A great investment opportunity
in a prime location in Newport town centre.
The property occupies a prominent position in Newport town on a busy pedestrian route close to the central bus station for the Island. Nearby businesses include Next, The Co-operative, TK Maxx, McDonald's and more.
Newport is the principle town of the Island and offers amenities including St Marys Hospital, various primary and secondary schools, doctors’ surgeries, churches, cinema and the Isle of Wight County Hall. Various food stores are located throughout the town including Lidl, Asda, Morrisons & Sainsburys. The 2011 Census shows a population of circa 25,500.
The accommodation consists of:
Commercial element – accessed via South Street
Ground Floor Retail (29 St. James Street)
The ground floor retail space is currently let to a multinational occupier 'Game', on a new 5 year lease at £27,500 per annum. The overall occupied space is circa 192sqm (2066sqft).
First/Second Floor Retail (29b St. James Street)
The first and second floor of the property also has the capacity for retail. This space is currently let to 'Zen Hair and Beauty' on a new 10 year lease at £8,000 per annum. The overall occupied space is circa 204sqm (2195sqft).
Residential element – access via St James Street
First floor accommodation (29a St. James Street)
The accommodation comprises living room, kitchen/diner, bathroom, two double bedrooms, separate WC. The current income is £6,000 per annum.
Second floor accommodation (29a St. James Street)
The accommodation comprises living room, kitchen, double bedroom, bathroom and separate WC. The current income is £3,600 per annum.
Total annual income, £45,100 generating a net initial yield circa 8.5%.
Our client is asking for £495,000 for this freehold property with the benefit of the current tenancies in place.