Online property auction with 'quirky' lots raises almost £7m
- Credit: Auction House East Anglia
Auction House East Anglia held its sixth auction of the year on Wednesday, September 8, selling 31 lots and raising nearly £7 million.
Over 200 registered bidders took part in the four-hour auction, with over a thousand people watching live online and buyers and sellers connecting from all over the country and abroad - including one successful bidder who was enjoying a spot of lunch at the time of the sale.
Robert Hurst, chartered surveyor and auction manager, said: “We are delighted with the results of our sixth auction of the year.
"There were many highlights, one of which was the sale of Ormesby Lodge on Decoy Road in Ormesby near Great Yarmouth. It was a residential investment comprising four let flats producing £26,520 per annum and a vacant bungalow.
"It generated significant interest from investors and with a guide price of £500,000 there were a number of bidders at the auction. Various telephone, proxy and internet bidders pushed the final hammer price to a staggering £788,000 to a telephone bidder - enjoying lunch and a pint in a restaurant.
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"It seemed that blocks of the flats were the order of the day as the following lot offered was a block of nine let flats, producing £52,020 per annum on Marine Parade in Great Yarmouth. Guided at £525,000 to £575,000, it too generated spirited bidding and sold for £635,000 giving the buyer a good yield of over 8%.
"Quirky and unusual lots also make ideal auction lots and we had a number of these, including a 1.6 acre island at the junction of the River Kym and River Great Ouse in St Neots. Known as Fox Island, it was guided at £10,000 to £20,000 and spirited bidding took the final hammer price to £61,000.
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"Land lots continued to fare well with a 0.15 acre parcel of land off Colletts Bridge Lane in Elm selling for £47,000. This shows that selling by auction should always be considered when selling land with or without planning permission."
A mixture of lots including residential, commercial and land sold, including:
· A three-bedroom mid-terrace house on Cardiff Road in Norwich sold for £232,000.
· The Cat and Fiddle former public house on Magdalen Street in Norwich sold for £407,000.
· A two-bedroom semi-detached bungalow requiring modernisation on School Road in Fritton sold for £168,000.
· A detached country cottage set in half an acre in need of modernisation on Hindolveston Road in Foulsham sold for £412,000.
· A barn with planning permission to convert into residential accommodation off Norwich Street in Dereham sold for £43,750.
· A commercial investment comprising a let shop producing £11,000 pa on Market Place in Dereham sold for £128,000.
· A one-bedroom semi-detached house off Dereham Road in Watton sold for £104,000 to a telephone bidder in Spain.
· A Grade II listed detached cottage in need of repair off Bells Lane in Hinderclay near Diss sold for £262,000.
· A town centre shop with planning permission to convert the upper floors into a two-bedroom flat on Mere Street in Diss sold for £180,000.
· A residential investment comprising a three bedroom semi- detached house let producing £750 per calendar month (£9,000 per annum) on Copperfield Road in Ipswich sold for £145,000.
· A two-bedroom mid terrace house on Henley Road in Ipswich sold for £154,000.
· A detached barn conversion providing 1,500 sq/ft of office space off Gulpher Road in Felixstowe sold for £228,000.
· A residential investment comprising a three-bedroom mid-terrace house let producing £658 per calendar month (£7,896 per annum) on Bramford Lane in Ipswich sold for £152,500.
· An eight-bedroom guesthouse on Princes Road in Great Yarmouth sold for £200,000 and another ten-bedroom guest house just round the corner on Wellesley Road sold for £221,000.
· A two-bedroom detached bungalow off Shire Avenue in Bradwell sold for £219,000.
· A three-bedroom attached house requiring improvement on Victoria Street in Caister sold for £172,000.
· A Grade II listed semi detached cottage requiring updating on The Street in Gillingham near Beccles sold for £205,000.
· A first-floor one-bedroom maisonette on Stumpacre in Bretton near Peterborough sold for £78,000.
· A pair of cottages, one let producing £3,000 per annum, the other vacant and in need of complete refurbishment off Main Road in Clippesby sold for £250,000.
· A mixed use investment comprising two shops (one let producing £6,000 per annum) and two vacant flats off Market Place in North Walsham sold for £190,000.
· A Grade II listed two bedroom leasehold end terrace on St Mary’s Street, Eynesbury near St Neots sold for £128,000.
Auction House East Anglia is now taking entries for its next auction on Wednesday, October 20.
If you have land or property that needs to be sold, please call the auction experts on 01603 505100 for free impartial advice, or visit the website at auctionhouse.co.uk/eastanglia.
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