From a £695,000 apartment block in Ryde to a structurally damaged bungalow in Luccombe that sparked a 63-bid battle, a host of Isle of Wight properties proved popular in the latest Clive Emson auction.
A block of 7 apartments on the Island and let at £63,120 per annum has sold in auction for £695,000.
The freehold investment at West Point, 1 Vernon Square, Ryde, pictured, was among 150 lots listed across southern England by Clive Emson Auctioneers in the firm’s June online auction which concluded earlier this week (Wednesday).
Rob Marchant, Island auctioneer, said:
“The final bid came in at £695,000, giving a gross rental yield of just over 9% based on sale price and rental income.
Converted in the early 1990s to provide seven apartments, four have two bedrooms and three with one bedroom, with car parking to the front and side.
There was a bidding war for Silver Retreat, Ash Grove, Luccombe, Shanklin, which has structural damage and is on nearly 2.5 acres, with sea views. The four-bedroom detached bungalow, freehold, received 63 bids, the final one coming in at £235,000, which was £85,000 above guide price.
On a 850-year lease from 2008, a one-bedroom flat on the upper ground floor at 3, Lynwood House, 52 West Hill Road, Ryde, went for £81,000. Rob said:
“There was a bidding war for the flat, with 19 bids. The final one came in at £21,000 above guide price.”
Cuddles Corner, Roud, Ventnor, comprising freehold land and two barns with consent for residential conversion, was bought for £110,000.
A freehold two-bedroom house for investment at 20 Caesars Road, Newport, let at £11,460 per annum, sold for £127,000. Rob said:
“Based on the price paid and rental income, the gross rental yield is 9%.” Joint auctioneers were Chinneck Shaw.
Currently let at £8,100 per annum, a freehold house for investment at 33 Carisbrooke High Street, Newport, went for £90,000. Rob said:
“Based on the price paid and rental income, the gross rental yield is 9%.” Joint auctioneers were Chinneck Shaw.
Described as needing “improvement”, a 3-bedroom freehold house at 44 Fort Street, Sandown, fetched £150,000. Joint auctioneers were Wrights Estate Agents.
Clive Emson Auctioneer’s next online auction, the fifth of eight this year, concludes on 23rd July, with bidding live from 48 hours beforehand.
Lot entries close on 29th June, with the catalogue online from 2nd July.
The freehold sale of a former free school and community hall, with links to famous music artists, was postponed. Built in 1812, Vectis Hall, Melville Street, Ryde, requires “significant upgrading and refurbishment”.
Various other Island properties also featured in the auction.
Flat 1 at Dolphin House, 5 Castle Street, Ryde, with a split level one-bedroom flat, is available at £75,000.
Rob said:
“The flat is sold with a share of the freehold, which is owned by the flat owners, at present held under the terms of a 125-year lease from March 1991.”
A two-acre freehold site with previous conditional planning consent, on the south side of Rosemary Lane, Ryde, is £140,000.
Let at £9,120 per annum, a two-bedroom flat for investment at Flat 4, Eden Lodge, East Hill Road, Ryde, is available at £85,000; on a 125-year lease from March 1987 at a ground rental of £50 per annum.
Currently let at £6,000 per annum, West Flat, Silver Mist, Victoria Street, Ventnor, is £65,000. The one-bedroom property, on the first floor, is on the remainder of a 125-year lease from April 1973 at a ground rental of £10 per annum.
With vacant possession, the former SNU Spiritualist Church at 8 Victoria Street, Ventnor, freehold, is £150,000.
A freehold and detached mixed residential and commercial building in Freshwater is £140,000. Freshwater Heritage Centre, Avenue Road, comprises a vacant ground floor commercial space and separate two-bedroom flat above.
A freehold town centre building at 11-13 High Street, Sandown, is £87,500. Originally constructed as a branch of Barclays bank, in more recent years the ground floor, now vacant, served as offices for Jerome & Co solicitors. The first floor of the building has been converted into a residential dwelling sold on a long leasehold.
Corner Cottage at 55A Regent Street, Shanklin, available at £49,000, is a one-bedroom, first floor apartment on the remainder of a 1,000-year lease (less 12 days) from 1 December 1871 at a current ground rental of “£4 and 10 Shillings” pa.
