Renovation properties top Cheffins auction
Cheffins property auction achieved £2.5 million of sales in an afternoon (6 May) with renovation residential properties in great demand. The star of the auction was a derelict period cottage at Horningsea, north of Cambridge. It is believed to date from the early 16th century with 19th century alterations but was described as a “total rebuild”. It had a guide price of £40,000 to £60,000 but generated over 100 viewings and eventually sold for £134,000 – more than double the pre-auction guide.
At Swaffham Prior, between Cambridge and Newmarket, the Grade 2 listed Zoar Baptist chapel offered an unusual conversion opportunity. Planning permission has been granted for conversion to a one bedroom house. The guide price was £60,000 to £70,000 and it sold for £87,000 – an increase of 30 per cent.
Near to the city centre, a four bedroom Victorian property at the end of Milton Road needing major refurbishment achieved £308,000 against a guide price of £190,000 to £200,000.
Also, a dramatic improvement in commercial property capital values was seen at the auction. Three properties – two shops and an office building – sold well in excess of their guide prices and indicated that investors are now coming back into the market.
Philip Woolner, Director at Cheffins Commercial, said: “Well-located and well-let investments showed yields as low as 6 per cent. Since Christmas we have anticipated the return of those investors holding cash, and this auction demonstrated the trend. Values are still well below their peak of 18 months ago, but they have now stabilised and, in some circumstances, are improving.“
Auctioneer Simon Gooderham said: ”It’s clear that the market is improving in the Cambridge area and we are experiencing increased demand as confidence returns to some sectors of the market. It also shows the effectiveness of the auction process. We had strong competitive bidding among the 300 people in the saleroom and the deals were concluded on the spot – eliminating any scope for gazumping or legal delays.
“This was one of our largest ever property auctions with 27 lots on offer, and the extensive marketing we can achieve through our auction department means that every property gets maximum exposure. Entries are currently being taken for our next auction on 22 July”.
FOR FURTHER INFORMATION PLEASE CONTACT CHEFFINS AUCTION DEPT ON 01223 213777.
