Property description
SITUATION
An opportunity to purchase a commercial property with residential above located in the popular Shanklin High Street with neighbouring businesses including Fine Nammet and award wining Morgans Restaurant, Natwest Bank and other boutique stores.
DESCRIPTION
Retail: A well presented ground floor unit with storeroom, yard with rear access, kitchen and WC. Currently with A1 use and let for £6,000 pa.
Office Space known as 1 Orchardleigh Road: To the rear of the property and independently accessed from Orchardleigh Road is an office suite currently let for £4,200 pa.
Residential known as 31a High Street: a 2 bedroom first floor flat with separate access let for £5,200 pa.
Total initial income £15,400 per annum.
TERMS
Our client is seeking offers in the region of £225,000 for the freehold interest, with the benefit of the tenancies in place, which reflects a net initial yield of 6.8%.
RATES
Council Tax Band A
Business rates Retail £8,100,
Property Features :
- Retail Unit with Residential Over