The country’s leading independent regional land and property auctioneers Clive Emson staged a successful second round of 2016 auctions.
The firm offered 170 lots across the south of England at five regional auction venues over five days and raising a total of over £19 million for clients.
Managing director James Emson said: “Spring really is in the air and it has brought out the buyers – attracted by a fantastic array of properties and land being offered.
“We noticed strong bidding right across the board, but particularly in the field of property investment opportunities, where there has been no slowing of demand even with the new stamp duty being levied on Buy to Let and second homes.
“This augurs well for our next round of auctions in early May when I anticipate that canny vendors noticing trends will bring more suitable properties to our salerooms.”
Highlights of the March auctions included a fully-let freehold block of three one-bedroom flats in Queens Road, Hastings, Sussex – generating £15,540 rent per annum on assured shorthold tenancies – beating its guide price by nearly £45,000 to sell for £209,000.
In nearby St Leonards a four-storey freehold terraced building arranged as four flats let at a total of £17,400 per annum broke through the lower end of its freehold guide by £50,000 to fetch £225,000.
A prominent retail unit in the heart of Fareham, Hants, went under the gavel for £320,000 freehold in a receivers’ sale. It has an existing 10-year lease/tenancy from until December 2023 at a rental of £30,000 per annum.
A student investment property at 79 North Road East, Plymouth, sold for £300,000. Currently let at £32,500 per annum, it is set to return a gross yield of 10.83% to its new owner.
A mid-terrace bay fronted house in Chelmsford, Essex, currently let on an assured shorthold tenancy agreement (holding over) at £10,740 per annum, sold for £291,000 against an upper freehold guide price of £250,000. Estimated market rent is £14,400 per annum.
The former Gentil Knyght pub in Canterbury, Kent, sold for £390,000 after a bidding war, more than twice its top guide price of £180,000.
A substantial former children’s centre with residential conversion potential in Herne Bay was sold on behalf of Kent County Council for £460,000 freehold against a top guide of £240,000.
With regional offices in Kent, Sussex, Hampshire, Essex and Exeter the firm offered lots across the south of England.
The next auction round runs from May 3 to May 9. Entries close on April 4.