A live music venue on the Island is to be auctioned with a guide price of £160,000+ in the upcoming Clive Emson auction.
The freehold of Units 9 and 9B Brickwood House on Orchard Street, Newport is among 139 lots listed across southern England by Clive Emson Auctioneers, regional land and property auctioneers.
Rob Marchant, Island auctioneer, said:
“Currently let at £19,000 per annum, the building is occupied by a popular and well-established live music operator trading as Strings.
“The current occupier has been trading from the venue from 2017 and recently signed a new 5-year lease.
“The property is considered ideal for addition to an income-producing commercial property portfolio and therefore we anticipate keen interest.”
Strings is unaffected by the freehold sale.
A pair of freehold 2-bedroom cottages at 38-40 Castle Street, Ryde, with a store between them on the ground floor, is guided at £190,000-210,000.
Mike Marchant, a senior auction appraiser with Clive Emson Auctioneers, said:
“There may be scope and potential to re-integrate it into the residential accommodation, if desired, or to keep it as a useful lock-up store in the heart of Ryde whilst having the rental income from the two cottages.
“Both cottages are in good order throughout, with number 40 being the slightly larger of the two, with the store being situated in what would have been the accommodation of number 38.”
Viewing by arrangement with Seafields of Ryde.
A pair of flats, on 999-year leases and for ‘investment or occupation’, are located at 1 and 3, Madeira House, Madeira Road, Seaview, near Ryde. Guide price: £300,000+.
Rob said:
“Flat 1 offers flexible living accommodation over two floors linked, via a spiral staircase. The living accommodation includes five bedrooms and a study, subject to the requirements of the new owners.
“Alternatively, it is considered the flat may have potential to sub-divide the two-storey unit into two smaller flats, subject to all necessary consents being obtainable.
“Flat 3 requires a program of upgrading and refurbishment but it is considered very worthy of the works required. The apartments are ideally suited to use by an occupier, perhaps as a weekend retreat, holiday home, or addition to an income-producing letting portfolio.”
Viewing by arrangement with estate agency Hose Rhodes Dickson.
A freehold mixed investment at 10-11 High Street, Ryde, is guided at £200,000+ and is currently let at £13,250 per annum.
Rob said:
“This imposing three-storey town centre building enjoys a prominent position in Ryde High Street, the town’s main trading area.
“Both commercial units are let to long-established tenants and are producing a healthy income, while the large two-bedroom flat, which is accessed separately from the rear of the building, is split across two floors and is currently vacant.”
Commercial tenants are unaffected by the sale of the freehold.
Currently let at £3,120 per annum, a 2-bedroom house has a freehold investment guide price of £70,000+ and is located at 30 Albert Street, Ventnor.
And lastly, guided freehold at £30,000+, is a 0.17-acre parcel of land (parcel B) at the south side of Love Lane, Bembridge, as is a similar plot of land (parcel A) close by, at 0.19 acres and guided at £30,000+.
Clive Emson Auctioneers’ March auction, the 2nd of 8 this year, ends on Wednesday 22nd March, with bidding opening 48 hours beforehand.
Buy to let is immoral.
With a mortgage I agree, with cash though is fair game.