Totland Bay, Isle of Wight, PO39 0BJ

Residential Conversion for sale

£550,000


Great opportunity to purchase an investment property in Totland, a lovely village to the West of the Island.

LOCATION
Situated in the Village of Totland is this large semi detached property. Totland is a village located to the West of the Island and has a population circa 2900 (2011 census). The village offers a convenience store, a selection of boutique shops and beautiful beaches at Totland Bay.

The neighbouring town of Freshwater is a 5 minute drive and offers further shopping amenities with multi nationals and local vendors alike.

The popular coastal town of Yarmouth is only 3 miles distant and has the Wightlink port offering ferries to the mainland via Lymington together with a large marina with berthing facilities.
DESCRIPTION
Offered for sale is Egan House, a large corner property with tenancies in place.

The property, previously a public house, was granted planning permission in August 2015 for conversion of the premises to residential accommodation for 4 x apartments to the first and second floors, a ground floor apartment plus 2 commercial units.

The 4 x apartments to the first and second floors (2 x 1 beds and 2 x 2 beds) have been converted to a very high standard, 1 x ground floor commercial unit is currently trading as the post office and 1 x commercial unit and the ground floor apartment are yet to be finished.

Accommodation as follows:

Ground Floor

Commercial unit 1 - currently trading as the Post Office. There will be a new lease issued at an income of £3,600pa. this space offers circa 22 sq meters (236 sq ft).

Commercial Unit 2 - This commercial unit is still to be separated from the property behind but planning permission allows for conversion offering approximately 22 sq m (236 sq ft) overall.

Apartment 5 - Awaiting conversion to a 1 bedroom apartment with open plan living room kitchen with private courtyard garden. Approximate sizes as follows - Living Room/Kitchen 16'6" x 15' (5m x 4.5m), Bedroom 16' x 9'9" (4.8m x 2.9m), Shower Room.

First Floor

Apartment 1 - Living Room/Kitchen 14'9" x 16'1" (4.5m x 4.9m), Bedroom 16'1" x 9'10" (4.9m x 3m), Bathroom.

Apartment 2 - Living Room/Kitchen 16'1" x 16'2" (4.91m x 4.93m), Bedroom 1 16'2" x 9'9") 4.93m x 2.96m), Bedroom 2 11'10" x 6' (3.6m x 1.8m), Bathroom.

Second Floor

Apartment 3 Living Room/Kitchen 16'2" x 16'1" (4.93m x 4.91m), Bedroom 1 16'2" x 9'9" (4.93m x 4.91m), Bedroom 2 11'10" x 6' (3.6m x 1.8m), Bathroom.

Apartment 4 Living Room/Kitchen 16'1" x 15'4" (4.98m x 4.6m), Bedroom 16'4" x 10'3" (4.9m x 3.1m), Bathroom.

There is a lovely bright communal hallway serving all residential areas, the hallway houses a storage cupboard and water meters.


SERVICES
The property has electric, water and drainage.
TERMS
Our client is asking £550,000 for this fantastic freehold opportunity. The current rental income is £29,280 but once the conversion of Apartment 5 and the ground floor commercial unit have been completed the rental income could increase to circa £41,000pa.
OUTGOINGS
The rateable value for the occupied ground floor unit is £1,850, rates payable would be circa £940, this figure would be eligible for small business rates relief.

Each occupied apartment is rated for council tax, currently Band A.
PLANNING
Planning permission was granted in August 2015 under application reference P/00529/15 - TCP/02230/F for the conversion to residential and commercial to the ground floors and August 2017 TCP/02230/G, P/00397/17 for further changes to the ground floor. Copies can be viewed at iwight.com.
VIEWING
All viewings to be arranged and accompanied by HRD Commercial. Due to the tenancies in place viewings will need to be booked at least 24 hours in advance. Please contact 01983 527727 to arrange.

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.

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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