Cheffins' Property Auction breaks new ground
One of the largest commercial properties ever offered in Cheffins’ Property Auction sold in the region of its guide price of £1.5 - £1.6 million. The property, New Cambridge House, is a 38,579 sq ft office building in Litlington. Although it was unsold in the auction, a sale was agreed immediately afterwards.
Auctioneer Simon Gooderham says: “It was a landmark in the development of our quarterly property auction and we were delighted to work as joint agents with Jeffersons to conclude a successful sale of this property on a post-auction contract. We are attracting an increasing number of larger commercial properties as well as a stream of residential and agricultural properties and development sites.”
There were two other commercial properties in the auction. In Green End Road, Cambridge, Layer Associates were joint agents on a commercial investment comprising a retail shop and a first floor flat on an assured shorthold tenancy. With a gross rent £11,180 per annum, it sold for £123,000.
A joint agency with Januarys Commercial secured the sale of 62 Cherry Hinton Road, formerly an HSBC bank, providing a large ground floor shop with potential for residential conversion at first floor sold, both with vacant possession. The guide price was £230,000 - £250,000 and it sold for £271,000.
The Cheffins’ Property Auctions have an impressive track record for commercial properties in the current market, says Simon Gooderham. Other properties sold this year included two investment properties let to Boots, both of which sold well over their guide prices; a freehold workshop and storage premises of around 3,000 sq ft which sold at the top end of the guide price range at £119,000; a warehouse/production unit of 4256 sq ft reached £100,000; and a shop/flat for renovation at £96,000 – 12% over guide price.
In the last 12 months Cheffins has sold over £8 million of a wide range of properties including commercial, rural and residential, as well as development plots and farmland.
Simon Gooderham says: “Given the uncertainty that exists and the delays which often arise when selling by private treaty, we are finding an increased number of properties are coming forward into our catalogues.”
The next Cheffins’ Property Auction is on 2 December.
