An iconic Isle of Wight seafront gem - The Prince Consort building - awaits its next chapter as it goes up for auction this month.

Overlooking the Solent from Ryde, the building, formally known as the Royal Victoria Yacht Club, has a guide price of £400,000-plus through auctioneers Clive Emson.

READ MORE: 12 Isle of Wight properties listed for auction in March

The four-storey waterfront building on St Thomas Street was completed in 1847, with the foundation stone laid by Prince Albert in the previous year.

Having been unable to enter the Royal Yacht Squadron in Cowes, which was a male-only establishment, Queen Victoria, far from amused, effectively set up the Royal Victoria Yacht Club as a rival.

Isle of Wight County Press: The Prince Consort building in RydeThe Prince Consort building in Ryde (Image: Clive Emson)

The yacht club was based in the building until 1966, after which it has had a varied history, having initially traded as a restaurant.

In recent years, the upper two floors have been converted into apartments, while the lower floors were last used as a call centre – but have been vacant for some time.

The freehold of the building is now offered for sale with the scope and potential to bring the lower two floors back into meaningful use.

Previous, though now lapsed, planning permissions were achieved in 2016 for the conversion of the ground floors with both residential and commercial options and usage.

Rob Marchant, Island auctioneer, said: “The freehold is to be offered, with the first floor and penthouse level apartments sold on a long leasehold basis, paying a combined ground rental of £200 per annum and contributing to the management and maintenance of the building.”