Positioned close to the River Medina and within convenient reach of East Cowes town centre, is this three-storey period semi-detached property currently arranged as two self-contained flats.
The accommodation comprises a one-bedroom ground-floor flat and a two-bedroom duplex apartment above, both requiring modernisation. Offered with vacant possession and held under a single leasehold title, the property provides an interesting opportunity for investors seeking a refurbishment, conversion or rental project.
The existing two-unit configuration is particularly suited to investment strategy, providing the potential to create two improved rental properties from one freehold acquisition. The property may also suit a buyer looking for a period home with adaptable accommodation and the opportunity to improve and reconfigure the existing layout to meet their requirements.
Clarence Road is situated within the established town of Cowes, close to the River Medina and the range of shops, cafés, restaurants and everyday amenities available within the town centre. Cowes has an established maritime and visitor economy, with West Cowes providing marina facilities, independent shopping and a high-speed passenger ferry service to Southampton. The nearby chain ferry provides a regular connection across the Medina, while Southern Vectis bus services link Cowes with Newport, Ryde and other parts of the Island.
Auction
To be sold by online auction (unconditional) on Thursday 29th October 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
Long leasehold with vacant possession.
Lease
700 years from 24th June 1860 - 533 years remaining.
Ground rent and service charge
Please see legal pack for further details.
EPC rating
27a - C. 27b TBC
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 £1,650 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.
Please note
All plans are strictly for identification purposes only and should not be relied upon. Please refer to the legal pack for the Land Registry plan of each lot. Any plans are reproduced from Ordnance Survey maps with kind permission of the Controller of His Majesty's Stationery Office @ Crown copyright. All rights reserved, Licence no: 100020449.
* 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.
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