A light industrial estate on the Isle of Wight has finally gone under the auctioneer’s virtual hammer for £396,000 in what turned out to be a bidding war.
It was among 135 lots being sold online by Clive Emson, the regional land and property auctioneers, across England and Wales.
Guided freehold at £330,000-360,000, Zille Estate on East Street in Ryde, comprises units 1, 2, 4, 5, 6, 7, 8 and 10.
Rob Marchant, Clive Emson’s Island auctioneer, said:
“We had a bidding war for the Zille Estate, with the final online bid coming in at £66,000 above estimate.”
The light industrial site is situated close to the eastern end of Ryde seafront and comprises 8 lock-up industrial units which are in use by a variety of smaller local traders.
Of the original 10 units, 2 have previously been sold (3 and 9) with the remaining units producing a “healthy income”.
Rob added:
“Each of the units is let under the terms of Licence Agreements offering easy-in and easy-out terms. The larger unit 1 is currently let at a rent of £400 per calendar month, with the remaining seven units all let at £440 per calendar month.”
A 1.4-acre development site at Hunny Hill Farm, Hunny Hill, Brighstone, guided freehold at £360-390,000, is re-available.
Clive Emson’s next online auction closes on Wednesday 23rd September. Lot entries close on Tuesday 1st September, with the online catalogue available on Monday 7th September.
I wander how long it will be before some greedy property devoloper wants to build houses on it ??
Thanks to the huge amounts of newcomers arriving in Britain and with almost all arriving without enough funds, unlike British people who emigrate, to buy their own home, or fund their own rent, building houses is both destructive to the environment and very costly for us all, as clearly, we have to fund the very homes we don’t benefit from.
So it would not be any surprise to me, as it wouldn’t to you, to see houses or flats built there soon.
The planning objection of ‘flooding’ is now gone, as ‘because’ Pennyfeathers development would have caused such, the Water company has invested millions in upgrading Monkton Brook flow and drainage, so no reason not to build there now.
Then, the council ‘gain’ again, as the displaced businesses will be forced to the new industrial site at Nicolson rd. So more council tax from new flats and more income from ruining green fields at Small brook for commercial buildings.
Could Carly Green translate what she is saying , i cannot understand a word.
For the benefit of Ron:
As the UK now has become the major choice of destination for many of the worlds displaced, and because we have to house everyone of them, then ‘housing shortages’ are a massive problem throughout the UK.
As many of the displaced have no funds to purchase their own home, or indeed pay their own rent, then often, flats are built, being a cheaper way of housing the growing masses.
Whilst the Island has a lower amount of displaced compared to other areas, the ‘knock on’ effect of people then moving from such areas to quite areas like the Island, then mean we too have ‘building pressures’ here.
As it is sadly the poorer in society having the most children, they all expect a home of their own eventually. But with no funds to buy a home for themselves, the council and UK Government (us tax payers) then have no choice but to build homes as cheaply as is feasible to house the growing amount of our own and the worlds displaced.
That usually means flats. And with land in short supply, industrial estates etc, which are more easily turned from commercial sites to housing, are a hot target, as whilst ‘ten p.c’ return sound great, the price of the site if changed from commercial to building, will be huge and instant.
The reference to Pennyfeathers, is the objection to it, was flooding of Monkton st due to Monkton mead river run off water from the site.
The water board have addressed such, so NOW there should be no objection on that score.
As the council OWN the fields at the side of Nicolson rd, and they are ‘earmarked’ for COMMERCIAL Industrial estate expansion, then what I am saying is, IF, a big IF, the flats were built, and the little Monkton st industrial estate were to be shifted to the Nicolson rd PROPOSED industrial estate, then the council ‘win’ on all fronts, MORE council tax from the flats, AND more revenue from the new industrial estate site.
Hope I have made it clear as it is boring me now.
Or maybe they’ve simply bought it because it returns 10% per annum without development or the need to acquire planning permission?
That is most likely, jones, and I was just agreeing with the first poster that it ‘wouldn’t surprise me’ to see it altered into housing.
I expect it will stay the same, but as explained the Council IF you read the planning apps, on this site,are applying to expand Nicholson rd industrial estate site.
So, there is a lot of ‘things’ which are not as ‘simple’ as you may be led to believe.
I haven’t been led to believe anything, a guaranteed ROI of 10% per annum for industrial property is 3% above the market average of 7%, although that figure varies and can be as low as 2% taking into account regional variances, so it really could be that simple. Of course potential future expansion or development makes the acquisition more attractive but guaranteed income in the here and now is what motivates many investors.