A paddock with residential development potential on the Island is being auctioned with a guide price of £150,000+, alongside a number of other local lots, in the next Clive Emson auction.
The site, comprising of more than 4 acres and on the west side of Packsfield Lane, at the back of 69 Station Road, Wootton Bridge, Ryde, is among 118 lots listed across southern England by Clive Emson Auctioneers.
Currently used as a pony paddock, the land is subject to a 999-year lease from 1997, at a ground rent of “1 peppercorn per annum”
Rob Marchant, Clive Emson Auctioneers’ Island auctioneer, said:
“The site will be of interest to conservationists, developers and investors.”
“The suitability of the site for residential development is affirmed by a motion to grant Outline Planning Consent (subject to an S106 agreement) which was passed by the Isle of Wight Council for the construction of 29 residential dwellings in a scheme which would have seen the demolition of 69 Station Road, a property which is owned by the long lessee. “
2 cottages and a former convenience store at 50 and 51 Monkton Street, Ryde, are guided freehold at £180,000 to £200,000.
He added:
“Situated close to Ryde’s St Johns Road railway station this freehold building will have started life as two lock-up shop units with living accommodation behind.
“Over the years the layout has been altered, with the shop units having been combined into a single larger retail unit which, most recently, was trading as a local convenience store.
“The cottages to the rear are in a poor state of repair but considered ideal for restoration to, once again, provide residential accommodation for owner occupation or for addition to an income producing letting portfolio.”
Currently let at £6,000 per annum, a 1-bedroom split level flat at 2, 122 St James Street, Newport, is guided at £75,000 to £80,000, with a 999-lease from 1991, the year the controversial Poll Tax was abolished by then Prime Minister John Major.
Rob said:
“In good order throughout, with a full refurbishment having been carried out in 2018, the flat has been let at the same level for many years and it is considered there may be scope for the new owner to increase the rent accordingly.”
A fire-damaged, mid-terraced house with three bedrooms at 65 Arctic Road, Cowes, has a guide price of £90,000 to £100,000 and is freehold.
Of the house, Rob said:
“The house has been badly damaged in a fire and requires significant repairs and upgrading; it is considered very worthy of the improvements required.”
Clive Emson’s online auction ends on Thursday 28th July with bidding live 2 days beforehand.
“Comprising of”?? Dear me.