The first Cheffins property auction of 2019 will see 20 lots offered on Wednesday 13th March at our salerooms in Cambridge. The auction will include a series of income-generating properties as well as a selection of unconverted barns, residential opportunities and woodland.
The headline lot of the day is a freehold mixed-use investment premises in St Ives, Cambridgeshire, which has a guide price of £475,000. Split over three storeys, the building includes a commercial unit on the ground floor – currently trading as health food shop, Grape Tree, and two self-contained flats above. It has an estimated rental value of £33,926 per annum and currently has a rental income of £24,326. Other options for those looking for an income-generating investment include a two-storey commercial property in Chatteris which has a guide price of £200,000; a two-storey Grade II listed commercial property in central Ely, backing onto cathedral grounds, with a guide price of £320,000 and a development site on Argyle Street, central Cambridge which includes two storage spaces and a workshop close to Mill Road and which has a guide price of £445,000. A further building offering flexible incomes is a two-storey mixed-use building on Queen Street, Haverhill, which includes a ground floor retail unit with a self-contained flat above. The retail premises is currently let by a hairdresser and the building has a total income of £12,350 per annum. Making it even more attractive is the approved planning permission for a further two, one-bedroom flats in the parking area to the rear of the property. It has a guide price of £170,000.
For those looking for a development opportunity there is a range of unconverted barns available across the region. A 17th century Grade II listed barn set in four acres in Great Yeldham, near Toppesfield, Essex also comes with another, smaller barn and four acres of grounds, it has a guide price of £175,000. The main barn measures over 1750 sq ft and has had planning permission for conversion to commercial use but could also create a large residential property, subject to planning consents. Another, similar opportunity, is a range of barns with land extending to over 1.41 acres. This range of block and timber barns are in Hoxne, Suffolk, and have previously been used for agricultural storage. The barns extend to over 5,700 sq ft in total and have a guide price of £200,000 - £250,000. Similarly, a detached agricultural barn is offered in Fenstanton, near Cambridge, and has planning permission for conversion into two large residential dwellings and has a guide price of £295,000. On the same site is another, additional barn which is just over 904 sqft is offered separately, again with planning permission for conversion to a residential property and has a guide price of £80,000 - £85,000.
On the residential side there is a mid-terraced two-bedroom house on Norwich Street, central Cambridge, on offer. It is in need of refurbishment but offers a small courtyard garden to the rear and is on one of Cambridge’s most popular roads, within a short walk of the train station. It has a guide price of £425,000 - £450,000. Also, in central Cambridge is a mid-terraced Victorian town house on Short Street, close to Maids Causeway, Jesus Green and Midsummer Common. The house has two bedrooms a small rear garden and needs refurbishment. It has a guide price of £395,000 - £400,000. In Sewards End, near Saffron Walden, there is a cedar constructed, two-bedroom bungalow with a large garden of 0.4 of an acre. The property offers a huge amount of scope for updating or development and has a guide price of £400,000.
Other lots available include a commercial investment opportunity on Mercers Row, Cambridge which currently generates a rent of £31,400 per annum. The building is a light industrial/trade counter unit which is let to an established tenant, CEF ltd. It has a guide price of £200,000. There is also a substantial commercial building, set over four floors, on Princes Street, Ipswich. The building is all arranged as offices, but it has planning permission for conversion into six separate two-bedroom flats. It has an estimate of £325,000. A former Methodist Chapel in Thurston, near Bury St Edmunds, dates back from 1872 and offers scope for conversion for various uses is available for £30,000 - £40,000 and there is also 4.75 acres of mature woodland, suitable for amenity use near Wethersfield, Essex, which has a guide price of £45,000.
Ian Kitson, Director, comments: “Income-producing properties are set to be the most sought-after in this auction as flexible profits become increasingly attractive during volatile periods for financial markets and other investment opportunities. Similarly, we have seen that unconverted barns and other development options have sold well at auction and we would expect the barns at Hoxne and Toppesfield to achieve high prices. For investors, the two houses in central Cambridge have previously been let and have good occupancy rates so offer reliable opportunities for both landlords and owner occupiers.”
The auction will take place on Wednesday 13th March from 2pm at Cheffins, Clifton House, 1&2 Clifton Road, Cambridge, CB1 7EA.
Cheffins’ property auction generated over £12,500,000 in sales throughout 2018.
For further information, contact Cheffins Property Auction team on 01223 213343, www.cheffins.co.uk