86-88 High St 6,433 SF 100% Leased Retail Building Newport PO30 1BH $700,710 ($108.92/SF) 9.14% Cap Rate

Sale by private treaty and, if appropriate to both parties, possibly dealt with as a transfer of a going concern (TOGC).
£525,000 for Freehold, with a gross rental income of £48,000 p.a.x., equating to approximately 9.14% before costs.
Located towards the western end of the main High Street of Newport, which in turn is the County Town and administrative centre for the Island and, as such, is constantly busy and generally considered the commercial hub for the Isle of Wight.
The town is home to a wide variety of local and national commercial occupiers, with ongoing developments both within the town and in the surrounding area continuing to cement its position as a prime location for commercial and other investments.
Freehold investment opportunities such as this are rarely available in the town, and this instruction is considered ideal for addition to an income-producing portfolio or private pension fund, therefore early interest is encouraged.
The property itself is constructed over three floors, of traditional construction, and benefits from rear car parking: the accommodation and other details are as briefly outlined overleaf.
A display forecourt to the front of the property. An incorporated side access archway at the side of the shop leads through to the enclosed tenants’ rear car parking area.
The sale is subject to the existing tenancies in situ, briefly outlined as follows:
Ground Floor: Let to Day Lewis PLC for a 10 year term from 2nd August 2022, at a passing rent of £23,000 p.a.x. with five-yearly rent reviews and within the security provisions of the Landlord & Tenant Act 1954, Part II. We understand that the tenant’s have break clause arrangements on 1st August 2025 and 2028, both on not less than 6 months’ prior written notice.
First & Second Floors: Originally let to Pinnacle Health Partnership Ltd. and now we understand vested in EMIS Ltd., on the basis of a 10 year term from 21st February 2017, at a passing rent of £25,000 p.a.x. with three-yearly rent reviews.
Both leases are, we understand, granted on an FR&I basis, and copy leases can be supplied to bona fide applicants and their professional advisors upon request.