This landmark town centre building is situated in the resort town of Ryde on the northeast coast of the Isle of Wight facing Portsmouth and with regular ferry and hovercraft services to the mainland. The commercial income is generated from a telecommunications masts with the cinema and bingo hall let under leases at a peppercorn ground rent.
Tenure The site is held under the terms of three ground leases, although there is no record of ground rent having been demanded for many years. Lease 1 Period of 899-years from 6th January 1872 at a fixed rent of 15 per annum.
Lease 2 Period of 2000-years from 6th April 1904 at a fixed rent of 7 and 8 shillings per annum.
Lease 3 Period of 2000-years (less one day) from 3rd February 1922 at a fixed rent of 23 and 11 shillings per annum. We are advised by the seller that at present they are paying 59.50 per annum ground rent.
Cinema Let on a lease from 21st January 2004 to 8th November 2124 at a peppercorn ground rent.
Bingo Hall Let on a 125-year lease from 9th November 1999 at a peppercorn ground rent.
Incoming Producing Mast 1 Let to CTIL under the terms of a lease expiring on 31st July 2028 at a current rental of 16,760.91 per annum.
Mast 2 Let to Airwave Solutions Limited under the terms of a lease with an expiry date of 18th September 2015 at a current rental of 11,019.28 per annum.
Mast 3 Let to MBNL under the terms of a lease at a current rental of 7,741.07. We are advised that MBNL have served a Notice to Terminate with their occupation expiring on 7th April 2027.
Viewing External only.
Auctioneer's Note The main photograph shows the cinema and bingo hall to the left, right and to the rear of the cottages which are not included in the sale.
EPC Rating D (84). Total Floor Area 1,055 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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