Land for sale

High Street, Ryde, Isle of Wight

Sold STC £475,000

Property Description

Key features

  • Fabulous Development Opportunity
  • NEW to market
  • Planning permission for 16 x 2 bedroom apartments, some with far reaching views
  • Walking distance to town and transport links to Portsmouth
  • Town location
  • TCP/17559/H P/00815/15
  • Current rental yield in excess of £3000 per calendar month
  • watersideproperties.com
  • Available for viewings and free valuations 7 days a week

Full description

Tenure: Leasehold

DEVELOPMENT OPPORTUNITY A GREAT OPPORTUNITY NOT TO BE MISSED

Full details can be seen on the Isle of Wight Council planning website with the planning number TCP/17559/H P/00815/15.
Planning Consent has been granted by the Isle of Wight Council dated 8th January 2016, for demolition of building: outline for three storey building to form sixteen flats with accommodation provided within roof space (revised scheme), subject to conditions. There is huge demand for rental properties in Ryde and the rental potential for each apartment, dependent on the rental market could be £550- £625 per calendar month.


This detached block comprises three inter-connected shops and a car repair garage on the ground floor. There are three two-bedroom flats, one one-bedroom flat and a bedsit on the upper floors, all of which at present are producing a healthy investment income. However, this is an area of the town which is increasingly moving away from secondary retail occupancy and becoming a residential area. Planning Consent has now been obtained for the demolition of the entire block and replacement with sixteen two-bedroom flats, which are considered ideal for re-sale into the local marketplace, or for retention for their income-producing potential.

Commercial

91-93 High Street
The three inter-connected shop units are let as one unit on a licence (no written agreement in place) at a current rental of £600 per calendar month.

Car Repair Garage
Let on a one year lease, expiring on 6th June 2016, at a rental of £400 per calendar month.

Residential
Flat 1
Two bedroom flat let on an Assured Shorthold Tenancy Agreement at a current rental of £515 per calendar month.
Flat 2
Two bedroom flat let on an Assured Shorthold Tenancy Agreement at a current rental of £515 per calendar month.
Flat 3
Two bedroom flat let on an Assured Shorthold Tenancy Agreement at a current rental of £515 per calendar month.
Flat 4
One bedroom flat let on an Assured Shorthold Tenancy Agreement at a current rental of £385 per calendar month.
Bedsit
Let on an Assured Shorthold Tenancy Agreement at a current rental of £50 per week.


We are advised by our vendors that they have already entered into the Section 106 Agreement required under the Planning Consent and the property is being offered free of all financial obligations with the Isle of Wight Council.

Tenure
Leasehold titles with part freehold.

Residential EPC: G

Commercial EPC: C

The development is in an area which is within walking distance to the town and it's shops, bars and restaurants, and local transport links to the local area and across to Portsmouth on the mainland.





 


Listing History

Added on Rightmove:
15 January 2016

Nearest stations

  • Ryde St. Johns Road (0.3 mi)
  • Ryde Esplanade (0.6 mi)
  • Ryde Pier Head (1.0 mi)
Distances are straight line measurements from centre of postcode

Nearest schools

Use the school checker

To view this property or request more details, contact:

Waterside Properties, Isle of Wight

70a High Street, Cowes, Isle of Wight, PO31 7RE

01983 646026 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

Floorplans


To view this property or request more details, contact:

Waterside Properties, Isle of Wight

70a High Street, Cowes, Isle of Wight, PO31 7RE

01983 646026 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

Map & Street View

Nearest stations

  • Ryde St. Johns Road (0.3 mi)
  • Ryde Esplanade (0.6 mi)
  • Ryde Pier Head (1.0 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

Waterside Properties, Isle of Wight

70a High Street, Cowes, Isle of Wight, PO31 7RE

01983 646026 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

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