A vacant Isle of Wight pub boasting sea views has sold at auction after its asking price was lowered.
The freehold for the Chine Inn, at Chine Hill, Shanklin went under the hammer in the September 18 auction by Clive Emson Auctioneers – the firm’s largest auction by lot numbers in 13 years.
Previously listed for auction at £450,000, the pub's original asking price was dropped by £100,000.
Rob Marchant, regional director and auctioneer at Clive Emson, previously said: “The private owner is keen to see the famous Chine Inn with new life breathed into it."
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With its new guide price of £350,000 to £380,000, the pub, which offers views across the English Channel, attracted 30 bids.
It eventually sold for £391,000 — £41,000 more than the lower end of the guide price.
Joint auctioneers were Arthur Wheeler Estate Agents.
The ground floor of the pub offers a former commercial kitchen to the rear of the building.
A mix of internal and external seating areas give it potential to be 'real tourist magnet', auctioneers said.
Nearby is Shanklin Chine, Ye Old Village and Big Mead recreation area.
On the first floor there is extensive owner/staff accommodation, which has undergone a partial upgrade and refurbishment, but the works require completion.
The site boasts a traditional public house layout with a main bar and several distinct areas of seating, beer store, and kitchen.
On a mezzanine level are customer toilets and on the first floor, together with accommodation, is a living room and kitchen.
Outside, the site features a terraced seating area with a further storeroom to the rear.
The pub has been closed for some time and in 2023, it was listed for sale at £725,000.
In June of 2023, tributes were paid to The Chine Inn's landlord, Bill Downer, following his death, aged 82.
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