About this property
A great investment opportunity in a prime location in Newport town centre.
The property occupies a prominent position in Newport town on a busy pedestrian route close to the central bus station for the Island. Nearby businesses include Next, The Co-operative, TK Maxx, McDonald’s and more.
Newport is the principle town of the Island and offers amenities including St Marys Hospital, various primary and secondary schools, doctors surgeries, churches, cinema and the Isle of Wight County Hall. Various food stores are located throughout the town including Lidl, Asda, Morrisons & Sainsburys. The 2011 Census shows a population of circa 25,500.
The accommodation consists of:
Ground Floor Retail (29 St. James Street)-
The ground floor retail space is currently let to a multinational occupier ‘Game’, who are holding over. The rent agreed with the landlord is 1% of their annual turnover. The overall occupied space is circa 192sqm (2066sqft).
First/Second Floor Retail (29b St. James Street) –
The first and second floor of the property also has the capacity for retail. This space is currently let to ‘Zen Hair and Beauty’ on a new 10 year lease at £8,000 per annum. The overall occupied space is circa 204sqm (2195sqft).
First floor accommodation (29a St. James Street) –
The accommodation comprises living room, kitchen/diner, bathroom, two double bedrooms, separate WC. The current income is £6,000 per annum.
Second floor accommodation (29a St. James Street) –
The accommodation comprises living room, kitchen, double bedroom, bathroom and separate WC. The current income is £3,600 per annum.
Our client is asking for £495,000 for this freehold property with the benefit of the current tenancies in place.
All viewings to be arranged via HRD Commercial. Please contact 01983 527727.