£72,000 auction price for grassland- seven times more than expected
- Credit: Cheffins
Grassland – measuring just 1.02 acres -went under the hammer at auction for £72,000 which was seven times higher than its estimate.
The grassland is on the northern edge of Witchford and is mainly overgrown with trees and a small range of derelict field shelters.
But that failed to deter would-be buyers when it went up for auction at Cheffins June property sale.
In selling for £72,000, Cheffins say the 1.02 acres went for “over seven-times it’s lower presale estimate of £10,000”.
Sales particulars said the land was sold “subject to and with the benefit of any wayleaves, easements, covenants and rights-of-way that may exist.
“All sporting, mineral and timber rights are included in the sale so far as they are owned.”
However, there was also a note attached which said the land was sold “subject to a covenant that states that it will not be developed for residential purposes without the consent of a previous owner”.
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Elsewhere a mixed-use property in Soham, sold for £486,000, 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.” said a Cheffins spokesperson.
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.
Another highlight 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.
A detached timber and flint barn in Freckenham, with potential for conversion, sold for £224,000, well over its presale estimate of £150,000.
Cheffins director Ian Kitson said: “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.”
Guide to Cheffins June auction here