An auction bidding war took place over a mixed use development opportunity with planning consent in a market town west of Colchester this week.
A shop and flat at 9-13 Church Street, Coggeshall were among 137 lots in the latest auction held by one of the top five property auctioneers in the UK, Clive Emson Land and Property Auctioneers.
They went under the auctioneer’s gavel at £351,000 at the firm’s auction which ended on Wednesday 1 November.
Offered jointly with Elwell Taylor, the former newsagent premises with a flat above achieved more than £75,000 above the lower guide price.
Planning consent is in place conversion of the existing building to create one three-bedroom dwelling, one first floor one-bedroom flat, one commercial unit on the ground floor and one commercial unit with ground and first floor accommodation.
Regional Director & Auctioneer Paul Bridgeman said: “We had strong interest from builders and developers keen to get going on a mid-sized project with planning consent already in place.
“This resulted in competitive bidding which led to a great result for our vendor, while the purchaser has acquired a ready-made project.”
Coggeshall is situated on the south side of the A120 which gives access to Colchester on the A12 to the east and Braintree, Stanstead Airport and the M11 to the west.
Mainline railway services are available in Kelvedon to the south offering a regular service to London (Liverpool Street).
- A city centre commercial premises arranged over four levels at 132 High Street, Colchester, offered jointly with Whybrow, was sold for £188,000 freehold with vacant possession.
The property occupies a central position close to restaurants and Marks and Spencer and is directly next-door to the Hippodrome building. It is also well placed for local bus routes and Colchester railway station.
Paul added: “Again, there was plenty of early interest in a building which offers ground floor retail space with auxiliary storage over first, second and basement levels.
“Our bidders recognised that it may offer potential for alternative uses, subject to all necessary consents being obtainable.”
Clive Emson Auctioneers holds auctions eight times a year offering specialist advice for auction purposes with offices in Essex, Kent, Sussex, Hampshire and the West Country, selling with skill, speed and efficiency.
The next auction, the final one of eight this year, goes live on Monday 11 December and ends on Wednesday, 13 December. Deadline for entries is 20 November with the catalogue available from 24 November.
See https://www.cliveemson.co.uk for more details.
