A former pub in the heart of Huntingdon with planning permission to convert the building into five apartments headed the trade at Cheffins’ Eastern Counties Property Auction when selling for £392,000.
The Victoria Inn (Lot 10) drew lots of interest as it is located in one of the most desirable places in Huntingdon town centre, overlooking the attractive Victoria Square, and came with designs for stylish apartments that fit within the current building with minimal alterations to the current structure.
The most popular lot in the lead-up to the auction was the rare opportunity to purchase a marine investment with access to the River Great Ouse. Littleport Boat Haven (Lot 1) comprised a water inlet, land and buildings and produces an annual income of circa £13,500 from boats mooring on the property. Competitive bidding from a number of parties in the auction room saw the price soar above the guide price of £100,000+ to reach a final selling price of £160,000.
Another property which saw enthusiastic bidding from auction-goers and telephone bidders alike was a terraced house on Begwary Close, Eaton Socon (Lot 7). The house requires internal refurbishment and benefits from a generous corner plot in a good residential location. The bidding exceeded the guide price of £135,000+, to finally sell for £164,000, much to the buyer and seller’s delight.
A substantial Grade II listed house on Cottenham High Street (Lot 16) in need of updating and refurbishment, sold prior to auction above its guide price of £275,000.
The substantial four-bedroom house came with the potential for a home office or annexe accommodation, subject to planning, and benefits from off street parking and an enclosed garden which contains outbuildings.
A deceptively large mixed-use property in Ramsey town centre (Lot 11), which needed complete refurbishment as part of an approved planning scheme, was also in strong demand and sold well over its guide price of £200,000 - £225,000. A charity shop had most recently used the ground floor retail space, while the first and second floors of the property were last used as a self-contained flat.
Elsewhere, a three-bedroom detached house in the centre of Burwell that needed renovation and some structural repair sold. The required remedial works and need for internal updating, offered the scope to reorder the layout of the property for a developer or owner occupier.
Ian Kitson, Director of Valuations and Property Auctions, commented: “The auction saw some fantastic prices achieved for a number of the lots, with plenty of buyers keen to acquire property for a range of reasons, including medium- and long-term investment.
“With stocks and shares seemingly quite turbulent, it is often the case that investors seek the relative safety of bricks and mortar and the auction certainly reinforced that view.