Lot 99 - Hotel With Planning For Partial Demolition; Eight Two-bedroom Apartments And Retention Of A Smaller Boutique Hotel

Guide Price* : £800,000 - £850,000 Situated in an elevated location on Hope Road, with the benefit of splendid sea views over Sandown Bay, the Curraghmore has traded as a successful seaside hotel for many years. A significant extension to the side of the existing building was added, we believe, in the 1970s. Taking account of modern trends and holiday requirements, the Curraghmore is now offered with Planning Consent to demolish the side extension to retain a smaller boutique hotel in what was the original building on the site. The space to side of the hotel has Planning Consent for the construction of a block of eight, two-bedroom apartments which will all enjoy sea views and are considered ideal for re-sale into the local property market or, perhaps, retention for their income producing potential either from traditional letting or holiday use. The existing hotel offers extensive accommodation to include 20 en-suite bedrooms. The new apartments will feature an open-plan living room/kitchen, two bedrooms, one with en-suite facilities and balconies. Extending to 0.19 hectares (0.47 acres), the existing site enjoys rear vehicular access to a substantial car park via Beatrice Avenue and a parking area will be retained for both the hotel and new apartment building. Planning Planning Permission has been granted by Isle of Wight Council under ref: 21/01491/OUT, dated 31 March 2023 for demolition of extension; refurbishment of existing hotel; outline for two/three storey block of eight apartments with parking (revised scheme). A copy of the Planning Consent and accompanying documents may be downloaded from the Local Planning Authority website, iow.gov.uk. Tel: 01983 823552. Tenure Majority Freehold with Vacant Possession with the strip coloured brown held under the terms of a 960-year lease from 25th March 1915 at a ground rent of £5.00 per annum Joint Auctioneer Hose Rhodes Dickson, 138 High Street, NEWPORT, Isle of Wight, PO30 1TY, 01983 527727