Description
An excellent investment opportunity to acquire the Freehold interest of this commercial building in the heart of Freshwater village.
The property currently comprises two separately accessed commercial units with a good sized shop unit to the ground floor and an office premises to the first floor. There is an enclosed courtyard area to the rear of the building with a gated side access from Avenue Road. A property to the rear of Clifton Buildings enjoys a pedestrian right of way over the courtyard and along the side access to Avenue Road.
The ground floor double fronted shop unit has a popular café business as a tenant with an extended lease until April 2028 and comprises of a main front retail space as well as a separate kitchen area, rear store and a WC.
The first floor office premises is tenanted until April 2023, where a new commercial tenant could be sought. Alternatively, there is fabulous potential for conversion to a residential unit if desired, subject to obtaining any necessary permissions and/or building regulation approval. The office space is currently subdivided into three separate office areas, a reception/office space, an internal storage room, two WCs and a small kitchen space. To the ground floor there is also an additional store room adjacent to the staircase.
Location - Freshwater is the main commercial centre of the West Wight and enjoys a number of popular beaches and bays, together with miles of downland and coastal walks and trails making the area a popular tourist destination, attracting a large number of visitors to the village and surrounding area. The premises is situated in the heart of this thriving West Wight village, along the main commercial street and is adjacent to well established local business and services including a Pharmacy, newsagent, bakery, butchers/fishmongers to name but a few. There is 30 minute restricted public on-road parking directly opposite the premises as well as a longer stay public car park around a hundred yards away.
Cepc Rating - Ground Floor Shop Unit - B
First Floor Office - B
Tenure - Freehold and subject to a lease on both commercial units.
Shop Unit £7500 per annum - Lease until 19th April 2023 with a five year extension of the lease until 19th April 2028 incorporating a 36 month rent review within the five year extension period. P
Office Premises £6000 per annum - Lease until 19th April 2023.
Viewing - Strictly by appointment with the selling agent, Spence Willard.
Important Notice - 1. Particulars: These particulars are not an offer or contract, nor part of one. You should not rely on statements by Spence Willard in the particulars or by word of mouth or in writing ("information") as being factually accurate about the property, its condition or its value. Neither Spence Willard nor any joint agent has any authority to make any representations about the property, and accordingly any information given is entirely without responsibility on the part of the agents, seller(s) or lessor(s).
2. Photos etc: The photographs show only certain parts of the property as they appeared at the time they were taken. Areas, measurements and distances given are approximate only.
3. Regulations etc: Any reference to alterations to, or use of, any part of the property does not mean that any necessary planning, building regulations or other consent has been obtained. A buyer or lessee must find out by inspection or in other ways that these matters have been properly dealt with and that all information is correct.
4. VAT: The VAT position relating to the property may change without notice.
