Isle of Wight apartments sell for £109,000 above guide price
A block of 13 freehold apartments on the Isle of Wight has sold in a bidding war for £859,000, £109,000 more than the list price.
Verdon House on Kent Avenue, East Cowes, (main image, above) was one of 121 lots listed online in the south of England by Clive Emson Auctioneers.
Rob Marchant, the company’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 falling to £859,000, that’s £109,000 above the list price.
“Based on the purchase price and the current annual rent of £67,080, the gross rental yield is 7.81%, against inflation.”
A purpose-built one-bedroom ground floor apartment at 3 Strawberry Heights, Union Road, Ryde, fetched £69,000.
It is let at £5,700 per year. There is a 125-year lease from 2008 and the property’s gross rental yield is 8.26%, Rob said.
A freehold mixed-use property investment at 102 High Street, Newport, has brought in £241,000 and is currently let at £25,000 a year.
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 contracts – at the purchase price and current annual rent, the gross yield is 10.37%.”
- A self-contained freehold block of six two-bedroom apartments, let at £29,760 a year and priced between £470-500,000, and located at 1-6 Kingswood Apartments, Coronation Road, Cowes, is up for auction at the July auction of Clive Emson.
Clive Emson’s next online auction ends July 28. Registration for the lots closes on July 5, with the digital catalog being available from July 9.
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