AUCTION SUCCESS FOR LOWTHERVILLE HOME IN NEED OF RENOVATION

A semi-detached house in Ventnor has sold for £156,000 in an online auction bidding war.

The freehold property at 29 Lowtherville Road went for £56,000 more than the guide price.

It was among 104 lots listed in the first online auction of the year by regional land and property auctioneers Clive Emson.

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Rob Marchant, Clive Emson’s Island auctioneer, said:

“There was keen interest, with a bidding war taking place on screen. The virtual gavel came down on a final bid of £156,000, which was £56,000 above estimate.

“The house requires a programme of upgrading and refurbishment and is considered very worthy of the improvements required. We are not privy to any plans the new owner may or may for the property.”

The former bus depot at 22 Pier Street, Ventnor, is re-available. It was guided freehold at £440,000-480,000, with planning consent to be demolished and replaced with 2 retail units and 10x 2-bedroom flats over 3 storeys.

Clive Emson’s next online property auction – the second of eight this year – is on 24th March, with lot entries closing on 2nd March. The catalogue is published online from 6th March.

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Contents of a U-bend
Contents of a U-bend
9 months ago

With auctions, often property is deliberately put on, way under value to ‘attract’ more interest knowing that the true or even above market value will be found, ‘come the day’.

eddo
eddo
Reply to  Contents of a U-bend
9 months ago

the true value is what a willing buyer will pay, no more and no less

 

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