Lot 125: HISTORIC FOUR STOREY WATERFRONT FREEHOLD BUILDING WITH POTENTIAL

Sold Subject to Contract

Enjoying a stunning location on the seafront at Ryde, overlooking the Solent, the Prince Consort building was formerly known as the Royal Victoria Yacht Club and was built at a cost of £4,500 and completed in 1847, with the foundation stone having been laid by Prince Albert in the spring of the previous year. Unable to enter the Royal Yacht Squadron at Cowes, which was a male-only establishment, Queen Victoria effectively set up the Royal Victoria Yacht Club as a rival.

The Yacht Club was based in the building until 1966, after which it has had a varied history, having initially traded as a restaurant. In more recent years, the upper two floors have been converted into stunning apartments enjoying wonderful views and the convenience of a town centre location, while the lower two floors have served a number of commercial uses, including more recently as a call centre.

The freehold of the building is now offered for sale with the benefit, subject to conditions, of two planning consents for conversion/part conversion of the two lower floors, to include a stunning 371 sq.m. (4,000 sq.ft) apartment.

The new owner will have the option as to which consent to pursue.

Local Planning Authority

Isle of Wight Council. Tel: 01983 823552. Website: iow.gov.uk.

Planning

Planning Permission has been granted by Isle of Wight Council under ref: P/01130/15, dated 29th April 2016, for proposed internal and external alterations, to include replacement of access gates, to refurbish lower ground floor offices and to convert part of lower ground floor and ground floor to a residential unit (revised scheme) (revised description), subject to conditions.

Planning Permission has been granted by Isle of Wight Council under ref: TCPL/24772/P0000705/02 for conversion of the upper ground floor into a single residential unit and refurbishment of ground floor offices, subject to conditions.

Accommodation

The lower two floors have most recently been in commercial usage as a call centre and supporting offices but include on the ground floor the grand reception, being the triple-aspect reception room overlooking the Solent, formal reception, state room and a range of smaller rooms, including kitchens, ladies’ and gents’ cloakrooms and ancillary offices. The lower ground floor offers a further range of offices and supporting infrastructure.

Tenure

The freehold is to be offered, with the first floor and penthouse level apartments sold on a long leasehold basis, paying a combined ground rental of £200 per annum and contributing to the management and maintenance of the building.

First Floor Apartment

Sold on a 999 year lease from 1st December 2005 at a current ground rental of £100 per annum.

Top Floor Penthouse Apartment

Sold on a 999 year lease from 1st December 2001 at a current ground rental of £100 per annum.

Outside

Car parking to the front, and walled garden to rear which includes additional car parking accessed via the adjoining car park, subject to a licence arrangement.

EPC Rating

The property has an EPC Rating of C(60).

Auctioneer’s Note

Vehicular access to the walled garden/car park is subject to a 125 year lease from 14th November 2002, at a current rental of £2,400 per annum.

Commercial EPC: C