7 properties on the Island have gone under the auctioneer’s hammer in the latest Clive Emson Auction.
A 1-bedroom ground floor flat, with a large private rear garden and on a 999-year lease from 1989, sold for £75,000; the property is Flat 2, 61 Union Street, Ryde.
A freehold lock-up shop at 106A Monkton Street, Ryde, previously occupied by a pet shop, fetched £36,000
A 2-bedroom detached bungalow at 250 Upton Road, Ryde, sold freehold for £181,000. Joint auctioneers were Fox and home.
A 2-bedroom holiday cottage at 15 The Ravens, Ocean View Road, Ventnor, went for £165,000 freehold. Joint auctioneers were 01 Estate Agents.
Currently let at £16,560 per annum, a town centre mixed investment at 6 and 6A Regent Street, Shanklin, on a 999-lease from 1915, sold for £152,000. Joint auctioneers were Gully Howard.
A semi-detached 3-bedroom house, at 101 Horsebridge Hill, Newport, went for £183,000. Joint auctioneers were Chinneck Shaw.
Also sold, for £45,000, was the freehold premises occupied by Fuoco Pizza in Avenue Road, Freshwater. Currently let at £4,160 per annum, on a 7-year lease from February 2019, the rental income is equivalent to a gross yield of more than 9%.
Rob Marchant, Island auctioneer for Clive Emson Auctioneers, said:
“There was clear appetite for budget-priced properties on the Island, with a range of homes, flats and commercial premises snapped up.”
Postponed: the sale of former public conveniences at the village of Wroxall, on the south-east corner of the Island. With planning permission to be converted into an office, studio or workshop, the property was guided at £45-50,000 and has a 999-year lease dating from March 1879.
Clive Emson Auctioneers’ next auction starts on 13th June and ends on 15th June, with lot entries closing on 22nd May and the catalogue available from 26th May.
Very affordable properties. Those who moan the cant afford to buy are obviously aiming better than their status should be aiming for, or they are lazy and expect the ‘state’ to give them everything as well as pay for their ‘own home’.
Both do a full weeks work don’t have kids that others have to fund, and you could easily afford a home if you didn’t squander it on junk food, nails, tattoos, designer clothes, eating out , drinking , drugs, hugely costly cars, etc etc.