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Commercial Property for sale

St. James Street, Newport

£495,000

Property Description

Full description

Tenure: Freehold

LOCATION
The property occupies a prominent position in Newport town on a busy pedestrian route close to the central bus station for the Island. Nearby businesses include Next, The Co-operative, TK Maxx, McDonald's and more.

Newport is the principle town of the Island and offers amenities including 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.

DESCRIPTION
The accommodation consists of:

Ground Floor Retail (29 St. James Street)-

The ground floor retail space is currently let to a multinational occupier 'Game', on a new 5 year lease at £27,500 per annum. The overall occupied space is circa 192sqm (2066sqft).

First/Second Floor Retail (29b St. James Street) -

The first and second floor of the property also has the capacity for retail. This space is currently let to 'Zen Hair and Beauty' on a new 10 year lease at £8,000 per annum. The overall occupied space is circa 204sqm (2195sqft).

First floor accommodation (29a St. James Street) -

The accommodation comprises living room, kitchen/diner, bathroom, two double bedrooms, separate WC. The current income is £6,000 per annum.

Second floor accommodation (29a St. James Street) -

The accommodation comprises living room, kitchen, double bedroom, bathroom and separate WC. The current income is £3,600 per annum.

Total annual income, £45,100 generating a net initial yield circa 9%.

TERMS
Our client is asking for £495,000 for this freehold property with the benefit of the current tenancies in place. The current income for the property shows a net initial yield of circa 9%.

VIEWING
All viewings to be arranged via HRD Commercial. Please contact .


More information from this agent

Nearest station

  • Smallbrook Junction (6.2 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

Hose Rhodes Dickson, Newport

138 High Street, Newport, PO30 1TY

01983 646067 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 station

  • Smallbrook Junction (6.2 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

Hose Rhodes Dickson, Newport

138 High Street, Newport, PO30 1TY

01983 646067 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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