Bidding wars at Clive Emson Auctioneers’ July sales

SOLD: This former service station and care sales site, on the main road between Dover and Deal in Kent, sold for £500,000 in the July auction of Clive Emson Auctioneers, with 153 lots listed across southern England.

 

 

 

 

 

 

 

Clive Emson Auctioneers raised £20m in its July sale of 153 residential, commercial and land lots across southern England.

 

Managing Director James Emson said: “As always, bidders had a good eye for value and potential returns on investment – they look for long-term capital growth and decent rental yields whatever the prevailing economic conditions are.”

 

One of the highlights was the purchase of four flats in a house at Penge, London, at £654,000, with the annual rental income of £48,000 equivalent to a gross yield of 7.3%; 29 bids were made, with the final one coming in at £54,000 above guide price.

 

Another bidding war saw four flats in Folkestone, Kent, fetch £407,000 – there were 122 bids, with the property fetching £127,000 above guide price, representing a gross yield of 5.3%.

 

Described as a “prestigious Victorian manor house for updating with potential”, 59 bids were made for Richmond Manor in Torquay, Devon, with £679,000 paid and £129,000 above guide price.

 

Partly offered on behalf of The Duchy of Cornwall as bona vacantia - the Latin term given to ownerless property which by law passes to the Crown - and partly offered on behalf of a charity, a building in Bodmin, Cornwall, which previously served as a children’s nursery, went for £75,000, which was £5,000 above guide price.

  

Generating £5,600 per annum, two parking spaces in Brighton, East Sussex, revved in at £46,000, at £9,000 above guide price and with an inflation-beating gross yield of 12%.

 

In Fareham, near Portsmouth in Hampshire, a commercial property occupied by a campervan dealership sold for £544,000, which was £114,000 above guide price and representing a gross yield of 6.25% at the current rental of £34,000 per annum; 67 bids were made.

 

A block of three flats and a former brewery site at the seaside resort of Ventnor, Isle of Wight, fetched £298,000.

 

The next auction by Clive Emson Auctioneers, the firm’s sixth of the year, takes place next month (September).

 

Bidding ends on 20 September, with live bidding starting 48 hours beforehand. Lot entries close 29 August, with the catalogue available from 2 September.