A former bank on Avenue Road in Freshwater is set to go under the hammer next week for potentially as little as £95,000.
The three storey property at 1 Clarence Buildings on Avenue Road in Freshwater used to be a branch of HSBC bank and is now on the market with Graham Penny Auctions at a guide price of £95,000+.
The freehold building has an office and self-contained two bedroomed flat to the first and second floors, off-street parking and approx. 1,400sq ft of space. The building is being sold with vacant possession and has potential for conversion into three apartments.
Graham Penny, auctioneer at Graham Penny Auctions, commented:
“The property boasts a number of potential uses for the right purchaser. It could be reinstated as a retail unit with flats above or it could be converted into apartments, subject to consent. For the right investor this lot could provide an excellent return on investment or ongoing yield.
“Its location on the prime shopping parade, the fact it has off-street parking and is being offered with vacant possession has already generated significant interest.”
The property is being sold by auction on Thursday 10th July and the iPro Stadium in Derby with proxy, telephone and internet bids being accepted by the auction house. Successful buyers will pay only a £750 buyers fee along with a 10% deposit on the fall of the gavel to secure the sale and completion will take place 21 days later.
Graham added:
“The attraction of buying a property at auction is that it’s a straightforward, transparent and quick process. On the fall of the hammer, the sale is secure, contracts are exchanged and the sale is completed within a month. Then the new owner can start reaping the benefits of the addition to their property portfolio.”
The legal pack for The former HSBC Bank, 1 Clarence Buildings, Avenue Road, Freshwater, PO40 9UY is available online for any potential buyers to view. Any viewings or requests for proxy, telephone or internet bids should be made with Graham Penny Auctions on 01332 242 880.
