Property for sale

Situated close to the centre of the popular village of Niton on the southern coast of the Isle of Wight close to the English Channel, this 0.5 hectare (1.24 acre) freehold site is populated with 27 holiday chalets along with a significant area of undeveloped land, including a significant car park. The majority of the chalets are held under the terms of 99-year leases from the late 1980s through to the mid- 1990s, with each of the chalet owners responsible for a proportion of the ongoing site costs and a freehold ground rent.

The lot is offered with the obvious scope and potential for future lease extensions and we are advised that the freeholder is able to grant a variation to the individual leases to allow full-time occupancy of the units as opposed to the existing holiday use, subject to an amendment to the lease terms at the point of lease renewal.

There is also perhaps scope and potential for further development, subject to all necessary consents being obtainable.

[Local Planning Authority]
Isle of Wight Council. Website: iow.gov.uk. [use Contact Agent Button].

[Auctioneer's Note]
Section 5B Notices under the Landlord & Tenants Act 1987 (as amended)have been served and the leaseholders have reserved their rights under the legislation.Situated close to the centre of the popular village of Niton on the southern coast of the Isle of Wight close to the English Channel, this 0.5 hectare (1.24 acre) freehold site is populated with 27 holiday chalets along with a significant area of undeveloped land, including a significant car park. The majority of the chalets are held under the terms of 99-year leases from the late 1980s through to the mid- 1990s, with each of the chalet owners responsible for a proportion of the ongoing site costs and a freehold ground rent.

The lot is offered with the obvious scope and potential for future lease extensions and we are advised that the freeholder is able to grant a variation to the individual leases to allow full-time occupancy of the units as opposed to the existing holiday use, subject to an amendment to the lease terms at the point of lease renewal.

There is also perhaps scope and potential for further development, subject to all necessary consents being obtainable.

Local Planning Authority
Isle of Wight Council. Website: iow.gov.uk. [use Contact Agent Button].

Auctioneer's Note
Section 5B Notices under the Landlord & Tenants Act 1987 (as amended)have been served and the leaseholders have reserved their rights under the legislation.

Important:
All lots are sold subject to the Common Auction Conditions and Special Conditions of Sale (unless varied by the Sellers Solicitors), together with the Addendum, which will be available on the Auction Day.

Price Information
*Guides are provided as an indication of each Seller's minimum expectation. They are not necessarily figures at which a property will sell for and may change at any time prior to Auction. Unless stated otherwise, each Lot will be offered subject to a reserve (a figure below which the Auctioneer cannot sell the Lot during the Auction). We expect the reserve will be set within the guide range or no more than 10% above a single figure guide. Please check our website regularly at , or contact us on[use Contact Agent Button], in order to stay fully informed with the up-to-date information.

*An Administration fee and Other non-optional fees may also be payable in addition to the bid price. All lots are offered subject to the Common Auction Conditions and Special Conditions of Sale or Revised Special Conditions of Sale (as applicable) and may include the repayment of search and other fees and or costs payable by the buyer. All buyers are advised to inspect all available legal documentation prior to bidding and will be deemed to fully understand what they may be liable for if they are successful in purchasing. This should also include Stamp Duty, Land Registry fees and VAT which may become payable on completion in line with any property transaction, whether it is by auction or private treaty. If, as a buyer, you are in doubt you should seek advice from your own professional advisors. For more information on fees please go to