Cheffins report buoyant prices at auction as prices soar above estimates
- Credit: Cheffins
Springwater Business Park in Whittlesey, sold for £675,000 at the Cheffins property auction on December 8.
Comprising of five industrial units, occupied by three established tenants, the park currently sees a rental income of £53,043, and was sold to an investor.
It was a hugely successful day for auctioneers Cheffins who achieved well over the pre-sale estimate on many lots.
Land saw healthy prices achieved, with 17.8 acres of grass and amenity woodland near Ipswich, selling for £168,000, well over its presale estimate of £110,000 - £120,000.
Similarly, in Girton, a parcel of grassland extending to 2.89 acres with a general-purpose agricultural building sold for £196,000, against an estimate of £125,000.
A pair of barns offering rare storage/workshop space in Hempstead near Saffron Walden on a plot of 0.17 acres sold well for £122,000.
Residential refurbishment opportunities are always in high demand, and a four-bedroom bungalow in Royston, in need of full refurbishment, sold for £410,000.
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That was against an estimate of £350,000, after very competitive bidding from owner occupiers and developers alike.
Cheffins director Ian Kitson said: “The results from our final property auction of the year illustrate the buoyancy of the commercial investment market.
“As yields hold firm for investment property, we have seen an increase in the number of buyers looking to diversify income streams in some of the stronger areas of the market.”
He said: “Industrial buildings are consistently sought after at auction.
“The result for Springwater Business Park goes to show how vast levels of demand in the market have ensured that storage opportunities are continually the go-to for both private investors and corporates.
“Similarly, mixed-use buildings offer investors the opportunity to hedge their bets across both the commercial and residential sectors.”
Mr Kitson added: “Land is also continually popular, and there has been a marked increase in the number of private buyers coming to auction looking to seek out options for amenity use.
“This has been spurred on by the coronavirus pandemic and we would expect that land will become increasingly in demand over the coming months.”
Cheffins has sold £11 million-worth of property throughout 2021, throughout the East Anglia and Mid Anglia regions, and the next Cheffins property auction will take place in March 2022.