A mixed residential and commercial building on the Island went under the virtual auctioneer’s hammer in Clive Emson’s spring auction.
Egan House at Madeira Road, Totland Bay was purchased freehold for £450,000 in the firm’s sale, which was held solely online due to the national lockdown. Comprising of 5 flats and the village Post Office, the property is currently let at £33,080 per annum.
Rob Marchant, Clive Emson’s auctioneer on the Island, said:
“We had keen interest in Egan House, with the virtual hammer coming down on a final deadline bid of £450,000.
“There is an adjoining commercial unit which requires completion, with scope for residential use, subject to planning permission.”
The premises were among 65 lots across England and Wales being sold online because of Covid-19 public health measures.
Postponed – the sale of an access track and 2 parcels of land at Birchmore Lane, Blackwater; the guide price was £12,000-14,000.
Clive Emson’s next online auction is Wednesday 17th June. Entries for the sale close on Monday 18th May.
