The 60-bedroom Esplanade Hotel, at 42-44 High Street, Sandown, was sold by Clive Emson Auctioneers for £250,000 more than the freehold guide price following a bidding war.
Rob Marchant, Island auctioneer, said:
“There was strong interest from bidders in the freehold Esplanade, with the final bid coming in at £750,000, which was £250,000 above estimate.
“We are not privy to any plans the new owner may or may not. The hotel is in a poor state of repair and requires significant upgrading and refurbishment, and this was reflected in the guide price.”
As previously reported, the Esplanade is an amalgam of 5 Victorian residences which were absorbed to form the hotel, with stunning views over Sandown Bay.
There is a shack-style cafe in the property’s gardens, generating £9,000 per annum under a commercial lease.
A number of other Island properties went under the hammer today…
• The former NatWest business centre at Newport fetched £550,000. With more than 12,500 sq ft of space, the 2-storey premises at Riverway Industrial Park comprises a former NatWest bank branch and business centre, on a 0.73-acre site, with supporting offices, meeting rooms and storage areas.
• Again in Sandown, a leasehold 2-bedroom flat at 2, 55 High Street, sold for £60,500.
• 2-bedroom flat 6 Carvel Court, Terminus Road, Cowes, on the remainder of a 120-year lease from 1991, fetched £97,000.
• A semi-detached house at 9 Clarence Road, Ventnor, went for £98,000. The 3-bedroom property, requiring ‘some upgrading and refurbishment’, is freehold.
• Again in Ventnor, at 25 Ocean View Road, an end-terrace house on a 985-year lease, with a garden and views over the English Channel from the rear, sold for £105,000.
• More than 5 acres of grazing, freehold and located to the rear of Southend, Newport Road, Whitwell, went for £50,000.
• On the remainder of a 125-year lease from 2006, is a 1-bedroom holiday apartment which sold for £6,000. Saltbox 4 is at West Bay Club, Norton, Yarmouth. On the same site a 2-bedroom holiday apartment, called Plimoth Cottage N3, The Savoy, Halletts Shute, Norton, Yarmouth, sold leasehold for £18,000.
Now re-available… more than 15 acres of land, including 4 fishing lakes, accessed by a track from Staplers Road, to the east of Newport.
Starting at 11:00, the next Clive Emson auction takes place on Friday 13th September at the Solent Hotel & Spa, Rookery Avenue, Whiteley, near Portsmouth.