Find out which properties sold to raise over £7m at online auction
- Credit: Auction House East Anglia
Auction House East Anglia held its fifth auction of the year on Wednesday, July 28, selling 38 out of 54 lots to achieve a 70% success rate and raise over £7 million.
“We are delighted with the results of our fifth auction of the year," said Robert Hurst, chartered surveyor and auction manager. "There were over 250 registered bidders and over a thousand people watched the five hour auction live on our website, with buyers and sellers connecting with us from all over the country and abroad.
"There were many highlights, one of which was the sale of Links House, 62 Links Road in Gorleston, which is a residential investment comprising a block of six self-contained flats let producing £34,380 per annum.
"It generated significant interest from investors looking for a high yielding investment. With a guide price of £450,000 to £500,000 there were a number of bidders at the auction.
"Various telephone, proxy and internet bidders pushed the final hammer price to £617,000 much to the delight of the owner. This gave a gross initial yield of 5.5% which is still a lot better than you would get in the bank.
You may also want to watch:
"Quirky and unusual lots are also ideal at auction and we had a number of these, including a near-derelict bungalow set in three acres with its own Grade II listed bridge at Rackheath Park Gardens. Guided £400,000 to £450,000, spirited bidding took the final hammer price to £520,000 much to the delight of the executors and beneficiaries.
"Land lots continued to fare well with 3.6 acres of grazing / amenity land off Summer Lane in Carbrooke, guided at £30,000 to £40,000, making £102,000 (over £28,000 per acre).
- 1 More Suffolk petrol stations closed as PM plans action
- 2 Explained: What is causing the long queues at petrol stations?
- 3 Lorry drivers being offered up to £60,000 and other bonuses as shortage bites
- 4 How it all unfolded: Town grab late point against Owls in bizarre fashion
- 5 Dramatic pictures as huge barn fire breaks out near coast
- 6 Blaze spreads from classic car to bungalow next door
- 7 Suffolk petrol stations avoid closure as garages shut nationwide
- 8 Two arrested after man dies in crash
- 9 22 Suffolk schools have Covid-19 outbreaks
- 10 Petrol queues worsen rush-hour traffic
"1.6 acres of grazing/amenity land off Dunburgh Road in Dunburgh near Beccles sold for a staggering £111,000 (nearly £70,000 per acre). 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 went under the hammer and some of the sales include:
· A three-bedroom split level detached bungalow set in an acre on Valley Road in Tasburgh sold for £431,000.
· A mixed use property comprising a shop, house, flat and barn on The Street in Costessey sold for £258,000.
· A farmhouse requiring full modernisation set in half an acre off Willow Corner in Carbrooke sold for £207,000.
· A two-bedroom end-terrace house on Roman Road in Lowestoft sold for £82,000.
· A let three-bedroom terrace house producing £430 pcm (£5,160 pa) on Tonning Street in Lowestoft sold for £92,500.
· A two storey garage/storage building extending to around 460 sq/ft on Priory Gardens in Great Yarmouth sold for £37,500.
· A residential investment comprising two one-bedroom flats let producing £10,800 pa off Northgate Street in Great Yarmouth sold for £90,000.
· A five-bedroom three-storey bay fronted terrace house requiring modernisation on Victoria Road in Great Yarmouth sold for £150,000.
· A four-storey three-bedroom mid-terrace town house on Howard Street South in Great Yarmouth sold for £80,000.
· A mixed use property comprising a vacant shop and one-bedroom flat on London Road South in Lowestoft town centre sold for £105,000.
· A four-bedroom hall entrance terrace house requiring refurbishment on Nelson Road Central in Great Yarmouth sold for £121,000.
· A residential investment comprising a three bedroom mid terrace house let on a regulated tenancy producing £5,252 pa on Upper Cliff Road in Gorleston sold for £91,000.
· A 0.75 acre development site with planning permission to build nine houses on Gas House Drove in Brandon sold for £280,000.
· A two-bedroom detached bungalow in need of updating on Mill Lane in Bradwell sold for £171,000.
A Grade II listed united reformed church on Meeting Green in Wickhambrook sold for £250,000.
· A residential investment comprising a block of apartments on Marine Parade in Great Yarmouth sold for £300,000.
· A let first-floor two-bedroom flat producing £750 pcm (£9,000 pa) with off road parking on Peterborough Road in Market Deeping sold for £145,000.
· A three-bedroom flat within a converted country house at East Hall off Lodge Road in Feltwell sold for £156,000.
· A three-bedroom house with planning permission to convert into two flats off Granby Street in Littleport sold for £160,000.
· A double fronted terrace property arranged as a house of multiple occupation (HMO) off Victoria Road in Wisbech sold for £152,000.
· A one-bedroom first floor apartment on Stracey Road in Norwich sold for £130,000.
· A derelict detached house set in 0.53 of an acre in Salters Lode near Downham Market sold for £161,000.
· A first floor two-bedroom flat within a Grade II listed house conversion off Woodbridge Road in Ipswich sold for £122,000.
· A small parcel of land measuring around 28ft x 48ft off Station Road in Docking sold for £27,000.
· A freehold commercial investment comprising a let shop and two flats producing nearly £6,000 pa on Helens Street in Ipswich sold for £62,500.
· A three-bedroom hall entrance terrace house requiring updating and improvement on Ipswich Road in Lowestoft sold for £125,000.
· A Grade II listed three-bedroom detached cottage in need of updating on Eaton Street in Eaton sold for £270,000.
Auction House is now taking entries for its next two auctions on Wednesday, September 8 and 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.
Would you like to stay up to date with the latest property news in your area? Sign up to our Eastern Daily Press newsletter for our pick of the best local property stories.