A bank building on the Island has been sold in an auction bidding war for £185,000.
The freehold property at 38 Union Street, Ryde, with 3,358 sq ft over 4 floors, fetched £35,000 above the guide price.
It was among 149 lots listed across southern England by Clive Emson Auctioneers in the firm’s December auction, the final one of 5 this year.
Rob Marchant, Island auctioneer for the firm, said:
“Formerly a HSBC bank, the building attracted keen interest from bidders, with the final bid coming in at £185,000, which was £35,000 above the guide price.
“We are not privy to any plans the new owner may or may not have for the premises, which includes traditional vaults as might be expected in a building of this nature.”
Peppercorns, a detached, chalet-style house with three bedrooms at Undercliff Drive, St Lawrence, Ventnor, with view of the English Channel, also sparked a bidding war. The freehold property, described as having “significant structural damage”, fetched £80,000, which was £50,000 above guide price.
A 2-bedroom ground floor flat at 116 High Street, Ryde, chalked for improvement, was bought for £50,000; it is on a 1,000-year lease, “less the last ten days”, from 1857.
The sale of a vacant commercial building at 40 High Street, Shanklin, which had a freehold guide price of £80,000-plus and was formerly the pizza restaurant Makkie’s, with 28 covers and a takeaway section, has been postponed.
Joint auctioneers for the single-storey property, which retains may of the restaurant fixtures and fittings, were Gully Howard.
Currently let at £47,925.32 per annum, a freehold block of nine one-bedroom flats, at 11 Leed Street, Sandown and guided at £395,000-plus, was also postponed. Scotcher & Co were joint auctioneers.
Freehold, with vacant possession, a ground floor one-bedroom flat at 1 Fairmead Close, Lake, Sandown, went for £82,000, with “upgrading and refurbishment” required. Joint auctioneers were Arthur Wheeler.
Various other properties on the Island are re-available, including a freehold block of four flats, with sea views, parking and vacant possession, at 4 Cliff Road, Cowes. The guide price was £695,000-plus. Joint auctioneers were Coates Property & Financial Solutions. At 105 High Street, Shanklin, a freehold restaurant property with a two-bedroom flat, had a guide price of £195,000-plus. The restaurant was the former Pavarotti and joint auctioneers were Arthur Wheeler.
Clive Emson Auctioneers has been awarded Residential Auction Service of the Year in The Negotiator Awards 2024, the Oscars of the UK’s residential agency sector.
Founded 35 years ago, the independent firm was also shortlisted for Community Champion of the Year, winning silver, and Website of the Year. The first auction of 8 in 2025 by Clive Emson Auctioneers concludes on 6th February, with bidding live from 4th February.
Lot entries close on 13 January, with the catalogue available online from 16th January.
