, the lot comprises three commercial premises which are let to wh Smith (who have been in situ since the 2000) and two smaller local companies and producing a very worthwhile rental return overall.

Additionally, Planning Consent has been obtained for residential conversion of the substantial upper parts.

Tenancies
20 High Street
Let under the terms of a Fri commercial lease to wh Smith Retail Holdings Ltd for a term of five years from 24th August 2021 at a current rental of £25,400 plus VAT per annum.

21 High Street
Let under the terms of a Fri commercial lease to Crepe Lovers Ltd for a term of ten years from 30th July 2021 at a current rental of £13,000 plus VAT per annum.

The lease is subject to upwards only rent reviews every third year of the term with the tenants’ only break option at the fifth year.

22 Anglesea Street
Let under the terms of a Fri commercial lease to Good As Gold Beauty for a term of five years from 1st August 2023 at a current rental of £4,750 plus VAT per annum, with an upwards only rent review at the third anniversary.

Tenure
The property is held under the terms of a 999-year lease from 10th September 2000, at a current ground rental of £5 per annum. The lease contains an option to purchase the freehold for £1.00 at any time after the 50th anniversary.

Planning
Planning Permission has been granted by Isle of Wight Council under ref: 21/02244/ful, dated 5th January 2024, for proposed conversion of part of ground floor and first and second floors to five flats, to include first and second floor extension, alterations to building fenestration and shop front, and relocation of existing air conditioning units (revised plans) (revised description) (revised site address) (re advertised application), subject to conditions.

A copy of the Planning Consent and accompanying documents may be downloaded from the Local Planning Authority website: Tel:

Auctioneer’s Note
The parts of the building required for the residential conversion are included in the demise of the commercial leases, but represent an attractive development opportunity, should these areas become available by negotiation or vacant possession.

Development could be implemented as a whole or in three distinct stages as and when possession is gained for each of the relevant parts.

Commercial EPC: C

Important:
All lots are sold subject to the Common Auction Conditions and Special Conditions of Sale (unless varied by the Sellers Solicitors), together with the Addendum, which will be available on the Auction Day.

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Price Information
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