An iconic Ryde property, purchased from the IW Council in 2013 for £300,000 and since left to decay, is set to go to auction with a staggering £650,000 guide price, if negotiations about keeping it in community ownership fail.

The historic Ryde Town Hall, originally designed by London architect, James Sanderson, was sold to Gibraltar-based company, Phantom Productions, in 2013. The sale was contingent on promises that the building would become a vibrant venue for Islanders. Cllr George Brown, then deputy leader of the IW Council, approved the sale of the property for £300,000 after an earlier £400,000 deal with chef, Robert Thompson, failed to progress.

At the time, the company was said to be “working with some very well-known promoters and event organisers” to “really make the theatre something special with regards to bringing big names over the water.”

Years later, in around 2020, Ryde Town Council became involved in negotiations to potentially lease or buy back the building for community use. However, safety and decay issues escalated, leading the IW Council to appoint an enforcement officer in 2024 to require urgent works from the owner.

Now, in 2025, the venue has remained closed and has been the subject of ongoing community and council action to try to address its dire state of repair.

The landmark may now head to auction. Ryde Town Hall is due to go under the hammer on December 10, with Savills, at a guide price of around £650,000 – a £350,000, or 117 per cent increase on the price paid in 2013, despite no significant restoration works being undertaken.

The auction listing highlights the building’s striking architectural details and its “excellent potential” for conversion to apartments, a boutique hotel, leisure use, or mixed-use redevelopment, subject to planning and listed-building approval. It also plainly states that the structure “requires complete refurbishment” after sitting empty for so long.

However, leader of the IW Council, Cllr Phil Jordan, told the IW Observer: “I am working with the current owner and the Ryde Neighbourhood Board to try to secure the future of this building for community use. The Board recognises the importance of this building to the future of Ryde and the owner is willing to discuss an acquisition process that would benefit the town.”

The Ryde Neighbourhood Board is responsible for producing a 10-year plan for the town that can be achieved with up to £20 million funding from the Pride in Place programme.

Community groups, including Friends of Ryde Town Hall and the Ryde Town Hall Trust, have spent years advocating for a restoration that would return public access to the building. Ryde Town Council previously took a lease on the site in an effort to secure its future but ultimately concluded it could not afford to purchase and restore it outright.

The building’s future now depends on its next owner. A carefully planned, heritage-led scheme could rescue one of the town’s most significant landmarks for the public. However, if the auctioneer’s hammer falls to a private bidder, it is unclear what lies in store for Ryde Town Hall.