About this property
A great opportunity to purchase an investment unit in St Thomas Square, Newport.
The property occupies a very busy corner position in Newport town centre, close to St Thomas’ Square and on a main pedestrian route from the High Street to Marks & Spencer. The property sits amongst a mix of popular boutique stores and close to St Thomas’ Church. St Thomas’ Square hosts the weekly farmers market and is a popular destination year round.
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.
Holyrood House is a Grade II Listed property and comprises accommodation over 3 floors with commercial elements to the ground floor and residential to the first and second floors which were refurbished to a high standard in 2017.
Unit 11a – offering approximately 29 sq m (312 sq ft) with attractive bow window to the front overlooking St Thomas Square.
Unit 11b – offering approximately 50 sq m (538 sq ft). With access from St Thomas Square and windows overlooking the square and Pyle Street.
First & Second floors
Accessed via St Thomas Square, there is a communal entrance hall giving access to the first and second floors.
Flat 1 – 1 bedroom apartment offering approximately 62m (667 sq ft) overall.
Flat 2 – 1 bedroom apartment offering approximately 45 sq m (484 sq ft) overall.
Flat 3 – 2 bedroom apartment offering approximately 83 sq m (893 sq ft) overall.
11a – held on a 5 year lease expiring May 2024, with personal guarantee and passing rent of £8,000pa.
11b – held on a 6 year lease expiring January 2024 with a personal guarantee and a passing rent of £12,000pa.
All 3 flats are let on Assured Shorthold Tenancies.
Flat 1 – £595pcm – £7,140pa
Flat 2 – £550pcm – £6,600pa
Flat 3 – £695pcm – £8340pa
Total rental income £42,080pa, giving a net initial yield circa 7.6%.
Our client is seeking offers in the region of £550,000 for this freehold investment.
The VOA shows the business rates as follows:
Unit 11a Rateable Value £7,500. Rates payable circa £3,780pa.
Unit 11b Rateable Value £9,400. Rates payable circa £4,738pa.
The above figures do not include any small business rates relief. Enquiries should be made to the IOW Council – 01983 821000.
Flat 1 – Band A
Flat 2 – Band A
Flat 3 – Band B
Each party is to be responsible for their own legal fees.
All viewings to be undertaken via the Commercial office. Please contact 01983 527727 to arrange a viewing.