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Brook, Isle Of Wight
Brook, Isle Of Wight
For Sale: £475,000
 

Newport, Isle of Wight: Guide Price £850,000

 
For Sale | Flats/Apartments | 18 Bedrooms
Newport, Isle of WightNewport, Isle of WightNewport, Isle of WightNewport, Isle of WightNewport, Isle of WightNewport, Isle of WightNewport, Isle of Wight

An exciting opportunity to acquire a complex of 8-9 residential units in attractive period buildings with garaging, parking and garden within walking distance of schools, shops and Newport Town Centre. West Mill is a Grade II Listed former water mill converted in the early 1990s to 8 self-contained apartments (one of which requires refurbishment and fitting out) and a neighbouring semi-detached cottage together with 2 garage blocks containing 9 lock-up garages. All the residential units are let or have recently been let out on Assured Shorthold Tenancies.

Full Details:


West Mill, Carisbrooke Road, Newport, Isle of Wight PO30 1DF

For Sale by Formal Tender.

An exciting opportunity to acquire a complex of 8-9 residential units in attractive period buildings with garaging, parking and garden within walking distance of schools, shops and Newport Town Centre. West Mill is a Grade II Listed former water mill converted in the early 1990s to 8 self-contained apartments (one of which requires refurbishment and fitting out) and a neighbouring semi-detached cottage together with 2 garage blocks containing 9 lock-up garages. All apart from basement, the residential units are let or have recently been let out on Assured Shorthold Tenancies.

The basement store, two garage blocks and environs hold some potential for the creation of further residential letting units subject to obtaining any necessary statutory, planning or highways consents. The Penthouse Flat (No. 8) holds potential for dividing into 2 units to maximise the rental returns, again subject to obtaining any necessary statutory consents.

The whole property is being sold by Formal Tender. The closing date for Tender is: 12 noon B.S.T. Thursday 10th August 2017. For details of the Tender process, please see the attached letter.

Rent Roll

The Gross receivable rent roll (excluding costs of rent collection, management, general maintenance and insurances and maintenance/cleaning, gardening and utility charges for common areas etc) is currently as follows:

Including the 2 garages which are let separately to the residences, but excluding Flat 1 4,105 pcm (49,260 annually)

If Flat 1 were refurbished and let at say 450 pcm then potentially 4,565 pcm (54,780 annually)

Sales Potential

Rather than hold the Property as a residential investment for the purposes of realising rental income, a Purchaser may wish to divide the property into its respective units and to sell off units to realise capital sums having created an appropriate legal framework in which to do so. One such framework might be to vest the Freehold into a Management Company and to sell long leasehold interests for capital sums to third parties who would also own a share in the Management Company. Appropriate Service Charges would then be set to cover the costs of management, general and roof maintenance and insurances and maintenance/cleaning, gardening and utility charges for common areas etc. These would be perhaps be managed by the Management Company itself or an appropriate Managing Agent could be engaged.

The Mill Building

West Mill was, as the name suggests the west mill in Newport. It is situated between Carisbrooke and Newport on the southern bank of the Lukely Brook, a tributary of the River Medina. The building is listed Grade II and is described in the Listing document as dating from the 18th Century though in fact the origins may be earlier. The building appears to have been extended at least twice in its history. The elevations are a mix of stone and brick beneath a slated, double-pitched 'mansard' roof. The older stone end is to the east.

118 Carisbrooke Road

A semi-detached cottage constructed of colour-washed, rendered elevations beneath a slated roof. There are flying freeholds extending over this property from the neighbouring property and vice-versa. These have been dealt in the conveyancing process when the property was acquired and are covered by an appropriate indemnity policy (see the legal pack).

Accommodation

The Mill Building has 3 main floors and a semi-basement Lower Ground Floor. There are central entrance doors leading to a communal stairwell off which access the flats. There are two on each of the Ground, First and Second Floors (one at the eastern end and one at the western end) and the top (Third) Floor comprises one, larger, single penthouse apartment (Flat 8). On the Lower Ground Floor there is an un-refurbished and un-occupied Flat (No. 1) together with a basement storage area.

The Cottage (118) is semi-detached and extends over 2 floors.

The accommodation is listed in the table below together with the basic rental information. The floorplans show the general layout and have been prepared largely from historic plans. Only Flat 4 and No. 118 Carisbrooke Road have been inspected and measured internally. Please therefore do not rely on the accuracy of the floorplans.

Documentation

Tenancy Documentation is available with the Legal Pack.

Current Letting Agency Arrangements

The letting agents for the property and who have managed it for many years are Whitehouse Porter of 25 Beachfield Road, Sandown, Isle of Wight PO36 8LT Tel: 01983 404455 e: val@whitehouseporter.co.uk www.whitehouseporter.co.uk

Services

Flats 1-8 and the cottage (118 Carisbrooke Road) are all served by mains water, electricity, gas and foul drainage.

Water: Separately supplied and metered to each unit; the meters for the Flats are located close to Carisbrooke Road, that for the Cottage (118) is at that property. There is a spare meter.

Electricity: Separately supplied and metered to each unit; the meters in the main Mill building are located in the Lower Ground Floor. That for the Cottage is within that property. There also a metered Communal Supply serving the communal areas and foul drainage sump pump for Flat 1.

Gas: Separately supplied and metered to each unit; the meters for the Flats are located outside by the bin area and that for the Cottage (118) is on its wall. Each property is provided with its own gas-fired combination boiler.

Foul Drainage: Each unit is connected. All connections except that to Flat 1 are by gravity. The Foul drainage for Flat 1 is collected in a sump tank whence it is pumped by electric macerator pump to the mains drain. This system is the responsibility of the Landlord and the electricity supply is paid with the communal supply.

Council Tax

All the Assured Shorthold Tenancies are let on an exclusive basis with the tenants responsible for the Council Tax. Flat 1 is Band B but is currently de-listed as uninhabitable for Council Tax purposes. Flats 2-7 are Band B as is 118 Carisbrooke Road (The Cottage).

Council Tax Amounts Payable 2016/7:

Band B 1,239.80
Band C 1,416.91

Flying Freeholds in The Cottage

The Cottage (118 Carisbrooke Road) is semi-detached. Parts of the first floor of 118 extend over the ground floor of the neighbouring dwelling and parts of the first floor of the neighbouring property extend over the ground floor of 118. This has been dealt in the conveyancing process when the property was acquired in 2012 and is covered by an appropriate indemnity policy (see Legal Pack).

Flat 1 in the Main Mill Building

We are informed that in 2014 Flat 1 flooded as a result of stormwater in the Lukely Brook being adversely affected by nearby engineering works/sluice opening by Southern Water. The Environment Agency (EA) has subsequently carried out remedial works to prevent a re-occurrence. The flooding of Flat 1 was the subject of a successful insurance claim which resulted in an agreed full & final settlement which was paid out to the owners. The Flat has since been stripped of all contents, fittings, joinery, plumbing and cabling and taken back to the bare masonry to dry out. It remains in that condition and has been de-listed for Council Tax. Purchasers may choose to complete the refurbishment of Flat 1 or instead, at a point in the future, perhaps divide Flat 8 (The 3rd floor Penthouse) into 2 separate flats (subject to obtaining any necessary statutory or planning consents to maximise the letting units and consequently the rent roll.

Outside

The property is approached from Carisbrooke Road over a gravelled driveway which leads to the main Mill building, to 118 and to the two garage blocks (Eastern and Western). Several other properties have formal vehicular and pedestrian access rights over the drive:

These include 116 being the semi-detached from 118, another property; the property located on the other (north) side of Lukely Brook (over which it has a bridge from the property to access its grounds) and 120 which has access to single garage next to the Western garage block. Details of these 3rd Party rights are within the Legal Pack.

The northern boundary of the property is formed by the Lukely Brook, the stream which once powered the Mill. There is a communal lawned garden area with a greenhouse. This communal area is available for all the residents within this ownership including the Cottage (118).

Parking and Garaging

There are parking spaces for all the Flats (unallocated). The Cottage (118) has parking space for 2 cars. The garages are mainly let with the Flats (inclusive) 2 garages are let separately.

There are 2 brick-built garage blocks:

The Eastern Block comprises 5 lock-up garages on the Ground Floor and a Loft/vacant store above which could perhaps be let subject to planning permission.

The Western Block single storey and comprises 4 lock-up garages

Communal Areas

Under the current arrangements the Landlords maintain the communal areas including the stairwell in the main Mill building (serving Flats 2-8) cleaning and electricity. Currently the cleaner charges around 36 pcm. The Landlords also maintain the communal areas outside (gardens etc) the gardener charges an average of 60 and primarily cuts the grass as required in the warmer months. Any purchaser may wish to make their own arrangements.

Directions

The property is found off and to the north of Carisbrooke Road B3323 which extends to the West of Newport the County Town of the Isle of Wight towards the village of Carisbrooke with its famous castle. If proceeding west then the property is on the right hand side and the drive will be found after passing Recreation Ground Road on your right. The Postcode is PO30 1DF

Viewing

The residential units at West Mill are all let out and are consequently not available for viewing internally at short notice. The property is available for viewing externally when Flat 1 (un-refurbished and un-occupied) together with the neighbouring store room will be accessible by prior appointment. An example flat may be available for viewing with sufficient notice.

All arrangements to view must be made strictly by appointment with the Sole Agents.
Please note neither these particulars nor the letter nor floorplans attached form part of the Formal Tender Pack.

Please note neither these particulars nor the letter nor floorplans attached form part of the Formal Tender Pack.