Freehold Retail Investment and Development Opportunity
Attractive Grade II Listed building with 2 shops and vacant separately accessed upper floors
Tenants include Waterstones and O2
Waterstones let on a renewed lease at a rebased rent until January 2030 (no breaks)
O2 let until May 2028
Positive pre-app received for change of use of the upper three floors
Includes substantial car park with 22 spaces operating as a short term pay as you go car park
Site area of 0.15 Ha (0.37 Acres)
Total floor area of approximately 1,167.83 sq. m. (12,838 sq. ft.)
Lot 10
Auction 10th July 2025
Rent £95,799 per Annum Exclusive Plus self contained and separately accessed vacant upper floors
Status Available
Guide* £1,000,000
Sector High Street Retail, Development
Auction Venue Live Streamed Auction
Property Information
Location
Miles
12 miles south west of Portsmouth, 15 miles south of Southampton
Roads
A3, A3054, M27, M275
Rail
Ryde Esplanade, Ryde St Johns Road
Air
Isle of Wight Airport, Southampton Airport
Situation
The property is situated on the north side of High Street in the busy heart of Newport town centre. Nearby occupiers include Tesco Express, JD Sports, Holland & Barrett, H. Samuel, EE, Vodafone and Trespass.
Tenure
Freehold.
Location
Miles
12 miles south west of Portsmouth, 15 miles south of Southampton
Roads
A3, A3054, M27, M275
Rail
Ryde Esplanade, Ryde St Johns Road
Air
Isle of Wight Airport, Southampton Airport
Situation
The property is situated on the north side of High Street in the busy heart of Newport town centre. Nearby occupiers include Tesco Express, JD Sports, Holland & Barrett, H. Samuel, EE, Vodafone and Trespass.
Tenure
Freehold.
Description
The property comprises an attractive Grade II Listed building providing 2 ground floor shops together with separately accessed upper floors (via High Street) and a substantial rear car park accessed via Lugley Street. The upper floors may be suitable for change of use subject to consents.
VAT
VAT is applicable to this lot.
Planning
The Vendor has received a positive pre-app on the property from Isle of Wight Council for converting the three upper floors of Bugle House which are above the shops, from offices to high end hospitality serviced accommodation. Further details are available within the legal pack.
Completion Period
8 week completion available.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises an attractive Grade II Listed building providing 2 ground floor shops together with separately accessed upper floors (via High Street) and a substantial rear car park accessed via Lugley Street. The upper floors may be suitable for change of use subject to consents.
VAT
VAT is applicable to this lot.
Planning
The Vendor has received a positive pre-app on the property from Isle of Wight Council for converting the three upper floors of Bugle House which are above the shops, from offices to high end hospitality serviced accommodation. Further details are available within the legal pack.
Completion Period
8 week completion available.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Floor
Use
Floor Areas Approx sq m (1)
Floor Areas Approx sq ft (1)
Tenant
Term
Rent p.a.x.
Ground
Retail
290.00
(3,121)
TELEFONICA UK LIMITED t/a O2
5 years from 09/05/2023
£39,000
Ground Part First
Retail Ancillary
295.90 45.70
(3,185) (491)
WATERSTONES BOOKSELLERS LIMITED t/a Waterstones
A term from 23/12/2024 until 31/01/30
£40,000
Part First Second Third
233.20 219.49 83.54
(2,510) (2,632) (899)
VACANT
Car Park
22 space car park
TOTAL CAR PARKS LIMITED
Management Agreement (2)
£16,799 (2)
Total
1,167.83
(12,838)
£95,799
(1) The floor areas stated above are those published by the Valuation Office Agency (www.voa.gov.uk). (2) The car park is ANPR controlled and managed by Total Car Parks Limited with whom the Seller share a revenue split as a management agreement. For the year ending March 2025 the Seller received £16,799.33 +VAT.
If you are the successful bidder, Acuitus requires a separate payment of £1,500+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.
