1 bedroom block of apartments for sale

Held under the terms of a 900-year lease at a nominal ground rent, these two two-bedroom and two one-bedroom flats are all at present let under the terms of a 2-year transferrable Council contract and producing a very worthwhile rental income. The block is situated in the very heart of Shanklin town centre and the property is considered ideal for addition to an income-producing letting portfolio.

First Floor
Flat 1
Living room, kitchen, bedroom and bathroom with W.C.
Flat 2
Living room, kitchen, bedroom and bathroom with W.C.

Second Floor
Flat 3
Living room, kitchen, two bedrooms and bathroom with W.C.
Flat 4
Living room, kitchen, two bedrooms and bathroom with W.C.

Tenancies
We are advised by the seller that all four flats are let to the Isle of Wight Council under the terms of an agreement which guarantees the rental income to the owner for a term of 2 years from August 2025 at a current rental of £34,000 per annum. This information has been provided by the seller and at the time of publication the Auctioneers have not inspected a copy of the document. A copy will be provided in the auction legal pack and prospective purchasers should rely on their own enquiries.

Tenure
Held on the remainder of a 900-year lease (less one day) from 24th December 1880 at a current ground rental of £14 per annum.

EPC Ratings
Flat 1, 2 and 4 - Rating D
Flat 3 - Rating E

Council Tax Band A for all flats

Residential EPC: D

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 the 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 , or contact us on[use Contact Agent Button], in order to stay fully informed with the up-to-date information.

*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