A FORMER storage depot is set to be sold for £105,000 by the Isle of Wight Council.
A decision to dispose of the Victoria Depot site in Victoria Crescent, Ryde is due to be taken on a date not before next Wednesday by Cllr George Brown, the Isle of Wight Council’s cabinet member for economy and the environment.
The former depot is located in a residential area and consists of a yard and a small number of light industrial storage buildings, most of which are in poor condition, according to the council.
The Isle of Wight Council’s use of the site has declined in recent years and a decision to cease using the site and put it for sale on the open market was made in late 2011, according to a council report.
Six offers were received for the site, the highest being for £105,000.
Cash from the sale will go towards the council’s capital receipts budget if the decision is given the eventual green light.
At the moment, a covenant is in place on the site which restricts any potential development to a single home.
However, if planning consent was granted for additional dwellings over the next 20 years, a clause included in the sale agreement would result in the council netting 50 per cent of any increase in the site’s value.