A FREEHOLD block of 13 apartments on the Isle of Wight is to be auctioned with an indicative price of £750,000+.
Rented at £67,080 a year, Verdon House on Kent Avenue, East Cowes, is among 121 lots listed by Clive Emson Auctioneers in the south of England at the company’s June auction.
Scroll through the image gallery above to see more…
Rob Marchant, Isle of Wight auctioneer, said: ‘Verdon House was once part of a nunnery and is located a short distance from the center of East Cowes with its shopping center and car ferry links to Southampton.
“Having undergone conversion work since its original use, Verdon House has for many years provided residential accommodation in the form of 13 apartments, 12 of which are let under Assured Shorthold Tenancies and produce a very interesting rental income.”
Outside the property there is parking for residents and communal gardens.
Video tour: https://www.cliveemson.co.uk/properties/234/11/
A self-contained freehold block of six two-bedroom apartments, rented at £29,760 a year, is priced between £470-500,000 and is located at Apartments 1-6 Kingswood, Coronation Road, Cowes.
Rob said: ‘Five of the six apartments are let on secure short-term rental contracts and produce very attractive income, while the sixth apartment is currently vacant having recently undergone a modernization program and of renovation.
“There are communal gardens to the rear and the block is considered ideal for complementing an income generating rental portfolio.”
Chinneck Shaw are joint auctioneers for both properties.
Video tour: https://www.cliveemson.co.uk/properties/234/22/
Rented at £5,700 a year, a purpose-built, one-bedroom ground floor apartment at 3, Strawberry Heights, Union Road, Ryde, is priced at £60-65,000.
There is a 125 year lease from 2008 and the joint auctioneers are Fox & Home.
Currently rented at £25,000 a year, a freehold mixed-use property investment at 102 High Street, Newport is priced upwards of £230-250,000.
Rob said: “The ground floor retail space is occupied by Grace’s, a well-known island-wide family bakery chain with six outlets.
‘The two apartments above are occupied under secure short-term rental arrangements – the building is considered ideal for an income-generating portfolio.’
Co-auctioneers are Scotcher & Co.
A split-level one-bedroom apartment at 2, 122 St. James Street, Newport, is priced at over £80,000 and is on a 999-year lease. The property is renting for over £80,000 and is said to be “in good condition with a full refurbishment having been carried out in 2018”.
Clive Emson’s auction timers end Thursday, June 16, with live online bidding two days early.
Love reading about properties for sale on the Isle of Wight? Click here to visit our property section to find out more.