29 & 29A High Street, Newport, Isle Of Wight, PO30 1SS

Description

Grade II Listed Mid Terrace Mixed Use Freehold Investment comprising 2 commercial units and 6 flats. The auctioneers have not been able to inspect the property and are unable to confirm its condition.

Accommodation

29 High Street Commercial Premises – 58.6sqm / 630sq ft; 29a High Street Commercial Premises – 97.5sqm / 1,049sq ft; Ground Floor Flat 1 – 1 bedroom, kitchen/lounge/dining, bathroom – 36.6sqm / 393sq ft; First Floor Flat 2 – 1 bedroom, kitchen/lounge/dining, bathroom – 52.4sqm / 564sq ft; First Floor Flat 3 – 2 bedroom, kitchen/dining, lounge, bathroom – 11.8sqm / 1,203sq ft; Second Floor Flat 4 – 2 bedroom, lounge/kitchen/dining, bathroom – 64.2sqm / 691sq ft; Second Floor Flat 5 – 1 bedroom, lounge/kitchen/dining, bathroom – 61.9sqm / 665sq ft; First & Second Floor Flat 6 – 2 bedroom, lounge/kitchen/dining, ensuite, bathroom – 41sqm / 441sq ft; Total approximate floor area – 524sqm / 5,640sq ft.

Location

Situated in the centre of Newport, Isle of Wight, one of the main commercial centres of the island and in one of the main retail areas of the town.

Tenure / Property Information

Investment Analysis

The £575,000 guide is materially above the supplied historic individual-title sales: 29 sold for £135,000 in 2019 and 29A for £115,000 in 2018. Nearby High Street sales were £150,000–£220,000, but are not sufficiently comparable to establish a value for this whole mixed-use investment. The property was not inspected, lease terms are incomplete, and condition is unconfirmed. No reliable GDV can therefore be established.

Investment Snapshot

Strategy Recommendation

Do not bid without reviewing the legal pack, all leases, tenancy schedules, title information and a specialist inspection. Current evidence is insufficient to underwrite the guide price.

Works Required

No specific works can be reliably proposed because the auctioneers could not inspect the property. Verify condition, listed-building requirements, services, compliance and the status of Flat 4 before bidding.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

BRRR analysis is not supportable without verified passing rents, leases, condition, refurbishment costs and a defensible GDV. The 1% buyer administration fee applies, with a £1,750 minimum, and further disbursements may be payable.

Buy-to-Let Analysis

A property-specific BTL yield cannot be established. The only rental evidence is a generic £1,200 pcm advertised asking rent in PO30, which does not evidence achievable rent for six flats and two commercial units. Existing tenancy rents and terms are unknown.

Flip Analysis

A flip surplus cannot be calculated. There is no inspected condition assessment, works budget, supported whole-property GDV or selling-cost allowance. Grade II listing may also constrain alterations.

Investor Risks & Due Diligence

• Uninspected condition and unknown repair liabilities

• Grade II listed-building restrictions and potential consent requirements

• Unknown terms, rents and liabilities for the five tenanted flats

• 29A lease terms have not been provided or sighted

• Vacant commercial unit and vacant Ground Floor Flat 1

• Buyer administration fee and potentially further disbursements, seller costs, legal fees, searches or transfer fees

• Insufficient evidence to validate the £575,000 guide price

• Accommodation schedule contains an apparent Flat 3 floor-area inconsistency

Recommendation

Do not bid without reviewing the legal pack, all leases, tenancy schedules, title information and a specialist inspection. Current evidence is insufficient to underwrite the guide price.

Strategy Rating

Analysis Confidence

Condition is uninspected; commercial and residential lease terms are incomplete; rents, works costs and whole-property valuation evidence are unavailable. The accommodation schedule also contains an apparent size inconsistency.