Lot 95 Block Of Seven Flats Plus Two Garage Blocks On Substantial PlotAuction Date:
1st November 2024
Westmill, Carisbrooke Road, Newport, Isle Of Wight, PO30 1DF
Currently let at £43,380 plus vacant flat Estimated rental income £50,460 per annum
Located in the Carisbrooke area of the Island's county town of Newport, this former water mill comprises seven two-bedroom flats and sits on a substantial plot of 0.18 hectares (0.45 acres). As well as the main building, there is a large communal garden and two substantial garage blocks which may offer scope and potential for future development, subject to all necessary consents being obtainable.
Currently let, the flats are producing a very healthy income and are considered ideal for continued use as an income producing investment.
Lower Ground Floor
Storage area and former flat 1 now in use as an additional storage area.
Ground Floor
Flat 2
Living room, kitchen, two bedrooms, bathroom.
Tenancy
currently vacant to facilitate access for viewings.
Flat 3
Living room/kitchen, two bedrooms, bathroom..
Tenancy
Let on an Assured Shorthold Tenancy at a current rental of £540 per calendar month.
First Floor
Flat 4
Living room, kitchen, two bedrooms, bathroom.
Tenancy
Let on an Assured Shorthold Tenancy at a rental of £575 per calendar month.
Flat 5
Living room/kitchen, two bedrooms, bathroom.
Tenancy
Let on an Assured Shorthold Tenancy at a rental of £565 per calendar month.
Second Floor
Flat 6
Living room, kitchen, two bedrooms, bathroom.
Tenancy
Let on an Assured Shorthold Tenancy at a rental of £575 per calendar month.
Flat 7
Living room/kitchen, two bedrooms, bathroom.
Tenancy
Let on an Assured Shorthold Tenancy at a rental of £540 per calendar month.
Third Floor
Flat 8
Living room, kitchen/dining room, two bedrooms, two bathrooms.
Tenancy
Let on an Assured Shorthold Tenancy at a rental of £660 per calendar month.
Garage Block East
Two storey building of five garages, all currently let, with the first floor currently in use for storage. There may be scope and potential for future development, subject to all necessary consents being obtainable.
Garage Block West
Four garages, all currently let, two of which are let on licence agreements at £70 and £90 per month.
All Flats - Council Tax Band B
Auctioneer’s Note
The rents have recently been increased, the advertised amounts are the new figures which will come into force throughout the next few weeks.
Local Planning Authority
Isle of Wight Council. Tel: 01983 823552. Website: iow.gov.uk.
Freehold with Part Vacant Possession
There is an addendum available to be read
in conjunction with the legal documentation.
Important
All lots are sold subject to the Common Auction Conditions and Special Conditions of Sale (unless varied by the Sellers Solicitors), together with the Addendum, which will be available on Auction Day.
* Price Information
Guides are provided as an indication of each Seller’s minimum expectation. They are not necessarily figures at which a property will sell for and may change at any time prior to Auction. Unless stated otherwise, each Lot will be offered subject to a reserve (a figure below which the Auctioneer cannot sell the Lot during the Auction).
We expect the reserve will be set within the guide range or no more than 10% above a single figure guide. Please check our website regularly at cliveemson.co.uk, or contact us on 01622 608400, in order to stay fully informed with the up-to-date information.
Additional Fees
An Administration fee and Other non-optional fees may also be payable in addition to the bid price. All lots are offered subject to the Common Auction Conditions and Special Conditions of Sale or Revised Special Conditions of Sale (as applicable) and may include the repayment of search and other fees and or costs payable by the buyer.
All buyers are advised to inspect all available legal documentation prior to bidding and will be deemed to fully understand what they may be liable for if they are successful in purchasing. This should also include Stamp Duty, Land Registry fees and VAT which may become payable on completion in line with any property transaction, whether it is by auction or private treaty. If, as a buyer, you are in doubt you should seek advice from your own professional advisors. For more information on fees please go to Buyers Fees
