Investment Properties for sale in Isle of Wight

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Investment opportunity of residential apartments and commercial units

Isle of Wight, England

  • Freehold Price: £550,000
Seller Reference: COM635
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Business Description
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Seller Reference: COM635
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Business Description
The property occupies a very busy corner position in Newport town centre, close to St Thomas’ Square and on a main pedestrian route from the High Street to Marks & Spencer. The property sits amongst a mix of popular boutique stores and close to St Thomas' Church. St Thomas' Square hosts the weekly farmers market and is a popular destination year round.

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.
Holyrood House is a Grade II Listed property and comprises accommodation over 3 floors with commercial elements to the ground floor and residential to the first and second floors which were refurbished to a high standard in 2017.

Ground Floor
Unit 11a - offering approximately 29 sq m (312 sq ft) with attractive bow window to the front overlooking St Thomas Square.

Unit 11b - offering approximately 50 sq m (538 sq ft). With access from St Thomas Square and windows overlooking the square and Pyle Street.

First & Second floors
Accessed via St Thomas Square, there is a communal entrance hall giving access to the first and second floors.

First Floor
Flat 1 - 1 bedroom apartment offering approximately 62m (667 sq ft) overall.
Flat 2 - 1 bedroom apartment offering approximately 45 sq m (484 sq ft) overall.

Second Floor
Flat 3 - 2 bedroom apartment offering approximately 83 sq m (893 sq ft) overall.

Income Schedule
11a - held on a 5 year lease expiring May 2024, with personal guarantee and passing rent of £8,000pa.
11b - held on a 6 year lease expiring January 2024 with a personal guarantee and a passing rent of £12,000pa.

All 3 flats are let on Assured Shorthold Tenancies.
Flat 1 - £595pcm - £7,140pa
Flat 2 - £550pcm - £6,600pa
Flat 3 - £695pcm - £8340pa

Total rental income £42,080pa, giving a net initial yield circa 7.6%.
Location Details:
Investment unit in St Thomas Square, Newport.
Listed by:
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