7 lots of land and property on the Island have gone under the auctioneer’s hammer.
They were among 140 lots listed across southern England in the June auction of Clive Emson Auctioneers.
Rob Marchant, Island auctioneer for the regional land and property auction firm, said:
“There was another good run of auction purchases on the Isle of Wight, with the hammer coming down on 7 different bids.”
A prominent seafront building – Kings House at 32 High Street, Sandown – went for £351,017 freehold.
Rob said:
“With 55 bids made, the hammer went down on the final one of £351,017, which was £101,017 above the guide price of £250,000-plus, such was the interest.
“Kings House needs a significant level of upgrading and refurbishment and it is considered that the property offers a great deal of scope and potential for a number of potential future uses, subject to all necessary consents being obtainable.”
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A freehold barn sitting on nearly 8.5 acres of land fetched £348,000. With planning consent for conversion into a single dwelling, the property is on land at Moles Farm on the north side of Calbourne Road, Calbourne.
At 38 St Johns Road, Newport, a 4-storey, semi-detached building, with three of the four freehold flats let at £19,200 per annum, sold for £308,000, which was £58,000 above the guide price.
Rob said:
“Based on the price paid, and the rental income, the gross yield is 6.2% – and that’s before income from a vacant flat. A total of 51 bids were made, reflecting interest from property investors.”
With views over the English Channel, a detached house at 13 Gills Cliff Road, Ventnor, with consent to be demolished and replaced with 6x 2-bedroom apartments, sold freehold for £270,000. Joint auctioneers were 01 Estate Agents.
Previously fully let at £13,075 per annum, a freehold commercial investment at 159 High Street, Ryde, where there had been a café, fetched £98,000, joint auctioneers were Scotcher & Co.
An end-terrace house at 24 Ocean View Road, Ventnor, on the remainder of a 999-year lease from 1902 and with sea views over the town and English Channel, sold for £136,000. Joint auctioneers were Webb Jenkins.
7 acres of freehold land on the west side of Whippingham Road, East Cowes, was purchased for £186,000, which was £136,000 above guide price. A total of 67 bids were made. Joint auctioneers were Hose Rhodes Dickson.
Clive Emson Auctioneers’ next auction ends on 26th July, with bidding live 48 hours beforehand and the catalogue live from 7th July.
Some boring news for the old farts
“With 55 bids made, the hammer went down on the final one of £351,017, which was £101,017 above the guide price of £250,000-plus, such was the interest.
No, the guide price was way too low. Click bait….