9 land and property lots on the Island are to be auctioned this month (July) and are among 149 listed across Southern England by Clive Emson Auctioneers.
Rob Marchant, Island auctioneer for the regional land and property auction firm, said:
“Hot on the heels of the June auction, which saw the hammer coming down on seven different lots on the Island, including three well in excess of guide prices, we have nine exciting lots for this auction.”
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The auction ends on Wednesday 26th July, with live bidding starting 48 hours before.
Currently let at £84,950 per annum, a freehold town centre investment, comprising 11 commercial units and residential ground rent income, has a guide price of £800,000-£850,000.
The property is at 1-8 Gray’s Walk, 59, 60, 61, 61A, 61B Pyle Street and 10 Scarrots Lane, Newport.
Rob said:
“Gray’s Walk comprises 8 commercial units, all of which are let and producing a healthy income while the Pyle Street elevation is book-ended by numbers 59 and 61 Pyle Street, which are also let and, to the rear, 10 Scarrots Lane which is arranged as a 2-storey café/coffee shop which also forms part of the title.”
Article continues below this advertisement “In addition, the upper floors include 3 residential flats sold under the terms of long leases but with the freeholder the beneficiary of the ground rent paid by these units. The commercial units of varying sizes are let to a good range of occupiers including a dental surgery, café, electrical retailer and computer repair services.”
“The properties are considered ideal for addition to an income producing portfolio – with the current rental income, based on £850,000, the gross rental yield would be an inflation-beating figure of nearly 10%.”
Joint auctioneers are Gully Howard.
With a guide price of £300,000-plus, a freehold block of 3 flats and a former brewery site is located at Fairlawns and the former Ventnor Brewery at 119 High Street, Ventnor.
Rob said:
“Situated in the heart of Ventnor, close to the popular Victorian Centre, Fairlawns was the original home of the Burt family who ran the long-established Ventnor Brewery, prior to its closure about 10 years ago.
“The brewery buildings are attached to the rear of what was the family home.
“In more recent times, the residential dwelling has been separated into three self-contained flats, with two ground floor units providing two-bedroom accommodation and a large three-bedroom flat on the first floor, with the benefit of a roof terrace.
“There is allocated car parking for each flat. To the rear of the site is the former brewery building which extends over four floors and has scope/potential for a number of future uses, including perhaps site redevelopment, subject to all necessary consents being obtainable.“
Joint auctioneers are Gully Howard.
With a rental income of £33,240 per annum, a freehold mixed commercial and residential investment at 73 High Street, Shanklin, is guided at £300,000-plus.
Rob said:
“Occupying a landmark location at the traffic lights on the corner of the High Street and Victoria Avenue, this freehold 3 storey building would make an excellent addition to an income-producing property portfolio, with an attractive gross yield of just over 11% at £300,000.”
“The ground floor is let to a longstanding commercial tenant who has recently committed to an extension of his previous lease term. The upper floors are arranged as five residential flats, all of which are let under the terms of Assured Shorthold Tenancy Agreements and producing a very worthwhile income.”
Joint auctioneers are Gully Howard.
A pair of freehold building plots, each with consent for a detached house with sea views, is guided at £290,000 – £310,000 and is located at plots 1 and 2, north side of 83 Gills Cliff Road, Ventnor.
Planning permission was granted by Isle of Wight Council on 18 August 2018 for 2 detached dwellings with parking.
Joint auctioneers are 01 Estate Agents.
A 3-bedroom cottage – Brookfield at Sandy Lane, Newport – has a freehold guide price of £190,000 – £210,000.
Rob said:
“Located on the outskirts of Newport, this 3-bedroom cottage is located in an attractive rural setting. The property benefits from attractive views to the front, a rear garden and off-road parking. It is in good condition throughout and would be ideally suited for use as a holiday home or, perhaps, for a mix of holiday letting and self-use.”
Described as a “freehold mixed investment opportunity“, a double-fronted shop, with a 3-bedroom flat and a former bakehouse, is located at 51-53 School Green Road, Freshwater.
The commercial unit is let at £6,250 per annum and the flat at £475 per calendar month.
Rob said:
“The ground floor at the front is occupied by a double-fronted retail unit under the terms of a commercial lease; the space has previously been arranged as 2 separate retail units and could revert to this use in the future if required and subject to any required consents being obtainable.”
“The 1st floor, which also appears to have been 2 separate residential units in the past, is at present arranged as a large single flat which is occupied by a regulated tenant.”
“The property sits on a plot of 0.12 acres which includes a former bakehouse with access from School Green Road. It is considered that the outbuildings offer scope and potential for residential conversion subject to all necessary consents being obtainable.“
A 1-bedroom ground floor flat at 8B Sandown Road, Sandown, has a guide price of £55,000 – £60,000 and is currently let at £5,400 per annum. There is a 999-year lease dating from 1998.
Joint auctioneers are Megan Baker Estate Agents.
With planning consent for conversion into a residential unit, a freehold former workshop at 1a Yarborough Road, East Cowes, has a guide price of £50,000-plus.
Just over 1/2 an acre of land at Westwood Close, Cowes, has a freehold guide price of £40,000-plus and is the residue of a long-built and completed residential housing development.
Joint auctioneers are BCM.
That’s not the ‘Original’ brewery house, it’s a rebuild after the original Fairlawn was bombed in the war. Hopefully the 3 families living there won’t be looking for new places to live when it’s sold.