The growing reach of West Midlands-based Bond Wolfe Auctions has been underlined by a property from the Isle of Wight which is featured in its upcoming remote bidding auction on Wednesday 16th September.
It offers investors an opportunity to secure a 3-bedroom, detached house in Ventnor, producing an income from a tenant, with a guide price of just £91,000.
The house at 9 Newport Road, Ventnor, is listed as a residential investment property and currently produces a gross income of £14,400 per annum.
The detached property is just a short walk from Ventnor town centre with spectacular sea views. The house comprises a hall, reception room, dining kitchen, utility room and bathroom with WC on the ground floor. There are three bedrooms on the first floor while outside the house has a front decking and garden area.
The majority of the windows are UPVC double glazed units and the property has an electric wet central heating system.
Following the success of its most recent event in July – when the auction achieved a 95% success rate that saw 161 out of 170 lots sold, raising over £16.3 million – the sale this month will be the largest-ever live streamed auction to be held in the UK and starts at the earlier time of 09:00 to accommodate the 214 lots, with potential buyers bidding by proxy, telephone or internet only.
Ian Tudor, managing director at Bond Wolfe Auctions, said:
“We understand that the property is let, subject to an Assured Shorthold Tenancy, at a rental figure of £1,200 per calendar month – £14,400 per annum.
Article continues below this advertisement “This makes the guide price particularly attractive for potential investors and we expect considerable interest.”
More details are available at www.bondwolfeauctions.com.
Get real… £91 K for a property that produces 14K pa income ? More like 250K ++
A sprat to catch a Mackerel for sure. Also TRY getting rent now if the tenant chooses not to, or can’t pay.
But yes, they give a low estimate to get more interested and hope the bidding frenzy will push it higher than it is worth.
Wasn’t there also a boundary dispute, I wonder whether that has now been resolved
It’s suffered structural damage in the past so is umortgageable, adventurous buyers only
Isn’t that property build on moving land in Upper Ventnor. Buyer beware.
It’s been on the move since it was built, patched up painted and sold on auction sites so the new mainland buyer has no idea it’s built on a vent that runs there. If i’m right that’s why a road of houses that were along side it were vacated and pulled down in the 80’s/90’s. We used to play in them as kids.
Yes land always on the move there. Wouldn’t touch it. Be lucky to get guide price if everyone does their homework that’s why it’s gone to auction.
Problems are, you have to keep altering the house number every couple of years as it slides down the hill. Likely have to change the address of the road if it slides South anymore too.
Never be able to shut any doors, but the good news is, won’t need a cat flap as the cat can slip underneath the gaps in the door. No need for letter box, postie just slides them between door frame.
Worst thing is, IF the tenant refuses to pay rent now, you can’t evict for at least six months due to new CV rules, and then huge backlog, so you could buy this, end up no rent, and by the time you get it back it could be in Lower Ventnor.
Avoid imo, and let some mainland sucker buy it.
Has anyone seen the prices of the houses up north on BONDWOLFE auction site
The spectacular sea views may become even more spectacular if the property slides towards the coast. Even the photo puts you in mind of the cliff lift at Bournemouth.
Let’s not forget that the road outside has dropped 5 times in the past 20 years and has now been repaired with massive steel works, but three months later it dropped again, there is allegedly a massive sink hole beneath the road and under the properties from the Chip shop and down Newport road which is why a mortgage is impossible for many of them, and Insurance almost impossible. The biggest issue with this house is the huge cliff right behind it, Rock falls are common and the way that Ventnor Cemetery moves, I expect some nice old coffins to appear in the back yard anytime soon! But you KNOW some idiot is going to buy it sight unseen!
If you buy this property, better prepare to measure for VERY long curtains!