Parts of the derelict Ocean Hotel in Sandown have sold at auction for a combined total of £616,000 – significantly above their combined guide prices.
The once grand seafront property has a complex history involving the Carlauren Group and its subsequent collapse. The group, which aimed to convert the hotel into a luxury care home back in 2017, ultimately went into administration, leaving the property derelict.
The hotel was subsequently sold to Phoenix Commercial Property Development (PCPD) and was then the target of multiple arson attacks. A legal battle between the Isle of Wight Council and the company followed, but PCPD sold the freehold and the Ocean Hotel has been sitting in limbo ever since.
At a recent Clive Emson auction, a terrace of derelict retail units and the upper parts of the buildings at 38-39 High Street, forming the southernmost section of the former Ocean Hotel, sold for £355,000. The property had a guide price of £250,000 and attracted significant interest, with a total of 111 bids placed.
In a separate lot, the car park – located at the opposite end – also changed hands for £261,000. This was £11,000 above the £250,000 guide and saw 17 bids before the hammer came down.
There is no confirmed timeline or public detail yet on what the new owners plan for the purchased lots.
The remainder of the Ocean Hotel site remains derelict and has not yet been listed for sale, raising questions over what the future holds.
It’s going to take over 10 years plus to tart up
Sandown, the sooner they start the better.
Laundry comes to mind!