Property market shows signs of economic revival

Picture: Shaun Roster

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COMMERCIAL properties in Havant have been sold at auction.

A unit at 12a Havant Business Centre, Harts Farm Way, Havant, was yesterday sold by Clive Emson auctioneers for £55,000.

The leasehold property, currently vacant, was among 26 lots being sold at the Ageas Bowl.

A freehold ground-floor shop with two maisonettes at 23, 23, 23a and 23b Park Parade, Havant, sold on long leases, went for £95,000.

The potential rental income on the shop, once a new lease is signed, will be £14,350, said auctioneer Rob Marchant.

He added: ‘We’re seeing signs of a revival in the property market, with some lots going well above estimate in this auction and in our previous two ones.

‘The upward trend is underlined by data which indicates that mortgage lending is now the highest in five years since the start of the credit crunch.’

A fully-let block of 12 flats at 39-47 Claremont Road, Fratton, generating £83,400 per annum, which had a freehold guide price of £1m to 1.2m is still available and is on the market.