Cheffins’ property auction on Wednesday 25th September saw a busy sale room, with several lots selling for above their guide prices, including The Old Dispensary in Ely which attracted multiple bidders and sold for over twice its guide price.
The Old Dispensary, a gothic style Grade II Listed former dispensary building dating back to 1865 and located in the centre of Ely, sold for £181,000 against a guide of £80,000, with 14 bidders eagerly trying to secure what had become one of the most popular lots in the catalogue, before eventually selling to an owner/occupier. Elsewhere in Ely, a two-bedroom flat in the heart of the city went under the hammer for £159,000 against a guide of £110,000-£120,000 after frantic bidding from a range of owner occupiers and private investors.
The Old Dispensary in Ely which sold following multiple bids
Other popular lots included a former Grade II Listed Baptist chapel constructed in 1832, located in the desirable village of Lode, which went under the hammer for £212,000 against a guide of £150,000- £200,000; the chapel generated local and national interest, which was reflected in the strong bidding at the auction. A beautiful Grade II Listed cottage near St Neots sold for £129,000 against a guide of £75,000+ - the property required extensive and sympathetic repair and renovation, but sits in an idyllic spot within the centre of the desirable village, adding to its appeal.
A Grade II Listed cottage which went under the hammer at Cheffins' property auction
Some of the land opportunities also achieved strong sale prices, with 15.37 acres of grassland in Sandon, Herts, selling for £177,000, against a guide of £125,000-£150,000, whilst a parcel of 0.14 acres of land in Garvestone, Norwich, went under the hammer for £45,000 - three times its guide of £15,000.
Ian Kitson, Director at Cheffins, comments: “There were some really interesting and quirky opportunities in this catalogue which generated a huge amount of buyer interest throughout the sale, pushing many prices above their estimates. The robust sale results were a reassuring display of strength in the market, regardless of the impending budget, and once again showed the safety that bricks and mortar can offer investors. It was also fantastic to see an auction room full of bidders, complementing an ever-growing online presence, along with telephone and proxy bidders.”