The first property auction hosted at Cheffins on 8th March grossed £2.17 million as a series of residential properties, commercial opportunities and land went under the hammer.
The leading lot of the day was an end of terrace three-bedroom house on Natal Road, central Cambridge. Needing full refurbishment, this house is situated close to the popular Mill Road and had a large rear garden. Providing an exceptional renovation opportunity, the property sold for £403,000 against an estimate of £350,000. This was closely followed by a former butcher’s shop and yard in Burwell, Cambridgeshire, which achieved £396,000. Comprising of a three-bedroom house along with a series of outbuildings, the property was offered with planning permission for the development of two, three-bedroom homes.
Amongst the commercial lots, £300,000 was paid for a large industrial property on Minton Enterprise Park in Newmarket which was offered freehold. Spreading to over 4,320 sqft on the ground floor and 2,070 sqft on the mezzanine floor, this warehouse is an end of terrace unit, and was available with vacant possession.
Land proved to be consistently popular, with £168,000 paid for a 17.27-acre parcel of arable land at Sampford Road, Finchingfield in Essex and £100,000 for just over one acre at Bourn Bridge, Little Abington.
Ian Kitson, Director, Cheffins comments: “The first sale of the year saw strong prices paid throughout all sectors, as investors headed to the auction room from across East Anglia. We are seeing particularly focussed demand on residential properties and projects, with prices consistently rising as a combination of both end users and investors look to auction in order to find a bargain. We are now taking entries for our next auction in June and already have a series of interesting lots to offer to the market.”
The next auction will take place on Wednesday 14th June, at Cheffins, 1-2 Clifton Road, Cambridge, CB1 7EA and online at www.cheffins.co.uk