45 - 48 High Street Ryde Isle of Wight PO33 2RE

45 - 48 High Street
Ryde
Isle of Wight
PO33 2RE

Freehold Retail Investment

Let to Iceland Foods Limited on a renewed 10 year lease (no breaks)
Tenant in occupation since at least 2001
Well situated in popular seaside tourist resort
Substantial site with parking
VAT free investment
Producing £70,000 p.a.x. (See Note 3)
For the Seller's Legal Pack, please click the Property Documents tab below

Lot
53
Auction
19th May 2016
Rent
£70,000 per Annum Exclusive
Status
Sold
Price
£950,000
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG
On behalf of Joint Administrative Receivers

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Freehold Retail Investment

Let to Iceland Foods Limited on a renewed 10 year lease (no breaks)
Tenant in occupation since at least 2001
Well situated in popular seaside tourist resort
Substantial site with parking
VAT free investment
Producing £70,000 p.a.x. (See Note 3)
For the Seller's Legal Pack, please click the Property Documents tab below

Lot 53
Auction 19th May 2016
Rent £70,000 per Annum Exclusive
Status Sold
Price £950,000
Sector
High Street Retail
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG
On behalf of Joint Administrative Receivers

Property Information

Location

Miles: 8 miles east of Cowes, 10 miles south of Portsmouth
Roads: A3054, A3, M275, M27
Rail: Ryde Esplanade; Ryde St John’s Road
Air: Gatwick International Airport, Southampton Airport

Situation

The property is situated towards the southern end of the pedestrianised High Street and benefits from nearby occupiers including Peacocks, M & Co and Specsavers.

Tenure

Freehold.

Location

Miles: 8 miles east of Cowes, 10 miles south of Portsmouth
Roads: A3054, A3, M275, M27
Rail: Ryde Esplanade; Ryde St John’s Road
Air: Gatwick International Airport, Southampton Airport

Situation

The property is situated towards the southern end of the pedestrianised High Street and benefits from nearby occupiers including Peacocks, M & Co and Specsavers.

Tenure

Freehold.

Description

The property comprises a ground floor retail unit. The first floor is currently used as a gym and has independent access from the High Street. The property occupies a substantial site and benefits from parking to the rear accessed via Star Street.

Six Week Completion

Note
This property is being marketed for sale on behalf of Joint Administrative Receivers and therefore no warranties or guarantees in any respect, including Title and VAT, can be given. The information in these particulars has been provided by the Joint Administrative Receivers to the best of their knowledge but the purchaser must rely solely upon their own enquiries. The Joint Administrative Receivers are not bound to accept the highest or any offer and are acting in respect of this sale without personal liability.

VAT

VAT is not applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

VAT

VAT is not applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Review (Reversion)
Ground First	Retail/Ancillary Gym	671.50 sq m 228.70 sq m	(7,228 sq ft) (2,462 sq ft)	ICELAND FOODS LIMITED (1) (2)	10 years from 09/01/2016 on a full repairing and insuring lease	£70,000 (3)	09/01/2021 (08/01/2026)
Totals		900.20 sq m	(9,690 sq ft)			£70,000

(1) For the year ending 27th March 2016, Iceland Foods Limited reported a turnover of £2,682,021,000, pre-tax profits of £58,794,000 and a total net worth of £709,630,000 (Source: Experian Group 20/04/2016).
(2) The first floor has been sublet to a gym operator trading as ‘Evolution Gym’. Heads of Terms are available within the legal pack.
(3) The tenant is currently benefiting from a rent free period due to expire 8th January 2017. The seller has agreed to adjust the completion monies so that the property will effectively produce £70,000 p.a.x from completion of the sale.