The former Waxworks building in Brading, a historic landmark building, has been sold at auction for £185,000.
The commercial investment at 46-48 High Street – known as Rectory Mansion – was among 149 lots listed across southern England by Clive Emson Auctioneers in the firm’s May auction. Arranged as business/retail units let to a number of smaller occupiers, the building has planning permission for partial residential conversion on the upper 2 floors. For the new buyer, it will produce a yield of around 14.6%.
It has not been disclosed who the new owner(s) is, or what their plans are. Other lots that went under the hammer included a freehold mixed used building at 120 High Street, Ryde, let at £27,850 per annum. It fetched £250,000, representing a gross rental yield of just over 11%.
At 2 Kent Road, Ventnor, a 3/4-bedroom town centre house, which had a freehold guide price of £140,000+, was sold prior to auction. Freehold land on the east side of 9 Woodvale Road, Cowes, on 0.67 acres, sold for £47,500, nearly double the guide price.
However, the sale of a row of 3 lock-up shops, freehold, at 52, 52A & 52B High Street, Shanklin, which had a guide price of £60,000+, was postponed.
Re-available lots include the former council works depot on 0.76 acres of land at Victoria Crescent, Ryde, with planning permission for 5 houses, which had a freehold guide price of £300,000+.
The firm’s next auction, the 250th since starting up in 1989 by Clive Emson MBE, ends on 12th June, with bidding live from 10th June.
Lot entries close on 20th May, with the catalogue available from 24th May.
cheap I’d say, but I’m not gonna wax lyrical about it
Are we sure that’s not leasehold ?