Refurbishment properties still in demand

Cheffins first collective property auction of 2009 offered the usual range of land and properties, but also something more ‘quirky’ in the form of a decommissioned water tower. Located on the outskirts of Welney village, Nr Ely, Cambs. the tower was offered as a ‘speculative’ opportunity with the site area being only 30’ x 30’ and limited access. With plenty of pre-auction interest and some competitive bidding in the room, the tower sold for £11,750 against a guide price of £3,000 - £5,000.

Despite the continuing difficulties in obtaining finance the auction was attended by almost 150 potential buyers. It is evident that we are seeing both developers and private buyers back in the market for some time, seeking development opportunities and refurbishments. All of the refurbishment/development properties were sold either before or at the auction, and in some cases the reserve prices were significantly exceeded.

A single plot without planning consent in Centre Drive, Newmarket sold for £115,000 (Guide £100,000 - £110,000); semi-detached bungalow requiring complete refurbishment in Sawston sold for £88,250 (Guide £60,000 - £80,000); a small shop for residential conversion in Harston sold for £56,750 (Guide £60,000 - £70,000); commercial office and two shops in Over, Cambs. sold for £190,000 (Guide £200,000 - £220,000) and a residential development site in Downham Market sold for £235,000 (Guide £225,000 - £250,000).

A total of 70% of the lots were sold and a number of post-auction offers have been received for the unsold properties.

We have also recently produced a ‘Guide to Buying and Selling Property at Auction’ which is available to download at www.cheffins.co.uk/propertyauctions or a copy can be obtained from the auction department.

A number of entries have already been confirmed for the next auction on 6th May and further entries are now invited. Contact the Property Auction department on 01223 213777.