Investment properties offering scope for development or with options to renovate attracted the most interest, with competitive bidding and results well over guide prices across multiple properties.
The highest value lot of the day was a development site of 0.2 acres in Westfield Road, Great Shelford, near Cambridge. The site had planning permission for the demolition of an existing bungalow and the creation of two detached houses. The property saw fierce bidding and the site was sold for £419,000 to a local developer. A similar offering was lot 11, Brickyard Cottage in Bradley Common, near Bishops Stortford. Selling for £8,000 over its guide price of £250,000, the property presented a rare opportunity to purchase a house in need of complete renovation or replacement. At over 0.18 acres, the site is in a desirable village location, with easy access to Bishops Stortford train station.
A couple of more unusual lots also attracted significant interest. For example, a retail/takeaway premises in Fulbourn saw competitive bidding and finally sold for £30,000 over its original guide price of £175,000. Totalling over 1,325 sq ft, the property also had accommodation above the retail space and generates a rental income of £11,000 per annum. Similarly, a parcel of woodland in Croydon, near Royston made £9,000 which was £4,000 over its original guide price. The land adjoins a section of the Council highway and is well located for both Cambridge and Royston. A garage in central Cambridge also created a stir, eventually selling for £20,500, following competitive bidding from a number of parties.
Ian Kitson, Associate, Cheffins, comments:
“December sales often feature slightly smaller catalogues than the rest of the year, but there was good interest in a range of the lots throughout the marketing period, suggesting that buyers remain motivated regardless of the looming festive period. We saw a good turnout on the day and achieved strong prices across the board. The sale rate of 77 per cent appears strong compared to some of the results being reported nationally and we can attribute this to the quality of lots on offer, as well as the popularity of our region.
"Renovation projects and investment opportunities were definitely the most sought-after lots of the day at this month’s auction. Previously the mainstay of property developers, we are actually seeing a shift in the types of person who look to purchase renovation projects, with a larger number of owner-occupiers entering the bidding. Similarly, unusual lots always do well and the Cambridge garage and the woodland in Croydon definitely illustrated this.”
Cheffins has sold a total of £11,157,700 worth of property in 2016.
Cheffins next property auction is the 15th March 2017.
For further media information, please contact Sophie Richardson, PR Manager, Cheffins, t: 01223 271290.