A prominent corner building in Sandown, which has been stood empty for many years, and branded an ‘eyesore’ by residents, is being auctioned.
The long-empty property has a guide price of £300,000-plus and is among 135 lots listed by regional land and property auctioneers Clive Emson.
On the remainder of a 955-year lease from 1904, and at a ground rental of £32.05 shillings per annum, the dilapidated, fire-damaged premises is located at 52, 54 and 56 Fitzroy Street and 66 and 68 Station Avenue.
Rob Marchant, Clive Emson’s Isle of Wight auctioneer, said:
“The issues regarding this property laying empty for a considerable number of years are well documented.
“The local authority is on the record for considering a Compulsory Purchase Order in order to get the premises back into residential use, with £405,000 cited as the estimated value.
“There is now an opportunity for a buyer to come forward to breathe new life into the premises, which previously included shop units and flats.
“It is considered that the building is ideally suited to a solely residential use and conversion into apartments, subject to planning consents.”
Currently let at £3,900 per annum on an assured tenancy, a 3-bedroom house at 22 Barton Road, Newport, is guided at £80-90,000 as a freehold investment.
A freehold investment for 30 Albert Street, Ventnor, is guided at £73,000-plus. The 2-bedroom house is let under an assured tenancy agreement, at £3,380 per annum.
2 houses at 1 and 1A Ocean View Road, Ventnor, have “splendid” views of the town and the English Channel from the first-floor windows and are guided at £180,000-plus.
On a remainder of a 986-year lease, number 1 has 1 bedroom and a small garden to the side and 1A 3bedrooms, with small courtyards fronting Ocean View Road.
“Both residences need upgrading and refurbishment and are worthy of the improvements required.”
The current ground rent is £10 per annum. Prospective purchasers have a chance to make it a hat-trick by acquiring the first 3 houses on the terrace as the other 1, number 3 Ocean View Road, is also in the auction. Number 3 is a guided freehold at £90,000-plus, with 2 bedrooms.
A detached Victorian residence, comprising four self-contained flats, is guided freehold at £230-250,000 – Rookley Villa is situated at Marlborough Road, Ventnor.
“Three of the flats are vacant and the fourth is held under separate ownership under the terms of a 99-year lease from 1977, the year of the Queen’s Silver Jubilee.”
Bidding is live from Monday, May 3, with the auction ending on Wednesday, May 5.