ISLAND PROPERTIES AND LAND SELL AT ONLINE AUCTION

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A number of properties and land on the Isle of Wight have been sold in an online auction.

They were acquired in Clive Emson Auctioneers’ latest regional sale, which was held solely online due to COVID-19 precautions.

A 4-bedroom mid-terrace house at 1 Fort Street, Sandown went for £97,000, and a detached 3-bedroom bungalow at 32 Castle Hill, Newport – guided freehold at £170,000-190,000 – sold beforehand.

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Located on the outskirts of the village of Nettlestone, a 4-acre freehold copse went for £48,400, which was a whopping £33,000 above estimate.

3 lots were postponed.

The first was a light industrial estate, with 8 units, which had a freehold guide of £350,000-400,000 and is located at Zille Estate, East Street, Ryde. Fully let, the units generate £42,120 per annum between them.

Egan House at Madeira Road, Totland Bay, was the second. Currently let at £29,480 per annum, with 5 flats and 2 commercial units, the freehold guide was £450,000+.

A third, which was guided at £110,000-130,000, was a 0.44-acre parcel of land at Ashey Park, Ashey Road, Ryde, with consent for 2x 3-bedroom holiday bungalows.

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The third round of Clive Emson’s regional auction for 2020, again being held solely online, is on Wednesday 6th May 2020. Closing date for entries is 14th April.

James Emson, Managing Director, said:

“It was a week few of us will ever forget – we took the decision to take the rest of the auction online in order to comply with the spirit of the just-announced lockdown.

“Even though there were a handful of us for the broadcasts, with social distancing, the health of staff had to come first.

“We were naturally apprehensive about whether bidders would have an appetite for purchases online at such short notice, but they proved that property and land sells whatever the economic weather. Indeed, some lots generated bidding wars.

“The online element of the campaign generated more than £4m in sales, with an overall sales figure of £13.5m – a sales percentage of 70%.

“Given the challenges, this was an incredible result and I pay tribute to my colleagues for doing everything they could to keep the virtual show on the road in the most demanding of circumstances.

“We now look ahead to the next series of sales, which will all be held online.”

 

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