A house that was badly damaged by fire in 2021 comfortably exceeded its freehold guide to sell for £145,000 at auction.
The mid-terraced house at 65 Arctic Road in Cowes was among 118 lots listed across southern England by Clive Emson Auctioneers.
It caught fire in May 2021.
With 3 bedrooms, it was listed with a freehold guide of £90,000 to £100,000.
Rob Marchant, Clive Emson Auctioneers’ Island auctioneer, said:
“Bidders clearly saw the potential value in this property, post improvement works. This resulted in the final sale price significantly exceeding the guide.”
Clive Emson Auctioneers holds auctions 8 times a year, with offices in Essex, Kent, Sussex, Hampshire and the West Country.
1 of the top 5 property auctioneers in the UK, Clive Emson’s next auction is on 21st September.
Lot entries close on 30th August, with the online catalogue released on 3rd September.
Visit https://www.cliveemson.co.uk for more details.
Ah well let’s see how much the owners of the gaiety arcade get for it now then as it wasn’t arson, oh yes it was, oh no it wasn’t.
That wasn’t a bargain at all, for that price they will struggle to break even.
Auction price = selling price minus 20K revamp cost -20K profit. Is the house next door worth £185-£200K ? If so, £145 is the right price…
I think you need to re-evaluate what this type of property is worth on the Island. I sold a 2 up 2 down terraced house I owned not far from there this year for £260k Plenty of potential profit in that one.
They must have money to burn.
Best house on the island!!!