2 Bed Sold

Guide Price £475,000 - Freehold

High Street, Rye, East Sussex TN31 7JE

An opportunity to acquire a freehold investment, subject to existing tenancies, in the Conservation Area of the Ancient Town, forming a Georgian Grade II Listed period building in need of some improvement, currently comprising a double fronted retail unit, first floor offices and a two-bedroom maisonette to the upper floors with rear views across the lower reaches of the river Rother.

LOCATION The property occupies a prominent position towards the eastern end of the High Street in close proximity to the Viewing Point and Rye Art Gallery in the Conservation Area of the Ancient Town and Cinque Port of Rye, renowned for its historical associations, medieval fortifications and fine period architecture. As well as its charm and history, the town has a comprehensive range of shopping facilities and an active local community, with the arts being strongly represented; Rye Arts Festival and Rye International Jazz Festival are both held annually and a two screen cinema complex is available in Lion Street. From the town there are local train services to Eastbourne and to Ashford International with high speed connections to London St Pancras (37 minutes) and from there to Paris, Brussels and Amsterdam via Eurostar. Sporting facilities in the area include a leisure centre, lawn tennis club, sailing at Rye Harbour and numerous golf courses within a 15 mile radius. Rye is also located on the edges of the High Weald Area of Outstanding Natural Beauty and Romney Marsh, as well as being a short drive from 7 miles of sandy beaches and dunes, affording local residents many fine countryside and coastal walks.

DESCRIPTION A Grade II Listed property in need of general improvement, forming one of a pair of nineteenth century houses, presenting mellow red brick elevations set with a combination of tall sash and casement timber windows set beneath a later tiled mansard roof. The accommodation, which retains some original features, is arranged over five floors as a double fronted retail unit with basement stores, first floor offices and a second and third floor maisonette. The rooms to the rear enjoy widespread views across the Town Salts and river Rother towards the sea. To the rear of the property there is a small courtyard area accessed from the basement store.

OCCUPANCY DETAILS The existing occupants of "The Pette Shop" hold a 9 year lease from September 2015. The first floor offices are currently occupied as an artist's studio on a 7 year tenancy from November 2018. The maisonette is currently let on an assured shorthold tenancy. The combined annual rental income is currently £14,940. All exterior decorations and repairs are the responsibility of the landlord. Further details upon request.

SERVICES Mains water, electricity and drainage. Gas available in the street.

LOCAL AUTHORITY Rother District Council. 01424 787752

Ground floor shop: Rateable Value £4650

First floor offices: Rateable Value £2,500

Current Uniform Business Rate multiplier: 49.9P

Subject to the qualifying criteria, the property is eligible for small business rate relief whereby business rates are not payable.



Residential accommodation: Council Tax band C



Retail shop: EPC rating E

First floor offices: EPC rating E.

Maisonette: EPC rating E