The Cheffins property auction this week at the firm’s salerooms in Cambridge saw renovation projects and amenity land far exceed expectations as the market continues to seek out opportunities.
Renovation projects and amenity land exceed estimates at Cheffins property auction
One of the most popular lots in the residential section was a two-bedroom, mid-terrace house on Kingston Street, Cambridge (pictured), which sold for £428,000, well above its pre-sale estimate of £300,000 - £325,000. In need of refurbishment, the house within the popular Mill Road area of the city saw nearly 100 viewings and around 20 interested parties bidding on the day.
In the surrounding villages, a red brick three-bedroom, detached cottage in Knapwell with large gardens and outbuildings which have the potential for conversion, sold for £405,000 to a private buyer. Towards Ely, a three-bedroom detached house needing full modernisation was also offered with an agricultural barn which may offer scope for development, located in Littleport. It sold for £290,000.
Lots in the ever-popular amenity land section also far exceeded estimates with 2.96 acres of unmanaged woodland at Willingham selling for £83,000 against an estimate of £15,000 - £20,000, having had over 100 legal packs downloaded and over 25 parties bidding. Similarly, a parcel of 6.38 acres of grassland between Cottenham and Wilburton sold for £120,000, against an estimate of £50,000 - £60,000; a 1.77-acre paddock in Clavering sold for 40,000 and just over an acre of grassland at Fenstanton sold for £41,000.
For those looking for a commercial investment, there was a series of mixed-use and retail opportunities which went under the hammer. The highlight of these was a three-storey mixed-use property In Frinton-on-Sea, which was previously occupied by Lloyds Bank and which sold for £650,000 against an estimate of £500,000. This large building incorporates a prime retail shop with a total frontage of 11.8 metres, as well as two substantial duplex apartments, set on Connaught Avenue, right in the heart of this busy seaside town and was bought by a local investor. In Haverhill, a large double-fronted shop on the High Street which is currently let to YMCA also sold well at £156,000 against an estimate of £125,000 - £150,000 to a local buyer.
One lot which also saw a good deal of pre-sale interest was a small farmyard of 0.34 acres in Fordham, near Ely, which included a Nissen hut and a timber barn which had prior approval for change of use into residential. The site sold for £169,000 against an estimate of £140,000 to a local private buyer. Similarly, another redundant farmyard of 0.46 acres (with further land available) also in Fordham, sold for £254,000 against an estimate of £190,000.
Ian Kitson, Director, Cheffins, says: “This was one of our busiest property auctions to date. With over one hundred bidders registered on the day, the sale saw over 750 legal packs downloaded and record levels of interest per lot offered. The results of the sale go to show how the lack of stock on the residential market has pushed more private buyers to turn to the auction room in search of a refurbishment opportunity, whilst the success of the two farmyards in Fordham illustrates the demand from private buyers to carry out their own conversion projects. The demand for rural property has gone through the roof since Covid, and the ‘race for space’ has ensured that countryside opportunities have been the most consistently sought after lots at almost every sale in the past 18 months. Amenity land values have also rocketed for the same reasons, as private buyers now compete with developers or investment-driven buyers taking a long-term view on a land parcel. This sale was no different, with the amenity section seeing private buyers, investors and those looking to secure parcels for amenity purposes.”
The September sale grossed a total of £2,966,000.
Cheffins’ property auction generated around £11,000,000 in the previous 12 months, throughout the East Anglia and Mid Anglia regions.
The next auction will take place on Wednesday 8th December, from 2pm, online at https://www.cheffins.co.uk/property-auctions.htm
Cheffins is a market leading firm of surveyors, valuers, property advisers and auctioneers. What distinguishes Cheffins is its unique range of specialisms and pre-eminence in them, regionally, nationally and internationally.