A mixed-use property in Soham, Cambridgeshire, sold for £486,000 at the Cheffins property auction on June 15th, well over its pre-sale estimate of £400,000.
The sale, which was hosted at the Cheffins salerooms in Cambridge, saw a series of residential, commercial and land lots go under the hammer with strong prices paid across the board.
The property in Soham offered six self-contained residential flats and a large retail space, with an annual income of £56,690. It was eventually sold to a local property investor following competitive bidding from a number of buyers.
Amenity land saw some of the highest prices paid at the sale. For example, a paddock in Woodditton, near Newmarket, saw £98,000 paid for 0.43 acres, almost double its presale estimate of £50,000. Similarly, 1.02 acres of grassland in Witchford, Ely, achieved £72,000, over seven-times it’s lower presale estimate of £10,000, whilst a small parcel of 0.2 acres of amenity land in Hockering, Dereham, sold for £25,250.
Another highlight from the auction was a three-bedroom terraced house on Alpha Road, Cambridge. In need of complete renovation, the house sold for £475,000 to a private house buyer. Another residential option was a detached timber and flint barn in Freckenham, near Bury St Edmunds, with potential for conversion which sold for £224,000, well over its presale estimate of £150,000. Whilst for property developers, a development site on North Street in Sudbury, with planning permission for six one-bedroom apartments achieved £190,000.
Ian Kitson, Director, Cheffins says: “Once again amenity land has shown it’s one of the most sought-after opportunities at auction. Buyers were out in force for the lots offered, with these selling to a mix of local buyers and investors. Prices for amenity land have skyrocketed in the past two years, and with values now achieving up to £230,000 per acre, as buyers seek out opportunities for paddocks, grassland and woodland. As proved by the price paid for the property in Soham, mixed-use options also continue to be popular in the auction room, as investors look to spread their bets across both the commercial and residential sectors.”
Cheffins’ property auction grossed over £10,000,000 in 2021, throughout the East Anglia and Mid Anglia regions.
The next property auction will take place on Wednesday 21st September, from 2pm, online at https://www.cheffins.co.uk/property-auctions.htm
For further information, contact Cheffins Property Auction team on 01223 213343, property.auctions@cheffins.co.uk
www.cheffins.co.uk