4 properties on the Island are among 119 lots listed across southern England in Clive Emson’s June auction.
Receivers have instructed the land and property auctioneers to sell three-storey 12 St James Street, Newport.
Comprising 4 self-contained flats and a ground floor commercial unit, the end-terrace premises is guided freehold at £300,000-plus.
Rob Marchant, Clive Emson’s Island auctioneer, said:
“The property is considered ideal for addition to an income-producing portfolio and we’ve been instructed by receivers to sell the building; we anticipate keen interest from buy-to-let investors.
“The shop was originally let at £13,000 per annum and the flats are held under assured shorthold tenancy agreements, with two of them let at £500 and £650 per calendar month.”
Rectangular-shaped land at the back of 13 Union Street, Newport, measuring 0.07 acres, has a freehold guide price of £12-15,000. Rob said the land is currently used for vehicle parking.
Currently let at £13,075 per annum, a commercial unit at 159 High Street, Ryde, is a freehold investment with a guide price of £130-140,000; the first-floor flat was sold on a 125-year lease from 2004, with a ground rent of £75 per annum payable.
Long-vacant 52, 54 and 56 Fitzroy Street and 66 and 68 Station Avenue, Sandown, is guided leasehold at £220-240,000.
Rob said:
“The dilapidated building, with some fire damage, was last arranged as four shops and a commercial office on the ground floor, with additional storage and/or residential accommodation beyond.
“First and second floors comprise a range of rooms offering scope and potential for re-configuration into a number of flats or, alternatively, redevelopment of the site, subject to all necessary consents being obtainable.”
There is the remainder of a 990-year (less 10 days) lease, from 11th November 1904, at a ground rental of £32.05 shillings per annum.
The auction, the fourth of 8 this year, ends on Wednesday 16th June.
Clive Emson recorded more than £21m in sales and a success rate of 80%-plus in its May auction across southern England.
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