Cheffins will offer a series of renovation opportunities at the firm’s first property auction of 2021 on 2nd March.
The largest refurbishment project is Dairy Farm House in Queen Adelaide, near Ely, which is 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 was previously used as a herb nursery with a former shop, located just over a mile east of Ely.
Ian Kitson, Director, Cheffins, says: “Dairy Farm House is an unusual opportunity to buy a substantial, period house with a series of useful outbuildings that offer buyers the chance to add value. Although the property needs complete renovation, it has the potential to create a beautiful family home and is a fantastic opportunity for those who seek a renovation project in the countryside. The market for residential projects is continually buoyant, especially as East Anglia continues to see some of the fastest growing house prices in the UK. The benefit of buying a property through the March sale is that any buyer would be able to complete on their purchase ahead of the end of the stamp duty holiday, saving thousands on the tax bill. Capital growth for residential property continues to be solid, with Nationwide reporting values to have finished 2020 up 7.3 per cent on 2019, and with this in mind, there are a number of buyers who have been priced out of the market, or who are struggling to upsize. Whilst developers are always keen to acquire residential options at auction, there is definitely an increase in the number of private individuals also heading to the auction room in order to pick up a project.”
Also available is a pair of semi-detached bungalows, east of Littleport, which are in need of full renovation. In a rural location on a 0.74 acre site, these two properties are offered as one lot and have an estimate of £120,000. Similarly, in Burwell, there is a pair of amalgamated cottages totalling 2,262 sqft in need of complete refurbishment with views over open countryside. Carrying an estimate of £180,000 - £200,000, the property has seven bedrooms and presents an opportunity to create a large family home. For a buyer looking for a conversion, there is a former agricultural building in Cardinal’s Green, Horseheath, which has prior approval for conversion into a detached single storey house. Planning permission has been approved for an open plan living/dining/kitchen, two bedrooms and two bathrooms. It sits in a site of 0.465 acres and overlooks open countryside and has an estimate of £185,000.
In addition, the March sale sees a handful of residential properties which are not in need of such extensive renovation, such as a first floor flat in the imposing Amberley House in Newmarket. Converted from an imposing former mansion house, the flat has two bedrooms, use of communal gardens and off-road parking. It is estimated to sell for £140,000 - £145,000. There are also three flats available in a newly converted public house, The George, in Somersham, near Huntingdon. Having been converted to high standards, the three properties all have one bedroom, new kitchens, bathrooms and appliances and are estimated to sell from £90,000 upwards.
For those looking for a commercial investment, there is an attractive Grade II listed, three-storey building in St Ives. With a total rent of £35,000 per annum, this well-maintained mixed-use premises includes a ground floor commercial area which is currently let to an optician with three examination rooms and a kitchen, storage areas and a cloakroom. There is also a self-contained two bedroom flat on the first and second floors. It has been extensively refurbished and offers a strong investment income with over 10 years remaining on the lease, with no breaks. It has an estimate of £500,000 - £525,000.
Ian Kitson continues: “In accordance with government guidelines, the sale will be hosted via a live webcast format. However, any potential purchasers will have the option to view properties ahead of the sale on an appointment-only basis. We will be following strict social distancing guidelines at viewings in order to keep both our staff and clients safe.”
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 March from 2pm, online at https://www.cheffins.co.uk/property-auctions.htm
For further information, contact Cheffins Property Auction team on 01223 213343, email@example.com