A block of flats on the Isle of Wight were among the many lots to go under the hammer in the latest Cive Emson auction.
Let at £42,840 per annum, the 6x 2-bedroom flats at Kingswood, Coronation Road, Cowes were among 166 lots listed across southern England in the latest regional land and property auction by Clive Emson Auctioneers.
With communal gardens, the flats are let under terms of Assured Shorthold Tenancy agreements. Joint agents for the freehold building were Chinneck Shaw.
Rob Marchant, Island auctioneer, said:
“Clients instructed us to sell 21 Island lots in the June auction, with keen interest in various ones, including investment properties where there is already residential or commercial income through tenants.”
Let at £24,780 per annum, a freehold block of 5 flats and a large workshop/store at 16 Surbiton Grove, Ryde sold for £345,000; the flats are let on Assured Shorthold Tenancy agreements.
A freehold town centre block of 4 flats at 23 Star Street, Ryde went for £290,000. Each is let under the terms of an Assured Shorthold Tenancy agreement, at a combined £2,775 per calendar month.
With a 999-year lease from 2017, and a share of the freehold, a first-floor flat at Flat A, 63 High Street, Ryde fetched £67,500.
In use as an office at £4,200 per annum, a leasehold commercial property at 49A High Street, Brading sold for £28,000, which was £3,000 above the guide price. Joint agents were Gully Howard.
The Harrow Lodge Hotel at 31 Palmerston Road, Shanklin, with 20 en-suite guest rooms, had a guide price of £450,000 – £500,000.
Rob said:
“The Harrow Lodge, a popular, profitable family-run business for many years and reluctantly sold due to retirement, was sold immediately post auction for an undisclosed amount, having just failed to meet the reserve price.”
Let at £35,000 per annum, a freehold town centre building at 70-74 Regent Street, Shanklin, fetched £345,000.
On the remainder of an 836-year lease from 2020, a 2-bedroom flat on the ground floor at 7 Palmerston Road, Shanklin, went for £94,000. Joint agents were Arthur Wheeler.
A 0.70-acre plot of freehold land north-west of Baring Road, Egypt Esplanade, Cowes, which has a pedestrian access via a gate from Egypt Esplanade on the seafront, sold for £9,500.
With planning consent for the construction of a detached chalet-style home, a freehold plot at 1 Lower Hornhill, Rew Street, Gurnard was purchased for £90,000. Joint auctioneers were TAUK.
On the edge of St Boniface Down, a 2-bedroom freehold cottage with sea views at 119 Leeson Road, Ventnor fetched £145,000.
Entries for Clive Emson Auctioneers’ July auction close on 30th June, with the catalogue online from 3rd July. Bidding is live from 22nd July, ending 48 hours later on 24th July.
The next auction will be the firm’s fifth of 8 this year.
