Cheffins' first property auction of the year grosses £2.5m
- Credit: Cheffins
The first Cheffins property auction of 2022 on March 16 grossed over £2.5 million as confidence in residential and commercial property markets remains strong.
Amongst the land lots, two parcels of arable land extending to over 22 acres at Pymoor, near Ely, was sold for £208,000, whilst 6.21 acres in the same location was sold for £63,000.
The headline lot of the day, a Grade II listed four-bedroom former chief warden’s house of what was once the Huntingdon County Jail, far exceeded its presale estimate, selling for £412,000 to an owner occupier.
Dating from 1828, the historic property is in need of full refurbishment and saw over 60 viewings and multiple bidders. It had a pre-estimate of £350,000.
On Warboys Road, Old Hurst, near Huntingdon, a parcel of land of 0.74 acres with a derelict Nissen hut was sold for £98,000 against an estimate of £60,000+.
Commercial investment properties saw a series of pre-auction deals agreed, and strong bidding on the remainder.
For example, at Cabot House on Compass Point Business Park in St Ives, a well-located office building was sold for £225,000 to a local buyer.
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Other commercial investments, including a Grade II* listed retail property in Saffron Walden, a single-storey retail unit in Caister-on-Sea, Great Yarmouth and a substantial two-storey retail unit in the centre of King’s Lynn were all sold prior to the auction to various private investors.
Ian Kitson, director at Cheffins, said: “Commerical investments were very popular at this month’s sale, and has been the case for the past year, as buyers once again flock to bricks and mortar as global uncertainty makes other markets more volatile.
“The property auction is often an indicator of what is going on in the property sector.”
He added: “The wide-ranging interest in the house in Huntingdon illustrates the scramble for residential refurbishment projects which is a theme which is commonplace in the current market.
“It is encouraging to see that property continues to be a go-to investment vehicle for both private and corporate buyers, despite (or possibly due to) the turbulence in the wider economy.”
In 2021, Cheffins’ property auction grossed £10 million throughout the East Anglia and Mid Anglia regions.
The next auction will take place online on Wednesday June 15 from 2pm.