Buy to let is the future, as bidding war held for hotel

Victoria House
Victoria House
Peter Axworthy at the OffBeet cafe

High demand could mean expansion for cafe owner

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A BIDDING war has seen a former Victorian hotel sell at auction for £130,000 more than its asking price.

Victoria House in Hampshire Terrace, with a two-bedroom maisonette, a one-bedroom flat and 10 bedsits, was bought freehold for £510,000.

The property, previously used by a local housing association for letting, was among 30 lots being sold by Clive Emson, the regional land and property auctioneers, at the Ageas Bowl in Hedge End yesterday.

Rob Marchant, auctioneer, said: ‘A bidding battle broke out between various parties as there was a lot of bricks and mortar here for the money, with ongoing, income-producing potential.

‘The buy-to-let market is where the action is now.’

A second historic building, the Stoke Road Baptist Church in Gosport, failed to sell after a guide price was put on it for £140,000 to £160,000.

However, a block of flats in Hayling Island fetched double its estimate, after selling for £17,000.

Flats 1-5 Gable Mews and 136A Elm Grove, Hayling Island, generate a rental income of £600 a year.

A town centre shop with potential for upstairs accommodation at 147 West Street, Fareham, went for £134,000, which was £34,000 more than its estimated value.

It is used as a fishmonger, which will remain on the site, paying £7,800 in rent.

Unit C, a two-storey commercial unit at Jubilee Business Centre, 48 Aston Road, was bought for £63,000 freehold. It was previously a squash court attached to now-defunct Waterlooville Football Club. A two-bedroom flat at Woburn Court, Marine Parade East, Lee-on-the-Solent, with a garage and sea views, was sold leasehold for £125,000.