The DepOZitory, 23 Nelson Street, Ryde, Isle of Wight, PO33 2EZ

Summary

The DepOZitory comprises a former Wesleyan chapel which was comprehensively refurbished some years ago. The property has in the past been used as an entertainment venue and is currently leased by a community art group which provides artist studios and display/galleries.
The property, which is a detached three storey building, comprises a basement currently used for storage and displaying artwork. The ground floor comprises a further workshop and artist display area with a kitchen and toilets and the first floor comprises two workshops and further art and exhibition space.
To the rear of the property is a private car park which can accommodate 4 vehicles plus additional parking on access roads.

Key Points

Tenancy

The property is currently let to a community art group for a term of 5 years from October 2020 expiring October 2025. The current income is £20,400 per annum and the lease is drafted on an internal repairing and insuring basis with the Landlord retaining responsibility for the external repairs and insurance. There is scope for achieving a higher rental income if the property is used for other purposes such as children's nursery, medical or other uses.
The lease contains the ability for the Landlord to increase the rent annually on 15th April each year by the rate of RPI. The Landlord holds a 3 month rent deposit of £4,725.00.

Anti Money Laundering

To comply with Anti Money Laundering regulations, Curchod & Co undertake ID checks for all successful purchasers and tenants where legislation requires us to do so.

Price

The property is available to purchase freehold and we are instructed to quote a price of £494,000. We are advised that VAT is not payable on the property.

Location