Key features
- Substantial block of seven flats in a converted water mill
- The entire Grade II Listed building runs to approximately 622m² (6,705ft²), plus 2 garage blocks with a current income of £46,140* pa
- All 7 flats are two-bedroom units including parking and two garage blocks
- Offers are invited “in the region of” £675,000 for the freehold interest of the property
Location
Located on the outskirts of Newport, in Carisbrooke Road, putting the premises within walking distance to the town centre with its wide array of shopping offers as well as restaurants, bars, etc. Newport is the Island's county town and undoubted commercial centre. The immediate population is around 25,000 with a catchment of around 60,000 when operating as the comparison shopping centre for the entire Island population of around 140,000. Continued investment in the town ensures its importance as a retail and leisure centre.
Description
Substantial, Gade II Listed, former mill building which has been converted into seven flats in the 1990s. All of the flats are two-bedroom units including the substantial top-floor unit which runs the entire length of the building. There are two garage blocks in a similar style and age to the original mill building on site, which forms car parking and garaging for the flats. There is also a large communal garden which can be used for drying of clothes, socialising etc. Please see floor plan for further details. It is felt that the top floor flat, due to its sheer size, could be split into two units in the future, albeit that this is very much set in the eaves of the building. There is also the future possible potential of converting one of the garage blocks into residential accommodation. All subject to any relevant planning consents.
Rental Income
The current income from all the flats and the few garages which are rented out separately is £46,140 per annum. Our client is currently getting advice from the property management company he uses to potentially increase this rent by circa £250 per month (£3,000 per annum). On this note it is felt that if the flats were brought up to a more modern standard (new kitchen, bathroom, and redecorated throughout , and wooden windows reconditioned) the potential rental income for the premises could be in the region of £69,000 per annum (subject to market conditions at the time). To get to this point would require the appropriate level of investment. There is also a large basement area, part of which was a former basement flat, which does offer storage and is currently used as such.
Terms
Offers are invited in the region of £675,000 for the freehold interest of the property.
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 301434. E: gchambers@gullyhoward.com or mwilliams@gullyhoward.com
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