Occupying a landmark corner location fronting Regent Street, the main commercial thoroughfare in the town of Shanklin, the building traded for many years as the well known Sports and Model shop.
The majority of the building is now to be occupied by a local pharmacy business who have out-grown their current premises and who have committed to a 30 year commercial lease, with significant exit penalties. The tenants are, at present, undertaking a programme of upgrading and refurbishment prior to the commencement of trading.
The lot also includes the freehold interest in a residential flat, which has been sold off under the terms of a long leasehold agreement. We are further advised that the bathroom of another residential dwelling, in an adjacent building, also falls within the Title. Prospective purchasers are urged to seek clarification via the legal documentation.
Tenancy Ground Floor and majority of the First Floor Let on a Commercial Lease for a term of 30 years from 1st June 2023 at a current rental of 35,000 per annum.
Tenure Flat A - 70 to 74 Regent Street First Floor Sold under the terms of a 999 year lease from 18th February 2022.
Flat B - 68 Regent Street Ground Floor Sold under the terms of 999 year lease from 22nd March 2023.
EPC Rating D (88). Total Floor Area 292 sq.m.
Commercial EPC: D
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.
Price Information *Guides are provided as an indication of each Seller's minimum expectation. They are not necessarily figures at which a property will sell for and may change at any time prior to Auction. Unless stated otherwise, each Lot will be offered subject to a reserve (a figure below which the Auctioneer cannot sell the Lot during the Auction). We expect the reserve will be set within the guide range or no more than 10% above a single figure guide. Please check our website regularly at www.cliveemson.co.uk, or contact us on 01622 608400, in order to stay fully informed with the up-to-date information.
*An Administration fee and Other non-optional fees may also be payable in addition to the bid price. All lots are offered subject to the Common Auction Conditions and Special Conditions of Sale or Revised Special Conditions of Sale (as applicable) and may include the repayment of search and other fees and or costs payable by the buyer. All buyers are advised to inspect all available legal documentation prior to bidding and will be deemed to fully understand what they may be liable for if they are successful in purchasing. This should also include Stamp Duty, Land Registry fees and VAT which may become payable on completion in line with any property transaction, whether it is by auction or private treaty. If, as a buyer, you are in doubt you should seek advice from your own professional advisors. For more information on fees please go to www.cliveemson.co.uk/buyers-fees/
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