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Retail and Shops

Multi Let Commercial Investment Portfolio

Gray's Walk Scarrots Lane, Newport, Isle of Wight, PO30 1UL

Guide price £800,000

Key features

  • Multi-let commercial investment in the centre of the Isle of Wight's County Town
  • Current annual rent is £72,500 p.a. with potential to increase to circa £90,300 p.a.
  • Comprising 11 separately let units with tenants including Whitecross Dental Care Ltd
  • Going to auction via Clive Emson on 26th July 2023 with a guide price of £800,000
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LOCATION

Located in the centre of Newport, the Island's County Town, forming a block separating Pyle Street from Scarrots Lane. This is a busy part of Newport being close to St James Street & St James Square which form a link between the High Street and the Bus Interchange in South Street and the Retail Park housing such brands as Next, Jane Norman, TK Maxx, H & M, & McDonalds. The Pyle Street entrance to the block faces the rear entrance of B&M stores and is adjacent to Barclays and Nat West Banks and on its junction with St James Square, which houses a Costa Coffee, Top Shop, The Entertainer, The Works and other national retailers. Newport is the Island's undoubted commercial centre, with an immediate population of around 25,000 and an adjusted catchment often quoted as being in excess of 60,000 when Newport operates as the comparison shopping centre for the entire Island population of around 130,000. Continued investment in the town ensure its importance as a retail/leisure centre.

DESCRIPTION

Grays Walk comprises a predominantly purpose built complex with the majority of the stock built in 1990 and some adjoining older stock. The new build element comprises 8 units, 2 of which (units 7and 8) are occupied by Whitecross Dental Care Ltd with the other 6 units shop units occupied mostly by some local covenants. There are a further 4 units outside this block, being 10 Scarrots Lane, and numbers 59, 60 and 61 Pyle Street. 60 Pyle Street comprises 3 residential flats. All of the units present well with some benefitting from being set around an attractive central courtyard.

SCHEDULE OF TENANCIES

1 Grays Walk Let since November 2022 with a passing rent of £7,000 per annum.

2 Grays Walk Let since January 2020 with a passing rent of £7,000 per annum

3 Grays Walk Let since March 2023 with a passing rent of £7,000 per annum.

4 Grays Walk Currently on the market to let, with an advertised rent of £7,000 per annum

5 Grays Walk Let with a current passing rent £6,000 per annum

6 Grays Walk Let since 2014, currently holding over on their lease with a current passing rent of £6,500 per annum

7 & 8 Grays Walk Let to Whitecross Dental Care Ltd to 2025. Current passing rent £24,000 p.a.

10 Scarrots lane Soon to be marketed with an advertised rent of £11,000 per annum

59 Pyle Street Let to 2023, with a current passing rent £9,000 per annum

61 Pyle Street Let with a current passing rent of £6,500 per annum

61B Pyle Street Ground rent of £150 per annum

60 Pyle Street Ground rent of £150 per annum

TERMS

For Saleby auction via Clive Emson on 26th July 2023, with a guide price of £800,000. The property has just been de-registered for VAT, so there will not be VAT payable on the purchase price agreed

VIEWING

Strictly by appointment with sole agents Gully Howard Commercial Property, Suite 11 Salisbury Gardens, Dudley Road, Ventnor PO38 1EJ. Call Gavin Chambers or Morgan Williams on 01983 301 434.

E: gchambers@gullyhoward.com or mwilliams@gullyhoward.com

Retail and Shops

Multi Let Commercial Investment Portfolio

Gray's Walk Scarrots Lane, Newport, Isle of Wight, PO30 1UL

Guide price £800,000

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