LOCATION
The property is situated on the main high street with both national and independent retailers in close proximity, including The Body Shop, Poundland, Clarkes and B&M Stores.
Newport town centre is situated on the Isle of Wight, Hampshire, with good road connections across the Island and links to the ports connecting with Southampton and Portsmouth.
DESCRIPTION
The property has flexibility to provide one good sized ground floor retail unit or two smaller self-contained lock up shops benefitting from a prominent frontage on to the High Street.
In addition, there is ancillary space on the first floor, which is available by negotiation. The freeholder will retain any upper parts not required by a retail occupier. If a lease is required for the ground floor only of the unit, it will initially benefit from the use of toilet and staff kitchen located on the first floor.
The following are the approximate dimensions and areas from architects’ plans:
| Sq M | Sq Ft | |
| Unit 1 | 25.6 | 275 |
| Unit 2 | 47.7 | 513 |
| Combined Units 1 & 2 | 76.7 | 825 |
TERMS
We are instructed to market these retail unit(s) on a new effective full repairing lease for a term to be agreed at the commencing rental: £10,000 pax for Unit 1 and £12,000 for Unit 2. A service charge of the fair proportion of the building and insurance will be payable.
Alternatively, offers for the freehold comprising retail with uppers would be considered.
OUTGOINGS
Rateable Value:
Shop: £55,000 (Source: VOA) Shop to be re-assessed.
EPC RATING
C (75)
LEGAL COSTS
Each party to be responsible for their own legal costs incurred in this transaction.
