DERELICT SANDOWN EYESORE GOES UNDER THE HAMMER – WITH A HEFTY GUIDE PRICE

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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.

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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.”

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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.

Rob said:

“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.

Rob said:

“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.

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'Ad-enough!
'Ad-enough!
26 days ago

I’m very surprised that there’s no mention of subsidence in the Ocean View Road properties- you wouldn’t catch me living there, knowing that area as I do!

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