11 land and property lots on the Isle of Wight are to be auctioned later this month and are among 178 listed across Southern England and South Wales by Clive Emson Auctioneers.
There is a diverse range of lots appearing in the next auction, appealing to all sorts of budgets.
A freehold town centre investment of 11 commercial units and the income from ground rents on 3 flats in Newport has a guide price of £750,000 – £800,000. Generating £94,300 per annum, the properties are at 1-8 Gray’s Walk, 59, 60, 61, 61A, 61B Pyle Street and 10 Scarrots Lane.
Rob, Island auctioneer for Clive Emson, says:
“Gray’s Walk comprises eight commercial units, all of which are let and producing a healthy income while the Pyle Street elevation is book-ended by numbers 59 and 61 Pyle Street, which are also let, and to the rear 10 Scarrots Lane which is arranged as a two-storey café/coffee shop which also forms part of the title.
“In addition, the upper floors include three residential flats sold under the terms of long leases but with the freeholder the beneficiary of the ground rent paid by these units.
“The commercial units of varying sizes are let to a good range of occupiers including a dental surgery, café, electrical retailer and computer repair services.
“The properties are considered ideal for addition to an income producing portfolio, and the guide price has been reduced by £50,000 for further appeal.”
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Currently let at £46,200 per annum, a freehold building at 144A High Street, Newport, has been recently converted from commercial premises into four apartments and a 1-bedroom flat with a small courtyard to the back.
With the building guided at £470,000 – £500,000, Rob said:
“The flats are each let on an Assured Shorthold Tenancy, producing a worthwhile income.
“Accordingly, the building is considered an ideal addition into an income-producing letting portfolio. At £500,000, the gross yield would be an attractive 9.24%.”
A commercial property at 38 High Street, Ryde, on a 999-year lease from 1853 and let at £5,050 per annum to a charity, has a guide price of £100,000 – £110,000.
More than 21 acres of freehold woodland, known locally as Cothey Bottom Copse, situated off Bullen Road to the south-east of Ryde centre, is guided at £85,000+.
A 3-bedroom, freehold town centre house at 10 Bellevue Road, Ryde, has a guide price of £200,000+.
Rob said:
“The house requires some upgrading and refurbishment and is considered worthy of the improvements required, beyond which it is considered ideal for owner occupation, an addition to an income-producing letting portfolio or perhaps for use as a weekend retreat, holiday home or for commercial holiday let.”
A double-width former shop unit at 69-71 Regent Street, Shanklin, currently let at £10,000 per annum to a tech company, is guided leasehold at £95,000+.
Former public conveniences at Grove Road, Wroxall, Ventnor, with consent to be converted into an office, workshop or studio, are guided at £30,000+, with a 999-year from 1879.
Having recently undergone upgrading and refurbishment, a 2-bedroom freehold house at 21 North Street, Ventnor, has a guide price of £115,000-£125,000.
With vacant possession, a freehold commercial unit at Retro & New, Avenue Road, Freshwater, has a guide price of £75,000+.
A former 4,500 sq ft car repairs workshop building, with an L-shaped continuation of the premises running behind adjacent residential properties, has a freehold guide price of £180,000+ and is located at 47A Crocker Street, Newport.
With pedestrian access via a gate from Egypt Esplanade on the seafront at Cowes, a freehold 0.70-acre parcel of woodland is guided at £10,000+. Lammas woodland is north-west of Baring Road and behind Hawkins Apartments.
The auction ends on Wednesday 20th September, with live bidding starting 48 hours before.
Also another Isle of Wight property for auction 1A Yarborough Road East Cowes lot number 45. Former commercial building with consent for residential conversion. Guide price £35,000 to £40,000.