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24 Castle St 982 sq ft Retail Property East Cowes PO32 6RD £475,000 (£483.71/sq ft)
INVESTMENT HIGHLIGHTS
- Prominent location
- Mixed investment property
- Close to local amenities
EXECUTIVE SUMMARY
Offered for sale is a mixed investment block with commercial unit to the ground floor and residential to the uppers.
Ground Floor - Commercial tenancy currently on a 6 year lease from 2022. Current rent is £19,000 per annum.
Uppers - The first and second floors comprise 2 apartments, 1 x large 2 bed and 1 x large 3 bed, both currently let.
The residentials to the first and second floors are quite sizeable and could potentially be separated into 4 x apartments. Planning permission has been approved for this conversion under planning reference number: 22/00552/FUL.
Total current income for this investment opportunity is £37,000pa.
If converted the rental income for the new apartments created could generate a further £15,000pa.
Potential income for the whole block could be in the region of £52,000pa.
Offers sought in the region of £475,000 for this freehold property.
Ground Floor - Commercial tenancy currently on a 6 year lease from 2022. Current rent is £19,000 per annum.
Uppers - The first and second floors comprise 2 apartments, 1 x large 2 bed and 1 x large 3 bed, both currently let.
The residentials to the first and second floors are quite sizeable and could potentially be separated into 4 x apartments. Planning permission has been approved for this conversion under planning reference number: 22/00552/FUL.
Total current income for this investment opportunity is £37,000pa.
If converted the rental income for the new apartments created could generate a further £15,000pa.
Potential income for the whole block could be in the region of £52,000pa.
Offers sought in the region of £475,000 for this freehold property.
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Tenure
Freehold
Property Size
982 sq ft
Costar Property Class
C
Year Built
1965
Price
£475,000
Price per sq ft
£483.71
Tenancy
Single
Number of Floors
1
Plot ratio
0.62
Total Plot Size
0.04 ac
Frontage
34 ft on Castle Street
AMENITIES
- Air Conditioning
1 1
NEARBY MAJOR RETAILERS
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24 Castle St
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