An investment building in Shanklin town centre is 1 of 5 Island properties being auctioned in February.
Guided freehold at £190,000-200,000, 27-31 Regent Street is among 102 lots listed across southern England by regional land and property auctioneer, Clive Emson.
Currently let at £19,337 per annum, the property comprises of flats and retail units.
Rob Marchant, the firm’s Island auctioneer, said:
“With inflation at a near 30-year high, and therefore low interest rates eroding the purchasing power of cash, we anticipate keen interest from investors looking for good returns.
“This substantial building was originally constructed as retail units on the ground floor with commercial offices above. About 10 years ago the offices were converted into six residential apartments, all of which have been sold under the terms of long leasehold arrangements.
“The freeholder benefits from a ground rent income from each of the six flats and is responsible for the insurance, management and maintenance of the building, which is recovered from the leaseholders through a service charge.
“Meanwhile, the three retail units on the ground floor are all let through commercial leases.”
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Planning consent has been granted for 3 residential flats to be built in the roof and airspace of a 2-storey building at 116-118 High Street, Ryde.
Leasehold, the property is guided £40,000-45,000.
Rob said:
“The new flats will comprise two one-bedroom units and a smaller studio; they are considered ideal for resale into the local marketplace or for retention for their income-producing potential.”
A freehold town centre house, with 3 to 4 bedrooms, at 36 New Street, Newport, is guided at £140,000+.
Rob said:
“Unusually for a house of this vintage, it has the advantage of a garage/workshop/store at the side. This may well provide scope for an additional dwelling to be attached to the side of the existing house, subject to planning permission.
“The house requires upgrading and refurbishment and is considered worthy of the improvements required, beyond which the property would be ideal for owner occupation or as an addition to an income-producing letting portfolio.”
Currently let at £8,340 per annum, a 2-bedroom flat overlooking Cowes harbour mouth and the Solent is guided at £157,000+.
Sold under the terms of a 150-year lease, from 2005, flat 11 is at Osborne Court, an Art Deco building on The Parade.
Rob said:
“Flat 11, which has the benefit of balconies to the front and rear elevations of the building, is particularly nicely presented.
“The apartment is at present occupied under the terms of an Assured Shorthold Tenancy (AST) and could well continue in this guise as a letting investment.
“However, there is also potential for owner occupation or perhaps for holiday letting at the expiry of the current AST if this is preferable to the new owners.”
With views over the English Channel, a 1-bedroom flat on the second floor of St Boniface Court, 84 Mitchell Avenue, Ventnor, is guided leasehold at £60,000-65,000.
Rob said:
“Flat 9, which is ideal for owner occupation, letting or for weekend and holiday use, requires some improvement, particularly to the décor, but enjoys a splendid view and is considered very worthy of the works required.”
Clive Emson’s online catalogue includes 32 residential properties, 30 investments and 21 commercial lots.
Auction timers end on Wednesday 9th February, with bidding live 2 days beforehand.
