Property description
A well-presented, mixed residential and retail property comprising a fine 4-5 bedroom maisonette "Crew House" with some sea views, roof terrace, outside storage buildings and an income-yielding ground floor retail unit. This extends to some 69.1 m² (743 ft.²). Separate entrances to shop and to this three storey town house apartment as well as rear ground floor access. Only a short walk to Cowes Yacht Haven, Shepherds Wharf Marina and Cowes Corinthian Yacht Club. Planning consent to extend the ground and first floors to the rear.
The whole provides an ideal opportunity to have a large, well-appointed Crew House with costs offset by a significant retail rental and holiday letting potential. The Apartment was extensively refurbished and upgraded in 2009/10 including a roof overhaul, re-wiring and plumbing, new: boiler, kitchen, insulation, bathrooms, hard and soft floor coverings The apartment has been successfully let as a holiday/regatta let, sleeping up to 11.See www.quaymanagement.co.uk ref: 126
THE BUILDING
The property stands within a terrace of similar units with retail usage on the ground floor and residential above. The building dates from approximately 1895 and is constructed largely of brick-faced elevations under a slated roof. The two stores occupy a small yard to the rear with additional useful access onto a rear passageway. Sea views improve as you ascend the building.
GROUND FLOOR RETAIL UNIT (No. 16)
The retail unit fronts on to Birmingham Road (an extension of Cowes High Street). It is currently let to an established tenant with a rent of £10,000 per annum (paid quarterly in advance). In Terms of Zone A it extends to some 38.2 m. To the rear of the main shop is a kitchenette area, separate office and a store and a cloakroom with WC.
THE TOWN HOUSE APARTMENT (No.18)
The property is entered from its own separate external door leading to a short hall and stairs to the First Floor:
FIRST FLOOR
Kitchen/Living/Dining Room. Open plan with a bay window, fitted cupboard, fireplace with gas point, kitchen area with fitted units work surfaces and appliances.
Study/Sitting Room/Bedroom 5 with a pair of French doors opening onto the decked roof terrace with consent to extend (see 'planning')
Cloakroom with basin and WC. Large capacity 'Vaillant' boiler.
Bedroom 3
SECOND FLOOR Landing
Bedroom 1 with some sea/harbour views.
Shower Room 1 with basin WC and walk-in shower. This can be 'en-suite' to Bedroom1.
Shower Room 2 with basin WC and walk-in shower.
Bedroom 2
THIRD FLOOR Bedroom 4. A crew room with space for 4 single beds, Velux windows with sea views and sloping ceilings
PLANNING Planning Permission was granted on 3 September 2012 for the demolition of the store at the rear and its replacement with a ground floor room and extension at first floor level to provide Sun Room and extended decking for the Apartment with an external staircase. The planning consent and associated drawings can be inspected on the Isle of Wight Council website Reference TCP/ 31137 /A. As the consent has been partially implemented it remains current. Buyers should confirm this with the Local Planning Authority.
COUNCIL TAX Band C. Amount Payable 2015/16 £1370.34
The Retail Unit is subject to UBR. Rateable Value £5200
TENURE & POSSESSION, FIXTURES & FITTINGS The freehold is offered with this 'package' and there are two leases. The retails unit is let on a 10 year lease but vacant possession could be achieved earlier if required. The apartment is held under a 125 year lease from 2014 with an annual rent of 1 peppercorn. The seller does not include in the sale any gas or electrical appliances, however connected, or any other fixtures, unless expressly mentioned in these particulars as forming part of the sale. Some items may be available by separate negotiation.
SERVICES & HEATING We are informed that the following mains services are connected to the property (subject to the conditions and stipulations of the relevant utility companies) electricity, gas, water and foul drainage. The heating system to the Apartment is provided by a gas-fired boiler via radiators. The Apartment was re-wired and re-plumbed in 2009/10.
Property Info: