Providence Corner, 37 Pyle Street, Newport, PO30 1XB

Description



Newport is often referred to as the capital of the Isle of Wight and is the commercial and administrative centre serving an island population of around 140,000, boosted further by an estimated 2.36 million annual visitors.

Situated in a highly prominent corner position at the junction of Pyle Street and Town Lane between St Thomas Square and South Street. The premises are situated adjacent to both Subway and Ladbrokes, and close to TK Maxx, Santander, Mountain Warehouse and Sports Direct together with a range of pubs and restaurants.

The accommodation comprises a ground floor sales area currently fitted out for use as a restaurant and bar area. There is a fully trading kitchen at the rear with cooking extraction.



Accommodation



Sales Area - 1,873 sq.ft (173.99 sq.m)
Stores - 481 sq.ft (44.64 sq.m)
Total Net Internal Area - 2,353 sq.ft (218.63 sq.m)



Rating



Rateable Value £29,000
Source www.voa.org.uk The 2024/2025 small business multiplier is 0.499 (49.9p payable per £1). This determines what business rates are payable. All parties are advised to make their own enquiries for confirmation. *If you qualify as a 'small business' you may be eligible for substantial relief in connection with business rates payable. We advise all parties speak to the local authority in the first instance for confirmation.



Terms



Available by way of a new full repairing and insuring lease for a term to be agreed at £30,000 per annum exclusive of rates VAT (if applicable) and all other outgoings.
Note: There is to be a service charge levied to cover communal costs
Note: It is understood VAT is payable on rents.



Planning



Under the current permitted use, we believe to be use class 'E' which includes uses such as retail, professional services, cafe', health clinics, indoor recreation/sport and, office. We also believe there is user permitted for 'Sui Genreis'.

All parties are advised to make their own enquiries to the local authority for confirmation.




EPC Text



Asset Rating - D (94)
( Agency Pilot Software ref: 7210 )