Situated in Ryde Town Centre, this property offers a great investment opportunity. Situated on Union Street, Ryde, this property is located close to the top of Union Street, Ryde’s busy retail and leisure destination. Neighbours include Olivo’s café/ bar, Hursts, McColls Newsagent + Post Office, Yelf’s Hotel and a number of local boutique lifestyle clothing and homeware brands. Ryde is the largest town on the Island by population (circa 32,000 2011 census) and boasts miles of glorious sandy beaches. There is the transport hub close by with train and bus links to the rest of the Island plus Fastcat and Hovercraft to Portsmouth.
A Grade II Listed property with ground floor commercial unit currently let to Ladbrokes. The first and second floors of this property offer 9 rooms to either let as holiday accommodation or with potential to convert to residential subject to gaining the necessary consents. The rear of this property also offers a parking area, currently utilised by Yelf's Hotel and not forming part of the current tenant lease to Ladbrokes which again could be utilised for future developments, subject to gaining consent.
Ladbrokes occupies the front ground floor of this substantial property on a 15 year lease from October 2008 at a passing rent of £31,000 per annum. This gives a net initial yield circa 5.6%.
Our client is asking £550,000 for this freehold block with the benefit of the tenancy in place.
The VOA shows a rateable value of £24,750.
Investment property in Ryde Town Centre