This three-storey freehold building is situated in the very heart of Newport, the county town of the Island, in a prime retail location, opposite the busy Tesco Express. Formerly a larger commercial unit the property has been delisted for business rating purposes and the ground floor space has been converted to provide two smaller shops to meet with modern shopping trends. Both units are offered in shell state ready for a final fit out prior to occupation.
Separate pedestrian access has been created to the upper floors and planning consent has been obtained and commenced for conversion with a larger two-bedroom flat on the first floor and two smaller one-bedroom units on the second floor with the top floor flats each having a small roof terrace garden.
Once the conversion works are completed, it is considered that the building is likely to provide a significant rent roll when fully occupied.
Prospective purchasers may, of course, wish to consider re-sale of the completed residential units into the local marketplace as an alternative strategy.
Ground Floor Two independent retail units, both in shell stage ready for final fit out. First Floor Stripped back to provide a large open space. Second Floor Stripped back to provide a large open space.
EPC Rating C (75). Total Floor Area 271 sq.m.
Planning Planning Permission has been granted by Isle of Wight Council under two separate applications. Under reference: 21/00524/FUL dated 19th January 2022 for Change of Use at first and second floors from current ancillary retail to residential to provide self-contained two bedroom flat on the first floor and self-contained one-bedroom flat plus roof terrace on the second floor, ground floor refuse storage and second floor external plant space for the retained resale use: proposed replacement windows and doors at front and rear, infilling of existing window and formation of new door opening at second floor level to provide plant access; alteration to shop front to provide a new pair of doors; replacement railings and provision of acoustic screen, subject to conditions.
Additionally under reference: 24/01399/FUL dated 29th November 2024 for proposed internal and external alterations and change of use of second floor level from ancillary retail to two self-contained residential units, with associated outdoor amenity space to include external area for plant associated with the retail use at ground floor level, subject to conditions. Copies of the Planning Consents and accompanying plans can be downloaded along with the legal documentation for the lot from the Clive Emson website or from the Local Planning Authority: iow.gov.uk Tel: 01983 823552.
Proposed Accommodation First Floor Flat Entrance hall, living room/kitchen, two bedrooms, bathroom with W.C., cloakroom with W.C. Second Floor Flat 1 Living room/kitchen, bedroom, shower room with W.C. Flat 2 Living room/kitchen, bedroom, shower room with W.C. Outside Each flat on the second floor will have a roof terrace/garden.
Freehold with Vacant Possession
Commercial EPC: C
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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