A freehold block of 19 lock-up garages in Newport have sold at auction for £110,000. The garages, at the back of 31 Whitepit Lane, and let at £9,120 per annum, were among 135 lots listed across southern England by Clive Emson Auctioneers. Rob Marchant, Island auctioneer, said:
“We anticipated keen interest as lock-up garages in residential areas are often sought after, and this provided to be the case with the final bid coming in at £110,000. “There are 19 garages in total, although two are sold on long leasehold interests to the adjoining flats. At the purchase price, and based on the current rental income, the gross yield is an impressive 8.29%.”
Re-available is Flat 4, 71 Monkton Street in Ryde, which had a guide price of £55,000-£60,000 and is on the remainder of a 125-year lease from March 1987. The self-contained flat has 1 bedroom. Also listed was a 0.17-acre plot at Chale Barn, Chale Street, Chale, Ventnor, which had a freehold guide price of £85,000-£95,000. The next auction by Clive Emson Auctioneers ends on Wednesday 20th March, with bidding opening 48 hours beforehand. Lot entries close on Monday 26th February, with the catalogue available from Friday 1st March.
