AUCTION DRIVE: A car sales garage and repair shop in the same Kent family since 1997 has sold in auction for £650,000 and was among 139 lots listed by Clive Emson Auctioneers in the firm’s final auction of eight in 2022.
A car sales garage and repair shop in the same Kent family since 1997 has sold in auction for £650,000.
Lot 129 at Belvedere was among 139 lots listed by Clive Emson Auctioneers in the firm’s last auction of eight this year.
James Emson, Managing Director, said: “Our last auction of the year once again produced a diverse range of properties and sites for buyers across southern England, stretching from Cornwall to Essex, including the commercial lot at Belvedere.
“Whilst 2022 will be branded the permacrisis year, discerning investors over the past 12 months have looked beyond the travails of the economy to the future, with eyes focused on long-term capital growth and rental income through prudent auction purchases.”
More than 350,000 visitors viewed in excess of four million pages on Clive Emson Auctioneers’ digital bidding platform this year, with over 1,000 lots listed in 2022 at a 70% sales rate and raising a total of more than £160 million for clients.
Of the 38 investment lots listed in the latest auction, one of the biggest income generators is a property in Dover, Kent, with 16 letting rooms, generating £71,660 pa in rent. It fetched £510,000 (lot 62).
Lo 62
James said: “The gross yield is just over 14%, which exceeds the UK’s recent 41-year record high inflation rate of 11.1% by some margin.”
A bidding war saw the digital gavel come down on a final bid of £506,000, which was £155,000 above guide price, for a former village school at Ash, Canterbury, Kent, with planning permission for conversion into four dwellings (lot 94).
Representing a gross yield nudging 10%, a town centre retail and residential investment in Sittingbourne, Kent, let at £39,300 pa, went for £400,000 (lot 130).
James said: “With inflation forecast to settle between 6% and 4% in the last quarter of 2023, this is a good example of a buyer looking beyond today’s inflation rate of 10.7% for enhanced returns down the line.”
Marino Lodge
One of the “oldest and most cherished houses” in the Regency seaside town of Sidmouth, Devon, sold for £350,500. Conical thatched cottage Marino Lodge was acquired close to its guide price (lot 99).
The firm’s next auction, the first of eight for 2023, ends on 8 February, with bidding live 48 hours beforehand. Lot entries close on 16 January and the catalogue is available from 20 January.
Ends
