Various residential and commercial properties on the Isle of Wight are being auctioned this month.
They are among 162 lots across Southern England listed by Clive Emson Auctioneers in its September auction – the 6th of 8 this year. The online auction ends on Wednesday 21st September with bidding opening 48 hours beforehand.
Currently let at £42,460 per annum, and with a guide price of £400,000+, a mixed freehold investment of 4 flats and 2 commercial offices is located at 24 and 26 Carisbrooke Road, Newport.
Rob Marchant, the firm’s Island auctioneer, said:
“This attractive and imposing freehold detached building is situated on the corner of Carisbrooke Road and Drill Hall Road, with the benefit of vehicular access from the rear via Alexandra Lane.
“Occupying a plot of 0.18 acres, which includes car parking and gardens, the building is at present arranged as a mixed commercial and residential income-producing investment.
“On the ground floor there are two commercial offices, one of which is let to the leading Isle of Wight commercial agency Scotcher & Co. In addition, there are four residential flats, all of which are let under the terms of an assured shorthold tenancy agreement.
“The building is producing a very worthwhile income stream and is considered ideal for addition to an income-producing investment portfolio.”
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A freehold investment at 144A High Street, Newport, has a guide price of £480,000-520,000.
Rob said:
“Situated at the County Hall end of Newport High Street this freehold block has recently been converted to form four two-bedroom apartments and one one-bedroom apartment, with the benefit of a small courtyard garden to the rear.
“The flats require some finishing off but the conversion project has been largely completed and the flats are considered ideal for addition to an income-producing letting portfolio once the remaining works have been completed.”
2 cottages and a former convenience store at 50 and 51 Monkton Street, Ryde, are guided freehold at £170,000 to £190,000.
Rob said:
“Situated close to Ryde’s St Johns Road railway station this freehold building will have started life as two lock-up shop units with living accommodation behind.
“Over the years the layout has been altered, with the shop units having been combined into a single larger retail unit which, most recently, was trading as a local convenience store.
“The living accommodation to the rear has been re-configured to suit the then owner’s requirements.
“The former convenience store to the front of the site is a single storey building and is considered to have scope and potential for future commercial use or, potentially, conversion into residential accommodation, subject to all necessary consents being obtainable.
“The cottages to the rear are in a poor state of repair but considered ideal for restoration to, once again, provide residential accommodation for owner occupation or for addition to an income producing letting portfolio.”
A freehold building arranged as five residential dwellings on 0.6 acres of land is guided at £280,000-300,000.
Rob said 3 of them generate £21,480 per annum, with 2 vacant. The Brannons is located at Station Road, Wootton Bridge. He added:
“The Brannons comprises an imposing red brick building which would once have been a splendid family dwelling.
“With a single storey addition to the side the building was converted many years ago to provide five residential dwelling units which have all been let and provide a very worthwhile income.
“Three of the dwellings are occupied under the terms of Assured Shorthold Tenancy Agreements while Flats 1 and 2, occupying the ground floor of the original building, are at present vacant and in need of a programme of upgrading and refurbishment.
“Once the required works are completed these units are considered ideal for re-letting with the whole property continuing to provide a worthwhile income stream for a letting portfolio.
“Alternatively, The Brannons is sited on a plot of 0.60 acres, which it is considered may have some scope for redevelopment, subject to vacant possession and all necessary consents being obtainable.”
A town centre bar, with 2 flats, has a guide price of £280,000-300,000. Freehold, the building is at 46 High Street, Ventnor.
Rob said:
“This substantial freehold building set over three floors is situated in the heart of Ventnor’s town centre and has traded as a well-known bar with a food offering for many years.
“In addition to the bar with commercial kitchen behind there is a two-bedroom flat with a roof terrace, on the upper floor which is ideally suited to use by an owner or, of course, for its letting potential.
“On the lower floor there is a double bedroom annexe/flat which offers owners accommodation.
“The property has the advantage of public car parks to both the front and rear of the building with Ventnor town centre which has undergone something of a renaissance in recent years experiencing good levels of tourist footfall.
“The beach and seafront are a short walk/drive from the High Street.
“It is considered that the building is ideally suited to continued use in its current guise operated by a tenant as part of an income-producing investment, or by an owner occupier on a home and income basis.”
A 3-storey freehold house “for improvement”, with an attached two-storey workshop, has a guide price of £220,000-240,000 and is at 12 Arctic Road, Cowes.
Rob said:
“Both the house and the workshop require significant upgrading and refurbishment and are considered worthy of the improvements required.
“It is considered the workshop could be incorporated into a scheme to extend the living accommodation of a single dwelling or, perhaps, provide a separate self-contained dwelling or form part of a scheme to create three dwellings at ground, first floor and second floor levels.
“Any such works will, of course, be subject to all necessary consents being obtainable.”
A 2-storey, 3-bedroom flat at 5 and 7 Wydford House, 23 Bellevue Road, Ryde, has a leasehold guide price of £225,000+.
Rob said:
“Originally a Victorian gentleman’s residence, Wydford House was converted into apartments with Flat 5 occupying the front section of the first floor and Flat 7 the front section of the second floor, with the added bonus of the observation platform on the roof giving stunning views over the Solent.
“In more recent times, the two flats have been converted into a large single residential dwelling occupying both the first and second floors and offering flexible accommodation with three bedrooms. Both floors have retained separate access to the communal landings.
“The living accommodation is in need of a programme of upgrading and refurbishment and is considered worthy of the improvements required. These works may include restoring the original arrangement as two separate flats if required and subject to all necessary consents being obtainable.
“Accessed from the second floor (Flat 7) there is an observation tower with a small outside space offering stunning views over the town of Ryde and the Solent and south Hampshire.”
A freehold town entre shop and upper parts, with planning permission for conversion, is situated at 51 High Street, Newport, and has a guide price of £300,000-330,000.
Rob said:
“Located adjacent to the crossroads in the very heart of Newport, the Island’s county town, this three-storey freehold building was most recently occupied by a mobile telephone supplier and is now offered vacant.
“A separate access to the first floor exists between the neighbouring The Body Shop and Vodafone retail stores and planning permission has been granted for conversion of the upper floors into residential accommodation.
“It is considered that, as with many modern town centres, there may be more demand for smaller retail units and so accordingly the new owners may wish to seek consent for a split of the ground floor commercial space into two smaller retail units in what is a prime retail location.”
