Various properties across the Isle of Wight are being auctioned with Clive Emson in the run up to Christmas.
Bidding for the auction, the last of 8 this year by the firm, is live on 9th December and concludes on 11th December, with a total of 147 lots listed.
A freehold block of 4 flats, with sea views, parking and vacant possession, has a guide price of £700,000-£750,000 and is at 4 Cliff Road, Cowes.
Rob Marchant, Island auctioneer for the firm, said:
“All the flats are at present vacant, having previously been in use as an income-producing letting investment. Upgrading and refurbishment are now required. Three of the flats have two bedrooms each and the other has three bedrooms.”
”Once the improvement works are done, the building could have continued use for lettings or perhaps for resale of the flats on an individual basis into the local marketplace.”
Currently let at £47,925.32 per annum, a freehold block of 9x 1-bedroom flats, at 11 Leed Street, Sandown, is guided at £395,000+.
Freehold, with vacant possession, a ground floor 1-bedroom flat at 1 Fairmead Close, Lake, Sandown, is guided at £80,000+, with ‘upgrading and refurbishment’ required.
Freehold, with vacant possession, a shop and 2-bedroom flat at 14 Carisbrooke Road, Newport, is guided at £150,000 – £160,000.
Rob said:
“This is a mixed residential and commercial investment opportunity, with the ground floor commercial space offering potential for perhaps a niche retailer.
“The flat on the upper floors is in excellent order, with self-contained access from the inner lobby.”
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The former HSBC building at 38 Union Street, Ryde, with 3,358 sq ft over 4 floors, is guided freehold at £150,000+, with vacant possession.
With 3 bedrooms, a garden flat at 44A Spencer Road, Ryde, has a guide price of £175,000+ and is on the remainder of a 990-year lease from 1972.
On the remainder of a 155-year lease from 2005, at a ground rent of £150 per annum, a 1-bedroom ground floor flat as a guide price of £90,000+ and is at 87 Amherst Place, Ryde. There is an allocated parking space for the vacant property.
A freehold mixed investment at 3 Union Street, Ryde, is guided at £150,000+ and is let at £12,125 per annum.
Rob said:
“The ground floor shop at the front of the building in Union Street – Ryde’s primary retail location – is let under the terms of a commercial lease.
“The lower ground floor area to the rear is a vacant one-bedroom flat while the remainder of the building is arranged as five residential flats which have been sold off on long leases paying a ground rent to the freeholder.
“We are advised that the freeholder also arranges for building management insurance and reclaims the cost by a service charge to the long lessees.”
A 2-bedroom ground floor flat at 116 High Street, Ryde, is chalked for improvement and has a guide price of £50,000+; it is on a 1,000-year lease, “less the last ten days”, from 1857.
With 2 bedrooms, a vacant detached bungalow on a 1.6-acre plot is at Robins Bush, Solent Road, Cranmore, Yarmouth, and has a freehold guide price of £360,000 – £380,000.
A vacant commercial building at 40 High Street, Shanklin, has a freehold guide price of £80,000+ and was formerly the pizza restaurant Makkie’s, with 28 covers and a takeaway section.
At 105 High Street, Shanklin, a freehold restaurant property with a two-bedroom flat above has a guide price of £195,000+ and comes with vacant possession.
On the private clifftop estate of Luccombe Village, a vacant possession house with sea and countryside views has a freehold guide price of £180,000+ – Hill Crest is at The Highway, Luccombe, Shanklin.
Peppercorns is a detached, chalet-style house with three bedrooms at Undercliffe Drive, St Lawrence, Ventnor, with view of the English Channel, and has a guide price of £30,000-plus to reflect what is described as “significant structural damage”. Freehold, with vacant possession.
