28 High St 1,046 SF Retail Building Newport PO30 1SS $367,039 ($350.90/SF)

Offers invited in the region of £275,000 for the freehold interest of the building.
The shop is currently let to Blacks (owned by JD Sports PLC), on a 3-year lease from 1st July 2024 at a passing rent of £15,000 which represents a very strong covenant and revisionary rent. A planning pre-application has been put forward to create six flats and re-model the ground floor shop of 28 High Street, Newport. A pre-application was submitted to the Isle of Wight Council which gained a favourable response subject to various consents. A copy of this pre-application can be e mailed to any interested party along with the supporting plans etc. Please see some floor plans overleaf. The proposal is for three x 2-bedroom units and three x 1-bedroom unit ranging from 46m² to 100m² giving an approximate gross internal area of 378m² (4,068ft²). On top of this, there is a re modelling of the shop which runs to approximate 97m² (1044ft²) net. On paper the shop using recent comparables could achieve a rent of circa. £11,000 per annum once finished to a shell specification.
Located in Newport High Street, placing the development in easy reach for all that Newport has to offer from shopping, restaurants and transport links etc. It benefits from being in close proximity to St Thomas Square. Other prominent retailers are in close proximity such as Holland & Barrett, Trespass, Boots, EE, Waterstones and Clinton Cards along with several major banks. The immediate population of Newport is around 25,000 with a catchment of around 60,000 when operating as the comparison shopping centre for the entire Island population of around 140,000. Continued investment in the town ensures its importance as a retail and leisure centre.