The Cheffins Property Auction hosted on the 3rd March grossed £1.6m as refurbishment opportunities were sought-after by investors from across the UK.
The largest refurbishment project on offer was Dairy Farm House in Queen Adelaide, near Ely, which represented a rare opportunity to purchase a former 19th century farmhouse, with substantial outbuildings and 1.11 acres of gardens. With an estimate of £250,000 - £275,000, the property saw competitive bidding and was finally sold for £329,000 to a local buyer who plans to renovate the house and return it to a family home. Having previously been used as a herb nursery with a former shop and extensive outbuildings, located just over a mile east of Ely, Dairy Farm House saw unprecedented levels of interest from both developers and end users.
Also available was a pair of semi-detached bungalows, east of Littleport, which were in need of full renovation. In a rural location on a 0.74 acre site, these two properties were offered as one lot and finally sold for £176,000, well in excess of the pre-sale estimate of £120,000. The Littleport bungalows saw high levels of interest and were finally sold to a London-based developer. Similarly, in Burwell, a pair of amalgamated cottages totalling 2,262 sqft in need of complete refurbishment exceeded all expectations and sold for £300,000, against an estimate of £180,000 - £200,000 to a local investor.
Ian Kitson, Director, Cheffins comments: “Results from the March property auction proved that refurbishment opportunities continue to be some of the most sought-after property investments in the market. The Covid-19 pandemic has continued to impact the market, ensuring that village-based properties and those with outside space are the most highly sought-after as the ‘race for space’ from both local and London-based buyers continues. With residential property values continuing to rise at an unprecedented rate, investors are increasingly turning to the auction room in order to source the best renovation projects on offer, and as both developers and end-users competed for the handful of residential opportunities available, the final prices achieved were well in-excess of estimates.”
On the commercial side, an attractive Grade II listed mixed-use premises in St Ives was sold prior to the auction in excess of the guide price of £500,000 - £525,000. With a total rent of £35,000 per annum, this well-maintained building was sold to a local, independent business.
Ian Kitson continues, “As the large multinationals continue to suffer following the coronavirus outbreak and its impact on the High Street, we are seeing increased demand for properties with local, independent occupiers within the commercial property market. Historically landlords tried to find larger properties with multinational tenants, but since the coronavirus outbreak, many independent tenants have offered more reliable rental incomes to landlords, and properties with such tenants have become more desirable as a result.”
Cheffins’ property auction generated around £10,000,000 in the previous 12 months, throughout the East Anglia and Mid Anglia regions.
The next property auction will take place on 9th June 2021 at Cheffins, Clifton House, 1&2 Clifton Road, Cambridge, CB1 7EA and online at https://www.cheffins.co.uk/property-auctions.htm