A property arranged as 5 residential dwellings in Wootton Bridge has been sold in auction for £401,105 after a frantic bidding war.
Located on 0.6 acres of land, The Brannons at Station Road attracted 75 bids and went for £121,105 more than the freehold guide price of £280,000.
The building was among 163 lots across southern England listed by Clive Emson Auctioneers in its online September auction.
Rob Marchant, Clive Emson’s Island auctioneer, said:
“There was keen interest, given the size of the property and potential, with three of the dwellings generating £21,480 per annum and two vacant. We are not privy to any plans the new owner may or may not have for The Brannons.”
Currently, let at £42,460 per annum, a mixed freehold investment of 4 flats and 2 commercial offices at 24 and 26 Carisbrooke Road, Newport, went for £504,000 in another bidding war.
Rob said:
“The 61 bids reflected keen interest from property investors, with the building going for £104,000 above the guide price. This equates to a respectable gross yield of 8.4% before annual costs.”
Re-available:
A freehold investment at 144A High Street, Newport, which had a guide price of £480-520,000.= and comprises four two-bedroom apartments and one one-bedroom apartment, with a small courtyard garden to the rear.
2 cottages and a former convenience store at 50 and 51 Monkton Street, Ryde, which were guided freehold at £170,000 to £190,000.
A town centre bar, with 2 flats, which had a guide price of £280-300,000. Freehold, the building is at 46 High Street, Ventnor.
Also in the auction was a 3-storey freehold house “for improvement”, with an attached 2-storey workshop, at 12 Arctic Road, Cowes. The guide price was £220-240,000.
A 2-storey, 3-bedroom flat at 5 and 7 Wydford House, 23 Bellevue Road, Ryde, had a leasehold guide price of £225,000-plus.
With planning permission for conversion, a freehold town centre shop and upper parts at 51 High Street, Newport, had a guide price of £300-330,000.
The next auction by Clive Emson Auctioneers – the 7th of 8 this year – ends on 2nd November. Lot entries close on 10th October, with the catalogue available from 14th October.
the price of property is organised crime , and in the background the council allows someone to appropriate public property cheaply ie the winter gardens for a pound and then sells church vies to the same people..so the government shouts about how much of tax payers money it is using on buildings for mental health and hospitals whilst at the same time local government give the buildings away.
From the internet… ”Guide prices do not usually reflect what a property will actually sell for at auction. They are usually set far below a property’s real value to entice interest and create competition between bidders. Properties will typically sell for 15-25% above the guide price”.
Let’s wait and see how many more house’s flat’s they will try and squeeze in……?
More adding to the concrete jungle jigsaw!!!!!!
Let’s hope the planning committee have read about the problem our ONE hospital has been having with bed blocking etc ???????
Still I suppose the extra council tax will add to their over inflated pension pot !!!!!!!!
Ooh don’t forget the problem with dentist’s social care etc !!!!
Even if younger people move over they do get older …….
Infrastructure Infrastructure Infrastructure !!!!!!!!
Look further than the end of you’re Noses …and wallets ????? Probably not !!!!!!
Still awaiting newcomers to the UK to arrive with a plot of land or a home, or even the wherewithal to pay for their own as most migrating Brits do
Each arrival is another plot of land taken and as most have large families, several plots by the time the first have departed.
Deeply worrying to most but hushed by those who gain by such now