Land and development opportunities dominated the bidding at Cheffins’ late summer Property Auction on Wednesday 21st September.
The auction which took place at Cheffins’ sale rooms in Cambridge, saw a mixture of development and investment opportunities dominate while other lots included parcels of land and residential properties.
There was competitive bidding both online and from telephone bidders for Lot 11 (pictured) which included arable and woodland, south of Station Road in Holme Hale, Thetford. This parcel of land contains the remains of a range of farm buildings which may have some development potential subject to the requisite planning consents. This lot sold for £171,000 against a guide price of £60,000-70,000.
Another parcel of land which was also in contention among bidders was 34.77 acres in Holme Hall, Thetford, selling for £400,000 against a guide price of £320,000-350,000. Competition for this was likely driven by the current scarcity in opportunities to acquire freehold blocks of arable land with vacant possession.
Another highlight of the auction was an investment/development opportunity in Newmarket which sold for 61% over it’s guide price of £195,000 with the hammer falling at £315,000. Listed as Lot 14, this was a rare chance to purchase a freehold portfolio of three properties including a substantial house, an office building and a social club. The bidding saw local and national buyers competing furiously for this unique opportunity.
Later in the auction a former Methodist Chapel at Coveney with a guide price of £120,000-£150,000 was knocked down at £230,000. In a great location within the village, the chapel is suitable for conversion and with freehold status and vacant possession, it has potential as a development opportunity.
The sale total was in excess of £3.3 million with many lots selling well over their guide prices, reflecting the strength that remains in the property market, especially for land and value-adding opportunities.
Cheffins next property auction will take place on Wednesday 7th December. Please email us if you would like to consign a property, land or commercial building to the next sale.