Isle of Wight property auction saw budget buys says agent Clive Emson

The loos in Wroxall have planning permission to be converted into an office, studio or workshop and they were due to go under the hammer at the Clive Emson auction.

In the end, the conveniences were not on the table, but lots in Ventnor, Ryde and Godshill were among more than 130 to be sold.

Among them, a freehold lock-up on Monkton Street in Ryde, previously occupied by a pet shop, made £36,000, which was under its freehold estimate.

You'll have to spend more than a penny but these Wroxall loos could be your new office. (Image: Clive Emson Auctioneers.)

Up for auction in Ryde's Upton Road. (Image: Clive Emson Auctioneers.)

Also in Ryde, the hammer fell on a freehold detached bungalow with two bedrooms, on Upton Road.

Jointly auctioned with Fox and home, it offered a 0.16 acre plot and sold for £181,000 - around £20,000 under its guide price.

Staying in Ryde and a one-bedroom ground floor flat, with a large rear garden, sold for £75,000.

The Union Street property was among seven on the Isle of Wight to sell at auction, between May 2 and 4.

Union Street in Ryde, with garden. (Image: Clive Emson Auctioneers.)

A semi-detached three-bedroom house, on Horsebridge Hill in Newport, also sold.

It went for £183,000, in a joint auction with Chinneck Shaw - around £30,000 over what it was expected to make.

Clive Emson Auctioneers' Rob Marchant said: "There was clear appetite for budget-priced properties on the Isle of Wight, with a range of homes, flats and commercial premises snapped up."

In Freshwater, the freehold to the home of an eatery, in Avenue Road, was bought for £45,000.

The premises is occupied by Fuoco Pizza and is let at £4,160 per annum, on a seven-year lease from February 2019.

The rental income is equivalent to a gross yield of more than 9 per cent, said Clive Emson Auctioneers.

Horsebridge Hill in Newport. (Image: Clive Emson Auctioneers.)

A two-bedroom holiday cottage on Ocean View Road in Ventnor went for £165,000 freehold.

Achieving the lower end of its guide price, the sale was in partnership with 01 Estate Agents.

Meanwhile, neighbouring lots in Regent Street, Shanklin, currently let at £16,560 per annum, sold for £152,000.

Joint auctioneers were Gully Howard.

Clive Emson Auctioneers’ next auction runs from June 13-15.

Lot entries close May 22 and a catalogue will be available from May 26.

Fuoco in Freshwater. (Image: Clive Emson Auctioneer.)