The 4-storey Prince Consort building off St Thomas’ Street in Ryde is back on the market following a drop in the guide price.
Built as the Royal Victoria Yacht Club in 1847 at the request of Queen Victoria, the seafront property has a freehold guide price of £450,000-500,000, a drop of £200,000.
Rob Marchant, Clive Emson’s Island auctioneer, said:
“The freehold of the building comes with two planning consents for conversion/part conversion of the two lower floors, to include a stunning 371 sq m (4,000 sq ft) apartment, subject to conditions. As the owner, you will have the option as to which consent to pursue.
“Furthermore, planning permission has been granted by Isle of Wight Council for proposed internal and external alterations, including the replacement of access gates, refurbishing the lower ground floor offices and converting part of the lower ground floor and ground floor to a residential unit, subject to conditions.
“This historic building would make a great hotel or luxury apartment building. The gated front of the property offers car parking for several vehicles, with the rear walled garden offering further parking options, subject to a licence arrangement.
“There has been a £200,000 price drop – we anticipate stronger interest at this highly competitive price.”
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There are 2 converted apartments on the upper floors, on 999-year leases.
Also going under the hammer in May…
• A block of 5 shops at 11 St James Street, Newport, with a choice of planning options for redevelopment. It’s guided freehold at £370,000-390,000. There is planning permission for demolition, replacing with 5x 2-bedroom houses and 5x 1-bedroom flats, a studio flat and ground floor office space. Alternatively, there are consents for 20 flats and ground floor office space.
• A former lodge cottage in Ryde is on the books with a freehold guide price of £170,000-190,000. Westwood Lodge, Westwood Drive, has 3 bedrooms.
• A 7-bedroom house at 10 Old Westminster Lane, Newport, has a freehold guide of £230,000-250,000 and is in need of “a programme of upgrading and refurbishments – the property is considered very worth of the improvements required”. On a good size plot, there are gardens and off-road parking.
• A freehold mixed commercial and residential investment at 28 High Street, Shanklin, is guided at £150,000+, with the retail ground floor property let at £10,236 per annum.
“The substantial first-floor flat is at present vacant and in need of a programme of significant upgrading and improvement. It is considered that the possibility may exist to split the residential accommodation into two smaller units, subject to consents.”
• A structurally compromised house at Ventnor is being sold with a freehold guide price of £120,000-140,000. The 3-bedroom, chalet-style property at 24 Gills Cliff Road is situated on the upper slopes above the town, with splendid views over the English Channel.
• With an estimated fully-let income of £4,505 per week during the high season, a Victorian building arranged as six holiday lets is available freehold at a reduced price of £400-450,000, a reduction of up to £100,000. Summerhill Apartments is located on a 0.24-acre plot at 4 Culver Road, Shanklin, with ample car parking and garages.
• Currently let at just under £3,705.84 per annum, 6 freehold garages at the junction of Quarry Road and Alfred Street, Ryde, standing on a 0.07-acre site, have a £50,000+ estimate.
• A holiday apartment, Saltbox 7, West Bay Club, Yarmouth, is guided leasehold at £35,000-45,000.
Clive Emson’s 3rd of 8 auctions for the year takes place at 11:00 on Friday 3rd May at the Solent Hotel & Spa, Rookery Avenue, Whiteley, near Portsmouth.