Located in the heart of the centre of the County town of Newport, with the very rare benefit of off-road parking for several cars, this two storey building was originally constructed as a chapel but has more recently been used as offices. The property, which extends to over 3,500 sq.ft. (325 sq.m), is partially let with the rear third of the building currently occupied until May 2025.
It is considered the new owner may wish to extend the lease of the existing occupier with the view that the property may suit continued use as offices, perhaps as a multi let business centre. Alternatively there is the option to obtain vacant possession, we understand the lease does not benefit from a security of tenure, and explore the option to convert to provide residential accommodation, subject to all necessary consents being obtainable.
Accommodation Open plan office accommodation across both floors, with partitioning providing a variety of different size rooms, W.Cs on both floors. The current tenant has access to their portion of the building via a separate rear access.
Tenancy The rear third of the building is currently let under the terms of a short term Commercial Lease until 3rd May 2025 at a current rental of 8,700. We understand the lease does not benefit from a security of tenure. The front two-thirds of the building are vacant.
EPC Rating B (49). Floor Area 410 sq.m.
Auctioneer's Note At the time of publication the Auctioneers have been unable to inspect the rear section of the property.
Local Planning Authority Isle of Wight Council. Tel: 01983 823552. Website: iow.gov.uk.
Freehold with Part Vacant Possession
Commercial EPC: B
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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