Cheffins will offer a series of income-producing properties, commercial and residential, at the December property auction on 2nd December, with bidding online, by telephone or by proxy.
Ian Kitson, Director, Cheffins comments: “As interest rates remain low and economic uncertainty is rife due to the coronavirus pandemic, we expect that these income-producing properties will draw interest from investors from across the region and further afield. The next sale offers opportunities in both commercial and residential fields, with turnkey options as well as renovation projects.”
One of the highlights of the sale is a two-storey office building in Peterborough which is currently let at £34,500 per annum. It includes multiple parking spaces and has flexible accommodation with a mix of open-plan areas and private spaces. This is a turnkey commercial investment opportunity with an estimate of upwards of £350,000. Another investment property providing a strong yearly income is a mixed-use building on Sutton High Street, near Ely. With a total income of £30,240 per annum, the property comprises of a two-storey building with a commercial retail/sales area, currently let to One-Stop, with two, two-bedroom flats on the first floor. This comes with both car parking for the tenants of the flats and customer parking. The property is well presented and has an estimate of upwards of £410,000. Also, in the mixed-use category, is a Grade II listed, three storey office building in Huntingdon which has an estimate of £275,000 - £300,000. Situated on the High Street and comprising of both ground and first floor offices and a second floor flat, this property is suitable for a variety of alternative uses, including potential conversion into residential flats, subject to planning.
On the residential side, a flat on Silchester Road, North Kensingon, has the highest guide price at £300,000. This self-contained two-bedroom flat is in a popular London location and has seen a significant programme of refurbishment in recent years, making it a perfect buy-to-let investment. In a more rural setting, an Edwardian two-bedroom terraced cottage which has been extensively refurbished is available in Wimpole, near Royston, with a guide price of £170,000. The house could be of interest to both investors and owner-occupiers and comes with a private, courtyard garden.
For those looking for a renovation project, a four-bedroom detached bungalow in Burwell, near Newmarket, in need of structural repair and with a large garden is offered with a guide price of £250,000. Similarly, there is a three-bedroom family home in Great Shelford, with a large garden and separate studio and has a guide price of £250,000.
In the land section, there is an opportunity to buy a builders’ storage yard extending to 0.28 acres in Little Sampford, near Saffron Walden, with an estimate of £40,000 - £50,000 and a two small amenity land lots in Exning and Ashdon, both with guide prices of £15,000.
Ian Kitson continues: “The market for residential refurbishment projects continues to be buoyant as buyers look to purchase ahead of the stamp duty deadline. As East Anglia continues to see growing house prices, renovation opportunities provide the capital growth which many investors are looking for, as well as the option to hold properties as buy-to-lets and benefit from steady income streams as a result. These sorts of opportunities are becoming harder to come by and we have seen a marked increase in the number of developers and individuals heading to the auction room in order to try and pick up a project.”
“The previous two auctions hosted at Cheffins have been via a live webcast format, as COVID-19 guidelines still prevent us from hosting bidding within the auction room. We have been gladdened by the values achieved across the recent sales which have at least held parity with those offering live bidding, and in many instances exceeded them. There has been a significant increase in the number of bidders buying online and as a result, we have sold properties to investors from a wider market than ever before.”
The Cheffins September sale grossed a total of £2,464,500. Cheffins’ property auction generated around £10,000,000 in the previous 12 months, throughout the East Anglia and Mid Anglia regions.
The auction will take place on Wednesday 2nd December from 2pm at Cheffins, Clifton House, 1&2 Clifton Road, Cambridge, CB1 7EA and online at https://www.cheffins.co.uk/property-auctions.htm
For further information, contact Cheffins Property Auction team on 01223 213343, firstname.lastname@example.org