About this property
A great opportunity to purchase an investment property in Freshwater.
Situated in Freshwater a large village situated to the West of the Island with a population of circa 5000 (2011 census.) The village is a popular location for locals and tourists alike, due to the many amenities including a sports centre, library, doctors and churches, as well as a mix of boutique and local stores.
Situated on Avenue Road amongst independent and national retailers, this property is located in a prominent spot, benefiting from a high footfall all year round.
Offered for sale is this investment opportunity consisting of ground floor retail currently trading as The Sugar Loaf and the first-floor office space with planning permission to convert to residential.
The ground floor tenant has traded in this property for many years and has just signed a new 5-year lease to from April 2023. The current rent passing is £7,500pa.
The first-floor offices are currently vacant and benefit from planning permission granted in July 2023 for conversion to a two bedroom apartment, however, the vendor is still open to a new commercial tenant being sought.
Entrance to the first-floor offices is from Avenue Road. Stairs leading to first floor. Four office spaces, two having windows to the front of the building. Kitchenette housing the gas fired boiler, there are radiators in all of the offices. Ladies and gents WC. These first-floor offices could be converted to a residential unit subject to the relevant planning consents.
The ground floor is currently occupied by the Sugar Loaf café. The main area of the unit houses seating for customers along with a serving counter. Kitchen with range of equipment including extraction. Storage and WC. Door to outside courtyard area. This area can be accessed via a side entrance leading from Avenue Road.
The property benefits from mains electricity, water and drainage.
Our client is asking £197,500 for this freehold investment opportunity.
The VOA shows a rateable value of £6,600. Using the current UBR the rates payable would be circa £3,293.40 without any applicable rates relief.
Planning permission was granted in July 2023 for conversion of the first floor to a two bedroom apartment. Plans and permission can be viewed at iwight.com/planning, reference no. 23/00476/FUL.
All viewings to be arranged via HRD Commercial. Please contact on 01983 527727.