Pilkington Court, Union Street, Ryde, Isle Of Wight, PO33

Offered for sale is a mid-terrace Grade II Listed period property with commercial unit to the ground floor and basement and six residential apartments over.

Unique investment opportunity
Mixed commercial and residential
6 flats, 1 shop fully tenanted.
Located within the HEART OF RYDE TOWN
Grade II Listed period property


PROPERTY DESCRIPTION    Situated in Ryde, the property is located on the main A3055. The town of Ryde has a population of circa 32,000 (2011 census) and is the largest town on the Island by population.

Located to the North of the Island Ryde provides a buoyant shopping area for boutique and multinationals alike. The property is within a short walk to the Esplanade with easy access to cross Solent operators; Hovercraft and Fastcat, with fast links to Portsmouth and Southsea.

Offered for sale is a mid-terrace Grade II Listed period property with commercial unit to the ground floor and basement and six residential apartments over.

The ground floor and basement have been refurbished by Sainsburys approximately 7 years ago. Sainsburys currently occupies the ground and basement to include the parking and delivery space to the rear on a 15 year lease from 2014.

The apartments are accessed via an entryway directly from Union Street and over the first and second floors. The apartments are all 2 bedrooms and are well proportioned. There is a large communal roof terrace and bin store.

The property is fully tenanted, with the exception of Flat 5 which is currently being refurbished. The total annual income is £49,900pa. This gives a net initial yield of 6.5% at a purchase price of £750,000. The occupied flats are let on Assured Shorthold Tenancies.

For further information regarding leases and tenancies please contact the office.

A schedule of tenancies and income is available upon request.

FLAT 1    Kitchen 3.19m x 1.31m - Lounge 4.26m x 4.08m - Bedroom 1 2.83m x 2.52m - Bedroom 2 3.08m x 2.13m - Shower room 1.24m x 2.13m

FLAT 2    Kitchen 2.85m x 1.76m - Lounge 5.43m x 5.37m - Bedroom 1 3.86m x 3.56m - Bathroom 3.00m x 1.75m

FLAT 3    Kitchen 3.90m x 1.59m - Sitting Room 3.90m x 2.77m - Bedroom 1 4.05m x 3.04m - Bedroom 2 5.01m x 1.85m - Bathroom 2.78m x 1.97m

FLAT 4    Kitchen 3.37m x 1.32m - Lounge 4.26m x 4.08m - 3.37m x 2.14m - Bedroom 2 3.08m x 2.13m - Bathroom 2.30m x 1.24

FLAT 5    Kitchen 2.42m x 2.2m ? Lounge/Diner 5.45m x 3.64m - Bedroom 1 3.87m x 3.6m ? Bed 2/Study 2.18m x 1.6m ? Bathroom ? 1.74m x 2.4m

FLAT 6    Kitchen 3.83m x 1.83m - Sitting room 4.52m x 3.97m - Bedroom 1 5.27m x 2.92m - Bedrrom 2 2.70m x 2.16m - Bathroom 2.26m x 1.50m

HEATING    The apartments are served with a mix of gas and electric heating

SERVICES    The property benefits from mains water and drainage.

TENURE    Freehold