4 properties on the Island are among 119 lots listed across southern England in Clive Emson’s June auction.
Receivers have instructed the land and property auctioneers to sell three-storey 12 St James Street, Newport.
Comprising 4 self-contained flats and a ground floor commercial unit, the end-terrace premises is guided freehold at £300,000-plus.
Rob Marchant, Clive Emson’s Island auctioneer, said:
“The property is considered ideal for addition to an income-producing portfolio and we’ve been instructed by receivers to sell the building; we anticipate keen interest from buy-to-let investors.
“The shop was originally let at £13,000 per annum and the flats are held under assured shorthold tenancy agreements, with two of them let at £500 and £650 per calendar month.”
Rectangular-shaped land at the back of 13 Union Street, Newport, measuring 0.07 acres, has a freehold guide price of £12-15,000. Rob said the land is currently used for vehicle parking.
Currently let at £13,075 per annum, a commercial unit at 159 High Street, Ryde, is a freehold investment with a guide price of £130-140,000; the first-floor flat was sold on a 125-year lease from 2004, with a ground rent of £75 per annum payable.
Long-vacant 52, 54 and 56 Fitzroy Street and 66 and 68 Station Avenue, Sandown, is guided leasehold at £220-240,000.
Rob said:
“The dilapidated building, with some fire damage, was last arranged as four shops and a commercial office on the ground floor, with additional storage and/or residential accommodation beyond.
“First and second floors comprise a range of rooms offering scope and potential for re-configuration into a number of flats or, alternatively, redevelopment of the site, subject to all necessary consents being obtainable.”
There is the remainder of a 990-year (less 10 days) lease, from 11th November 1904, at a ground rental of £32.05 shillings per annum.
The auction, the fourth of 8 this year, ends on Wednesday 16th June.
Clive Emson recorded more than £21m in sales and a success rate of 80%-plus in its May auction across southern England.
More properties to be turned into holiday lets, No islander can afford to buy these. Toogood to be true. Damn developers.
They’re keeping us as sitting tenants