St. Thomas' Square, Newport, PO30 1SN

Residential for sale

£550,000


A great opportunity to purchase an investment unit in St Thomas Square, Newport.

LOCATION
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.
DESCRIPTION
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.

Ground Floor

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.

First Floor

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.

Second Floor

Flat 3 - 2 bedroom apartment offering approximately 83 sq m (893 sq ft) overall.

Income Schedule

Commercial

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.

Residential

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%.
TERMS
Our client is seeking offers in the region of £550,000 for this freehold investment.
OUTGOINGS
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.

Council Tax

Flat 1 - Band A

Flat 2 - Band A

Flat 3 - Band B
LEGAL COSTS
Each party is to be responsible for their own legal fees.
VIEWING
All viewings to be undertaken via the Commercial office. Please contact 01983 527727 to arrange a viewing.

Agents Notes Our description of any appliances and/or services (including any central heating system) should not be taken as any guarantee that these are in working order. None of the statements contained in these particulars as to this property are to be relied upon as statements or representation of fact nor is it intended to form any part of any contract.

Especially if travelling long distances, if there is any point of particular importance, please contact the office who will be pleased to clarify the information.

Floor plans are a schematic and are for guidance only. All measurements are approximate. Please note that if our photographs depict the property in a furnished condition, on completion all furnishings will be removed unless specifically mentioned elsewhere as being included in the sale.

Click to See Full Description
Show Less
Here to Help

Mark Rhodes

Director

Lisa Mercer

Manager

Rhys King

Surveyor

Janet Morter

Negotiator

Laurie Calloway

Property Consultant

Edwina Grist

Administration

Tel: 01983 527727 Email Us: commercial@hrdiw.co.uk