Latest News Property

NEW OWNER CHECKS IN AS ESPLANADE HOTEL SELLS FOR £750,000


A vacant seafront hotel in Sandown went under the auctioneer’s hammer today (Friday) for £750,000.

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:

Article continues below this advertisement

“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…

Article continues below this advertisement

• 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.

The views/opinions expressed in these comments are solely those of the author and do not represent those of Island Echo. House rules on commenting must be followed at all times.

Comment on this story

avatar
data-matched-content-ui-type="image_card_stacked"

News, Traffic & Travel Tweets