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Commercial Property for sale

High Street, Newport

Withdrawn from Market £775,000

Property Description

Full description

Tenure: Freehold

Located in Newport this property is in a popular and high footfall area High Street. Neighbouring business include Boots, Superdrug, Bon March, H Samuels & Laura Ashley.

Newport is the principle town of the Isle of Wight and offers good transport links to all areas of the Island. Amenities include St Marys Hospital, various primary and secondary schools, doctors surgeries, churches, cinema and the Isle of Wight County Hall. Various food stores are located throughout the town including Lidl, Asda, Morrisons & Sainsburys. The 2011 Census shows a population of circa 25,500.

A Grade II Listed property set over 3 floors with the benefit of car parking in the centre of the town.

The accommodation comprises:

Ground Floor
Currently utilised as a retail/convenience store and offers approximately 140 sq m of retail space plus staff and office space of 27 sq m.
First & Second Floor
A suite of offices which are occupied by the tenants of the adjoining building with staff areas and access to the rear car park and courtyard space.
Car Park
The car park is accessed via Lugley Street to the rear and from both units at 129 and offers approximately 9 spaces.
Four of these spaces are let to the First and Second Floor tenant, two inside the lease and two at an extra £250.00 each per annum, two are also included in the lease to the ground floor convenience store.
The property is offered with the benefit of the tenancies in place:
Ground Floor is leased for a term of 20 years from 2011 to WS Retail Ltd, trading as Central Convenience Stores. According to their website they are the UKs fastest growing convenience store chain.

The First and Second floors are leased to Stainless Games for a term of 12 years, with a break at 2019.

Total rental income for the whole is £74,500 per annum.

Our client is asking for £775,000 for this freehold property. With the current income this shows a net initial yield of 9.5%.

All viewings to be arranged via HRD Commercial. Please contact 01983 527727.

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