AN AUCTION lot of lock up garages on the Isle of Wight went under the hammer for £10,000 below the guide price.

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The freehold block of garages behind 31, Whitepit Lane, Newport, were among 135 lots listed across southern England and South Wales by Clive Emson Auctioneers, which ended on Wednesday last week (February 7).

Isle of Wight County Press: Flat 4, 71 Monkton Street, Ryde, with a guide price of between £55,000 and £60,000.Flat 4, 71 Monkton Street, Ryde, with a guide price of between £55,000 and £60,000. (Image: Deep South Media)

The garages — with an original guide price of between £120,000 - £130,000 — are of brick construction, with corrugated roofs and up-and-over doors and considered ideal for use by an owner-occupier, or as an investment opportunity.

The garages were let at £9,120 per annum.

READ MORE: Auction of Isle of Wight property and land in February

Island auctioneer, Rob Marchant, said: “We anticipated keen interest, as lock-up garages in residential areas are often sought after — and this provided to be the case with the final bid coming in at £110,000.

“There are 19 garages in total, although two are sold on long leasehold interests to the adjoining flats.

"At the purchase price, and based on the current rental income, the gross yield is an impressive 8.29 per cent.”

Joint auctioneers were Chinneck Shaw.

Re-available from last month is Flat 4, 71 Monkton Street, Ryde, which had a guide price of £55,000 - £60,000 and is on the remainder of a 125-year lease from March 1987.

The one-bedroom, self-contained flat, is on the second floor of a detached building, which runs from close to the seafront to the north, and St Johns Railway Station to the south — a short distance from Ryde town centre.

"The flat requires a significant level of upgrading and refurbishment. It is considered worthy of the improvements required, beyond which it could be ideal for owner occupation, or for addition to an income-producing letting portfolio," added Rob.

Also relisted was a 0.17-acre plot at Chale Barn, Chale Street, Chale, which had a freehold guide price of £85,000 - £95,000.

Isle of Wight County Press: Chale Barn, on Chale Street, Chale, which has a freehold guide price of £85,000 to £95,000.Chale Barn, on Chale Street, Chale, which has a freehold guide price of £85,000 to £95,000. (Image: Deep South Media)

It is described as 'substantial', with views over open countryside and the English Channel, with potential for conversion and/or site redevelopment, subject to all necessary consents being obtainable, say auctioneers.

The next auction by Clive Emson Auctioneers ends on Wednesday, March 20, with bidding opening 48 hours beforehand.

Lot entries close on Monday, February 26, with the catalogue available from Friday, March 1.