A series of amenity land lots sold for above estimate at the final Cheffins property auction of 2023, which took place on 13th December at the firm’s salerooms in Cambridge.
One of the highlights was 10.18 acres of grassland near Lidgate, Newmarket, which sold for £186,000, over double its presale estimate of £80,000 - £90,000, finally selling after competitive bidding from a number of parties to a local buyer. Similarly, in Godmanchester, near Huntingdon, 7.52 acres of grassland and woodland achieved £182,000 against an estimate of £125,000. Other successful land lots included stables and paddocks in Meldreth, Royston, which sold for £76,000 and 3.5 acres in Little Downham, Ely, which achieved £37,500.
Land at Lidgate
Among the residential opportunities, a four-bedroom home in need of renovation on Goddard Way in Saffron Walden made £340,000 when it sold to a local investor. Other highlights included a 1950s two-bedroom bungalow which was offered with a Grade II listed barn realised £230,000 and an end terrace cottage in Cottenham, Cambridgeshire, which needed complete renovation and was sold for £122,000.
Goddard Way, Saffron Walden
For those looking for commercial opportunities, a former bar/restaurant which had been left vacant since 2018 was offered in Papworth Everard, Cambridgeshire. In need of full renovation or replacement, the building, which is known as The Conservatory and was formerly Rocky’s Pub, has a bar area, function room, kitchen, utility areas and cloakrooms, as well as multiple car parking spaces. Overlooking the village cricket ground and sports pitches, the building sold for £108,000 to a local investor.
Ian Kitson, Director at Cheffins comments:
“The prices achieved at this sale go to prove the consistent demand for amenity land. With buyers ranging from neighbouring homeowners, prospecting developers, investors or even just those looking for additional outside space, the competition for amenity and grassland is second-to-none in the current market, pushing prices well up into the tens of thousands for the right opportunities. Similarly, renovation projects continue to tick all the right boxes for buyers, so long as they represent value for money, and this has remained consistent over the past few years as house prices throughout the region have continued to stretch affordability for many. 2023 has been characterised by political instability and a fluctuating economy, punctuated with rises to interest rates, none of which has helped the property market UK-wide. However, we have seen consistent demand across the land, commercial and residential sections at auction, as its characteristically fast and hassle-free method of buying and selling property becomes increasingly attractive to those riding out the turbulence of the wider market. We expect this trend to continue throughout the next 12 months and already have some fantastic properties ready to sell next year.”
Cheffins’ property auction grossed around £10,000,000 in 2022, throughout the East Anglia and Mid Anglia regions.
The next auction will take place on 6th March 2024.
For further information, contact Cheffins Property Auction team on 01223 213343, property.auctions@cheffins.co.uk