Isle of Wight flats sell for £109000 over guide price at Clive Emson auction - Isle of Wight County Press

Summary

A freehold block of 13 flats on the Isle of Wight has sold in a bidding war for £859,000 - £109,000 more than the guide price.

Verdon House in Kent Avenue, East Cowes, (main image, above) was among 121 lots listed online across southern England by Clive Emson Auctioneers.

A freehold block of 13 flats on the Isle of Wight has sold in a bidding war for £859,000 - £109,000 more than the guide price.

Verdon House in Kent Avenue, East Cowes, (main image, above) was among 121 lots listed online across southern England by Clive Emson Auctioneers.

Rob Marchant, the firm’s Isle of Wight auctioneer, said: “There were a total of 59 bids on Verdon House, such was the interest from bidders, with the virtual hammer coming down on £859,000, which was £109,000 above the guide price.

“Based on the purchase price and current annual rental of £67,080, the gross rental yield is an inflation-busting 7.81 per cent.”

The ground floor flat in Ryde, which sold through Clive Emson auctions.

A ground-floor, purpose-built flat with one bedroom at 3, Strawberry Heights, Union Road, Ryde, fetched £69,000.

It is let at £5,700 per annum. There is a 125-year lease from 2008 and gross rental yield on the property is 8.26 per cent, Rob said.

102 High Street, Newport, was sold too.

A freehold mixed property investment at 102 High Street, Newport, fetched £241,000 and is currently let at £25,000 per annum.

Rob said: “The ground floor commercial space is occupied by a well-known and Island-wide family-run bakery chain Grace’s, with six outlets.

“Above, the two flats are occupied under Assured Shorthold Tenancy agreements – at the purchase price and current annual rent, the gross yield is an attractive 10.37 per cent.”

This property in Cowes has six apartments and will be available at the July sale.

A freehold self-contained block of six two-bedroom apartments, let at £29,760 per annum and guided at £470-500,000, and located at Flats 1-6 Kingswood, Coronation Road, Cowes, is being auctioned in Clive Emson’s July auction.

Clive Emson’s next online auction ends on 28 July. Lot entries close on 5 July, with the digital catalogue available from 9 July.

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