Commercial and refurbishment opportunities saw strong bidding at the second Cheffins property auction of 2023, on 14th June.
An historic Newmarket jewellery shop led the auction, selling for £370,000 to a local investor, after competitive bidding from a number of local and national parties. The building, situated at 43-47 High Street, was formerly the premises of A S Wigg and Son, a famous jeweller, which had been trading from Newmarket for over 140 years. Opened in 1880, A S Wigg and Son closed on February 28th, 2023, following the retirement of Michael Wigg, who had worked there for over six decades. The building, which dates from the 17th century, saw significant presale interest from a variety of both private and corporate investors.
Refurbishment opportunities were also popular, with a semi-detached chalet-style property in Hitchin selling for £355,000, well over its presale estimate of £275,000. In need of full refurbishment but with a generous garden, the house was sold to a property investor, following a great deal of interest from owner occupiers, developers and investors alike, reinforcing the strength of the ever-popular Hitchin market. Similarly, in Mepal, near Ely, a former Union Chapel, which offered potential for conversion, sold for £195,000 after attracting substantial pre-auction interest.
There were ten land lots offered in total in the catalogue, with the largest being 18.7 acres of arable land at Over, Cambridgeshire, which was sold for £120,000. This was followed by seven acres of agricultural land at Great Gransden, Bedfordshire, which made £100,000 and 6.38 acres of grassland between Cottenham and Wilburton, which was sold prior to the auction.
Ian Kitson, Director at Cheffins comments:
“This sale offered a varied catalogue with a variety of different investment opportunities. As can be seen by the results of the house in Hitchin and the Union Chapel, properties ripe for refurbishment continue to be popular, with buyers determined to secure these rare opportunities regardless of macroeconomic fluctuations. Land also saw significant interest and strong prices, with each land lot seeing multiple bidders. It therefore appears that buyers are reverting to prime and secure opportunities whenever possible, in the hope of guarding against potential price and interest rate fluctuations, such as the commercial property in Newmarket and Hitchin which sold particularly well likely because of the popularity of those locations. With the residential property market in a state of flux due to instability around mortgage rates, it could be that commercial and land investment options will come to the fore as some of the most sought-after lots at auction.”
Cheffins’ property auction grossed around £10,000,000 in 2022, throughout the East Anglia and Mid Anglia regions.
The next property auction will take place on Wednesday 27th September, from 2pm, online at www.cheffins.co.uk
For further information, contact Cheffins Property Auction team on 01223 213343, property.auctions@cheffins.co.uk