A freehold block of 13 flats on the Island is to be auctioned alongside a number of other local lots in the next Clive Emson auction.
Let at £ 67,080 per annum, Verdon House in Kent Avenue, East Cowes is among 121 lots listed by Clive Emson Auctioneers across southern England in the firm’s June auction.
Rob Marchant, the firm’s Island auctioneer, said:
“Verdon House was formerly part of a convent and is located a short distance from the center of East Cowes with its commercial center and car ferry links to Southampton.
“Having undergone conversion works, from its original use, Verdon House has, for many years, provided residential accommodation in the form of 13 apartments, 12 of which are let under the terms of Assured Shorthold Tenancies and are producing a very worthwhile rental income. ”
Outside of the property, which has a guide price of £ 750,000 +, there is a residents’ car park and communal gardens.
A freehold self-contained block of 6x 2-bedroom apartments, let at £ 29,760 per annum, is guided at £ 470,000-500,000 and is located at Flats 1-6 Kingswood, Coronation Road, Cowes.
“Five of the six flats are let under the terms of Assured Shorthold Tenancy Agreements and producing a very worthwhile income, while the sixth flat is at present vacant having recently undergone a program of upgrading and refurbishment.
“There are communal gardens to the rear and the block is considered ideal for addition to an income-producing letting portfolio.”
Chinneck Shaw are joint auctioneers for both properties.
Let at £ 5,700 per annum, a ground-floor, purpose-built flat with 1 bedroom at 3, Strawberry Heights, Union Road, Ryde, is guided at £ 60,000-65,000.
There is a 125-year lease from 2008 and joint auctioneers are Fox & Home.
Currently let at £ 25,000 per annum, a freehold mixed property investment at 102 High Street, Newport, is guided at £ 230,000-250,000 +.
“The ground floor commercial space is occupied by a well-known and Island-wide family-run bakery chain Grace’s, with six outlets.
“Above all, the two flats are occupied under Assured Shorthold Tenancy agreements – the building is considered ideal for an income-producing portfolio.”
Joint auctioneers are Scotcher & Co.
A 1-bedroom, split-level flat at 2, 122 St. James Street, Newport, is guided at £ 80,000 + and is on a 999-year lease. The property is let at £ 80,000 + and is said to be “in good order, with a full refurbishment having been carried out in 2018”.
Clive Emson’s auction timers end on Thursday 16th June, with the online bidding live 2 days beforehand.
Don’t miss another story! Get the Island’s latest news delivered straight to your inbox. Sign up to our daily newsletter here.