A popular entertainment venue on the Island has gone under the auctioneer’s hammer for £181,000 in a bidding war.
Home to live music operator Strings, freehold units 9 and 9B Brickwood House, Orchard Street, Newport, went for £21,000 above the guide price.
The premises, currently let at £19,000 were annum, were among 141 lots listed in England by Clive Emson Auctioneers, regional land and property auctioneers.
Rob Marchant, Island auctioneer, said:
“There was keen interest from property investors, with 20 bids made as a result. The final one came in at £181,000, which was £20,000 more than the guide price.
“The current occupier has been trading from the venue from 2017 and recently signed a new five-year lease, with the gross yield for the new owner equivalent to an inflation-beating 10.5%.”
Strings is unaffected by the freehold sale.
There was also a bidding war for a pair of flats, on 999-year leases, at 1 and 3, Madeira House, Madeira Road, Seaview, near Ryde.
Rob said:
“The hammer fell on the 22nd bid of £317,000, which was £17,000 above guide price.”
A pair of freehold 2-bedroom cottages at 38-40 Castle Street, Ryde, with a store between them on the ground floor, went for £198,000.
Currently let at £3,120 per annum, a 2-bedroom house at 30 Albert Street, Ventnor, sold as a freehold investment for £70,000, with a gross rental yield of nearly 4.5%.
Re-available: a 0.17-acre parcel of land (B) at the south side of Love Lane, Bembridge, and parcel A close by, at 0.19 acres. Both were guided at £30,000-plus.
A freehold mixed investment at 10-11 High Street, Ryde, was guided at £200,000-plus and let at £13,250 per annum.
Clive Emson Auctioneers’ next auction, the 3rd of 8 this year, ends on Thursday, 4th May, with bidding opening 48 hours beforehand.
Lot entries close on 11th April, with the catalogue available from 15th April.
A bidding ‘war’. Hmm, the usual format of an auction is alternate bids until the final hammer price, not really a ‘war’ is it!
Ew, yong people. This used to be a great place!