LOCATION
The property is located towards the bottom of the ever-popular Union Street, close to the recently redeveloped promenade and bus interchange. This is a high footfall area of Ryde, being between the mainland links and the amenities of the town centre.
Ryde has an immediate population of around 25,000, considerably boosted by the influx of summer tourists as well as day-trippers via fast passenger catamaran and Hovercraft links from Portsmouth and Southsea. The town boasts a 24,000 ft² Co-Operative supermarket in addition to Peacocks, WH Smith, Costa Coffee, The Card Factory, Specsavers, Superdrug, The Works, Poundland, J D Wetherspoon and Dominos.
The town has benefitted recently from restoration works to many of its Victorian buildings and now presents as a smart and lively shopping area.
DESCRIPTION
Building consisting of Ground Floor retail, plus basement as well as 5 other flats each sold off on long leaseholds. The shop currently uses part of the basement, but this is not formally part of its lease. Please see floor plans for further details.
The Lease
The shop is held on a new 7-year Full Repairing and Insuring Lease at £12,000 per annum with rent reviews every 3rd anniversary linked to RPI and capped at 4%. There is a tenant’s option to break at 3.5 years with 6 months prior notice of the break to be given.
TERMS
Offers in the region of £125,000 for the freehold of the building. Lower ground floor flat available by separate negotiation.
OUTGOINGS
Rateable Value: £10,500 2024/2025: 54.6p without small business relief. Interested parties should make their own enquiries of the Isle of Wight Council to confirm any rate liability or rate concession that may be applicable by telephoning Business Rates on 01983 821000
VIEWING
Strictly by appointment with sole agents. Call Lisa Mercer or Charlie Dickson on 01983 527727 or email commercial@hrdiw.co.uk
UNDER NO CIRCUMSTANCES SHOULD ANY DIRECT APPROACH BE MADE TO THE PREMISES AS THEY WILL BE UNABLE TO ASSIST WITH ANY ENQUIRIES
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