The Cranbourn Rest, 61 St. James Street

LOCATION
A very well known property located in a popular and buoyant area on St James Street, Newport. A great location for independent and boutique retailers, neighbouring businesses include Love Running, Forget Me Not, Tamarind and St James Clinic.

The major draw for this part of town is the on street parking and easy access to the bus station and town centre.

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 2021 Census shows a population of circa 25,400.

DESCRIPTION
Offered for sale is 61 St James Street, a semi-detached Grade II Listed character property of traditional brick construction, arranged over three floors, incorporating a single-storey side extension.

There is a substantial yard to the rear providing parking for several vehicles.

Dating back to the 19th Century, this property retains many original features whilst being modernised throughout the years.

The ground floor accommodates a combination of customer-facing and non-customer-facing areas.

The first floor provides office and storage accommodation, together with WC facilities, while the second floor is utilised for additional storage.

The property is currently let on a 15-year lease from January 2015 to Southern Co-operative Ltd at a current passing rent of £16,624 per annum.

The lease provides for 5 yearly RPI -linked rent reviews. The Tenant will also have the option to renew on expiry of the lease.

SERVICES
The property benefits from mains gas, electricity, water and drainage.

TERMS
Our client is asking Guide Price £180,000 for this freehold investment opportunity.

PARKING NOTES
The property benefits from parking to the rear for approximately 4 vehicles.

VIEWING
All viewings to be arranged via HRD Commercial.