A former care home in Kent has gone under the hammer for £1,052,000 in the June auction of Clive Emson Auctioneers.
The 20-bedroom property at Barham, between Canterbury and Dover, sold for £151,000 above guide price (lot 30).
It was among six lots from a 121-strong list in southern England that fetched above £600,000.
James Emson, Managing Director, said: “Our buyers view bricks and mortar as investments that outperform the vagaries of the economy over the long term.
“Bidding remained strong irrespective of the latest interest rate rise to a 13-year high of 1.25% and the current 9% inflation, at a 40-year high and forecast by the Bank of England to reach 11% by the autumn before dropping to just above 2% in 2024.
“Investors run a slide rule over rental residential and commercial properties and see yields which, in some cases, outstrip inflation whilst providing capital growth in the years to come. For example, one of the lots bought returns of nearly 12% gross, a healthy yield by any measure.”
A block of 13 flats on the Isle of Wight, let at £67,080 pa, fetched £859,000 against a guide price of £750,000-plus, a gross rental yield of 7.81% (lot 11).
Let at £67,800 pa, a building comprising eight flats and three commercial units in Callington, Cornwall, sold for £666,000, a gross rental yield of 10.18% (lot 86).
With potential to convert into residential use, a disused Victorian primary school in Lewes, East Sussex, was acquired for £632,000, which was £382,000 above the guide price with 25 bids (lot 121).
Let at £73,500 pa, offices and a workshop property at Redruth, Cornwall, went for £617,000, a gross rental yield of 11.91% (lot 17).
Agricultural barns over 36 acres of pasture at West Coker, Yeovil, Somerset, sold for £601,000 (lot 4).
Ex-public conveniences at Hadlow, Tonbridge, Kent, were acquired by a flushed bidder for £77,000, which was £27,000 above the guide (lot 40).
Three former ecclesiastical buildings also went under the hammer:
- Upchurch, Sittingbourne, Kent – £300,000 (lot 5)
- Terling, Chelmsford, Essex – sold prior (lot 7)
- Old Wives Lees, Canterbury, Kent – £266,000 (lot 111)
June’s auction listed 43 investment, 37 residential, 14 commercial, 12 development and 15 land lots.
A total of £20 million was raised for clients, with a 75% success sales rate.
Clive Emson’s next online auction ends on 28 July. Lot entries close on 5 July, with the digital catalogue available from 9 July.
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