Houses, blocks of flats and commercial properties on the Island are to be auctioned next month in the next Clive Emson auction.
They are among 170 lots listed across southern England, Yorkshire and Scotland by Clive Emson Auctioneers.
The auction, the 7th of 8th this year by the firm, starts on 30th October and concludes on 1st November.
One of the highlights is a freehold block of 7 flats and 2 garage blocks at Westmill, Carisbrooke Road, Newport. With a guide price of £450,000-plus, the properties are currently let at £43,380 per annum, with an estimated rental income of £50,460, said Rob Marchant, regional director and auctioneer.
He added:
“This former water mill comprises 7 2-bedroom flats and sits on a substantial plot of 0.45 acres. As well as the main building, there are two substantial garage blocks which may offer scope and potential for future development, subject to all necessary consents being obtainable.
“Currently let, the flats are producing a very healthy income and are considered ideal for continued use as an income producing investment.”
Joint auctioneers are Gully Howard.
A shop and 2-bedroom flat for rental investment or owner occupation at 14 Carisbrooke Road, Newport, is guided freehold at £160,000-plus.
Rob said:
“This three-storey vacant building presents an excellent opportunity for those seeking a mixed residential and commercial investment opportunity.
“The ground floor commercial space, which extends almost to the very back of the plot, offers scope and potential perhaps for a niche retailer.
“Enjoying a separate, self-contained access from the inner lobby there is a two-bedroom residential flat on the upper floors which is presented in excellent order and ready for occupation by a tenant or perhaps by an owner occupier seeking a home and income opportunity.”
Video https://www.youtube.com/watch?v=HZbzL5QGNWU. Joint auctioneers are Scotcher & Co.
With a guide price of £135,000 – £145,000, is a freehold house with 3 bedrooms at 4 Cross Street, Newport.
Rob said:
“Situated a short distance from the centre of Newport, this three-bedroom terraced house has, in recent years, been in use as a letting investment and is considered ideal for continued use in this vein. There is vacant possession.”
Video https://www.cliveemson.co.uk/properties/253/143/
Guided at £470,000 – £490,000 is a freehold block of 6 2-bedroom flats for investment at Flats 1-6 Kingswood, Coronation Road, Cowes.
Rob said:
“They are currently let at £35,100 per annum, with one flat vacant, and an estimated rental income when fully let of £43,440 per annum.
“5 of the 6 flats are let under the terms of Assured Shorthold Tenancy agreements and producing a very worthwhile income, while the 6th flat is at present vacant having recently undergone a programme of upgrading and refurbishment.
“There are communal gardens to the rear of the building and the block is considered ideal for addition to an income-producing letting portfolio.”
A freehold guest house, with 11 guest rooms and separate owner’s accommodation, is at Fernside, 30 Station Avenue, Sandown. The guide price is £420,000 – £450,000.
Rob said:
“Currently trading as a family run guest house, Fernside offers 11 guest bedrooms, all with en-suite facilities and, on the ground floor, there is a guest living room and bar area and substantial dining room, owner’s sitting room and commercial kitchen.
“For those seeking to take Fernside forward on a home and income basis there is owner’s accommodation situated to the rear of the main building. Fernside offers further advantage of off-road car parking.”
Video https://www.youtube.com/watch?v=HfdCpu4bI1o. Joint auctioneers are Scotcher & Co.
A 2,300 sq ft freehold vacant commercial unit at 55 High Street, Sandown, is guided at £90,000 – £95,000.
Rob said:
“Last in use as a bookmakers’, the premises is ideally suited to a number of future commercial uses.
“On the upper floors and to the rear are three residential flats, each having been sold under the terms of a long lease, and which contribute to the management and maintenance of the building via a service charge.”
Joint auctioneers are Cedar Harp.
Currently let at £47,925.32 per annum is a freehold block of nine flats for investment at 11 Leed Street, Sandown, with a guide price of £395,000-plus.
Rob said:
“This splendid Victorian building was originally constructed as a vicarage for the adjacent church which is now long demolished and replaced with residential accommodation.
“All of the flats offer one-bedroom accommodation and all nine are at present let, many to longstanding tenants under the terms of Assured Shorthold Tenancy agreements.
“The current owners have held the building for 45 years, during which time they have done their level best to maintain standards and undertake improvements as required, which is reflected in the relatively high C rating on the EPCs for the apartments.
“The building is considered ideal for addition to an income-producing letting portfolio.”
Joint auctioneers are Scotcher & Co.
A top-floor flat at Flat B, 63 High Street, Ryde, is chalked for “improvement” and has a guide price of £70,000-plus. With a living room, kitchen, bedroom and bathroom, the property is on the remainder of a 999-year from 2017.
Video https://www.youtube.com/watch?v=_jBF58_Ob2w
A landmark former restaurant, with living accommodation, at 59 High Street, Shanklin, has a freehold guide of £160,000 – £170,000.
Rob said:
“The vacant commercial premises was for many years a high-quality tearoom and in recent times transitioned into a restaurant, with main trading area accessed from the High Street, supported by kitchens and ancillary space on the lower ground floor.
“The first floor offers extensive living accommodation, with three bedrooms, along with a large, enclosed garden at the back.”
A 3-bedroom ground floor apartment for improvement, with gardens and a garage, is at 29 Landguard Manor Road, Shanklin, and has a leasehold guide price of £220,000 – £230,000.
Rob said:
“Available to purchase for the first time in almost half a century, this three-bedroom ground floor apartment occupies the entire ground floor of this attractive Victorian villa situated in a popular and sought-after residential area on the outskirts of the seaside town of Shanklin.
“The ground floor apartment enjoys the benefit of gardens to both the front and rear and additionally a garage and car parking to the side of the building.
“The internal accommodation, while requiring some upgrading and refurbishment, offers great scope and a good deal of flexibility as to a future layout to suit the requirements of the new owner.
“It is considered that the apartment may have an appeal both to owner occupiers or perhaps to investor purchasers who may wish to acquire the property for its ongoing income-producing potential.”
The property is held under the terms of an 800-year lease from 1982 at a peppercorn ground rent.
Video https://www.cliveemson.co.uk/properties/253/154/. Joint auctioneers are Webb Jenkins.
With 2 bedrooms, a vacant detached bungalow on a 1.6-acre plot is at Robins Bush, Solent Road, Cranmore, Yarmouth, and has a freehold guide price of £360,000 – £380,000.
Rob said:
“The current owner, who is a reluctant seller, purchased Robins Bush with a view to undertaking a significant programme of upgrading and refurbishment.
“This programme of works has been started, with the property significantly improved to include rewiring, new kitchen and new bathroom and good progress having been achieved all around.
“The bungalow is now ready for completion of the project to the taste of the new owner, which may include upward or outward extension if required, though some purchasers may prefer to consider the option of a replacement dwelling, all subject to all necessary consents being obtainable.”
A freehold store at 69B Pelham Road, Cowes, is guide at £23,000 – £25,000. Planning permission was granted by Isle of Wight Council in April for the construction of a storage building with sail loft, subject to conditions.
In an elevated location with views, a barn and nearly 6 acres of grazing have a freehold guide price of £150,000 – £160,000 and is at St Martins Barn, with land on the north side, St. Johns Road, Wroxall, Ventnor.
Video https://www.youtube.com/watch?v=cRB1-o722Xg. Joint auctioneers are Spence Willard.
Freehold, with vacant possession, a two-bedroom cottage at 64 Leeson Road, Ventnor, has a guide price of £75,000 – £80,000.
Rob said:
“This terraced cottage has, for many years, been in use as an income-producing letting investment. It is considered ideal for continued use in this guise either for traditional letting purposes or a weekend retreat/holiday home.
“The property is nicely presented throughout and is considered ready for immediate occupation if required.”
I am not too sure if IW Council will be charging
2nd homeowners Double Council tax from 2025