For cash buyers only. This attractive freehold period property is arranged as two one-bedroom self-contained apartments, each sold subject to long term tenancies and on their own 125 year leasehold titles, together with a detached coach house and outbuilding to the rear that offers clear scope for conversion or redevelopment subject to planning permission. The coach house benefits from its own separate access, creating the potential for independent use or an additional future income stream.
The property sits on Melville Street in Ryde’s sought after conservation area, placing it within easy reach of the seafront, town centre amenities and excellent mainland transport links via hovercraft and ferry services. This convenient setting supports strong rental demand and enhances the long term prospects for value add improvements.
The two existing flats generate a combined rental income of £760.40 per calendar month (£9,124.80 per annum), providing an immediate return with significant potential for uplift through refurbishment, reconfiguration or redevelopment of the ancillary buildings subject to consent. Please note that Flat 2 has not been inspected by the auctioneers.
This is a strong opportunity for investors and developers looking for an income producing asset with clear angles for future growth in one of Ryde’s most desirable residential streets.
Auction
To be sold by online auction (unconditional) on Thursday 27th November 2025 with a 6 WEEK COMPLETION, bidding will open at 10.00.
Registration
All bidders/potential buyers are required to register ahead of the auction date to be able to bid/buy, please visit our website to setup an online auction account.
Tenure
The sale includes the Freehold title 11 and 12 Melville Street, Ryde and leasehold titles for Flat 2, 12 Melville Street (Ground Floor) and Flat 3, 12 Melville Street (Ground Floor). Please see legal pack for further details.
Leasehold titles
Flat 2, 12 Melville Street (Ground Floor) - Held under a lease dated 2 September 2016 for a term of 125 years from and including 24 June 2016. Flat 3, 12 Melville Street (Ground Floor) - Held under a lease dated 2 September 2016 for a term of 125 years from and including 24 June 2016.
Tenancies
Flat 2 currently let on an Assured Shorthold Tenancy from 27th October 2018 for £415.40 every 4 weeks. Flat 3 currently let on Assured Tenancy Agreement from 14th October 2018 (Registerred) for £345 per calender month, registration number R9439672. Please see legal pack for further details.
Ground rent and service charge
Please see legal pack for further details.
EPC rating
Flat 2 - D, Flat 3 - D
Council tax band
A - Isle of Wight
Legal pack
For each lot there are Special Conditions of Sale and other documentation provided by the vendor's solicitors. If you wish to receive the Legal Pack, you will be able to register for this via the link on our website. You will receive notification by email once the Legal Pack is received from the solicitor. The documents may not tell you everything you need to know about the property and you are required to complete your own due diligence before bidding.
Additional fees
A buyers charge of £1,500 including VAT is payable on each lot that you buy, in addition to the sale price. Please be aware there may be other additional fees, including disbursements contained in the legal pack payable on completion. Please ensure that you check the legal pack for each lot that you are interested in, prior to bidding.
Deposit
If you are the highest bidder when the auction ends, contracts are exchanged between you and the seller. Both parties are legally bound to complete the transaction as per the special conditions in the legal pack. Your card will be automatically debited for the bidder security amount of £6,000 and we'll require the remaining balance for a 10% non-refundable deposit. We will contact you after the auction has finished to make these arrangements.
Pre-auction offers
These must be made in writing and will only be considered if the Legal Pack has been inspected and proof of funding has been supplied to the auctioneers. Pre-auction offers are only considered on an auction basis in accordance with the “Terms & Conditions - Unconditional Auction".
Mortgage finance
We advise all bidders who require a mortgage to confirm with their Financial Advisor as to whether or not the lot you are interested in would be suitable security to borrow finance against, prior to bidding. If you need to arrange a mortgage it is important that you obtain an offer from your lender before the day of the auction. Most building societies and banks will instruct a surveyor to prepare a valuation report before making a mortgage offer.
* Generally speaking Guide Prices are provided as an indication of each seller's minimum expectation, i.e. 'The Reserve'. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.
By setting a proxy bid, the system will automatically bid on your behalf to maintain your position as the highest bidder, up to your proxy bid amount. If you are outbid, you will be notified via email so you can opt to increase your bid if you so choose.
If two of more users place identical bids, the bid that was placed first takes precedence, and this includes proxy bids.
Another bidder placed an automatic proxy bid greater or equal to the bid you have just placed. You will need to bid again to stand a chance of winning.
Whether you’re looking to sell or let your property, we can provide you with a free, accurate valuation based on our expert knowledge and the latest trends in your local area.
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