By Isle of Wight Observer
The sale of Vectis Hall at auction for £30,150 at the end of September – and its rapid resale just weeks later for £43,500 – has reignited anger over the scale of the financial loss borne by Ryde Town Council. The second sale means the new owners made more than £13,000 in a matter of weeks. But the real story is the far larger, long‑term cost to Ryde residents.
Ryde Town Council bought the Grade II listed building in 2020 for £125,000, funded entirely through a Public Works Loan Board loan. According to figures supplied by the council in July, the total borrowing cost attached to that loan is £171,691.69, including £46,647.94 in interest. Despite repayments of £22,886.40 already made, the outstanding balance as of March 31 stood at £112,695.57 – with more than 25 years still left on the term.
On top of the loan, the council spent £102,372.01 on works and professional fees. These included £31,035 on scaffolding, nearly £12,000 on maintenance, £5,800 on structural reports, £5,050 on a feasibility study, £5,000 on a condition survey, almost £4,000 on safety equipment, and further costs for insurance, consultancy, asbestos removal, legal fees and staff time. A £14,950 grant offset a small portion of this, but the net spend remained substantial.
Taken together, the purchase price, loan interest, and spending means Vectis Hall has cost Ryde taxpayers well over £200,000, with the council recouping only £30,150 at auction. So, even after the building was removed from the council’s property portfolio – described by the clerk as a “liability” that kept her awake at night – the financial burden remains on local council tax payers.
The loan continues, the debt remains, and residents will be paying for their town council’s decision (to buy Vectis Hall) until 2051.
