As previously reported by Island Echo, the site went up for sale at £2.5million in May of last year. The once bustling 1.4 acre site has now been snapped up by an undisclosed buyer for around £1.8million.
The site, situated on the corner of Fort Street, comprises of the former Bogey’s nightclub, Jolly Sailor pub, an amusement arcade and holiday apartments. The complex and adjoining land has been sold with the benefit of outline planning permission for a new apartment block consisting of 47 residential apartments and a ground floor restaurant/bar.
The planning application was given the go ahead by the Isle of Wight Council back in December 2014, but the site has remained derelict since its closure at the end of 2012. To comply with conditions placed on the outline permission, more detailed plans must be submitted by 17th December 2017 with work beginning within around 2 years after that.
Work is expected to begin on site within the next 12 months.
The sale has been managed by Goadsby’s.
Phil McWilliam, Land Manager for Goadsby comments:
“Sandown is a beautiful seaside town in need of regeneration and investment. We are confident the development of this exciting scheme will have a positive impact on the area and will promote further investment and interest in the town”.