Bidding war reaches £17k above estimate

Bidding war reaches £17k above estimate
Bidding war reaches £17k above estimate

 

‘There was keen interest, with the final bid at £167,000’

Clive Emson Auctioneers

This three-bedroom house in Portsmouth went under the auctioneer’s hammer for £167,000 in a bidding battle on Monday, September 11.
The end-terrace property at 54 Ernest Road, Fratton, which fetched £17,000 above the freehold guide price, was among 140 lots being sold by land and property auctioneers Clive Emson.
Rob Marchant, the auctioneer for Hampshire, said: ‘There was keen interest, with the final bid at £167,000, which was £17,000 above estimate.
‘As previously mentioned, the house is in need of some upgrading and refurbishment but is considered worthy of the improvements required, beyond which it is considered ideally suited for owner occupation or as a lettings investment.’
Currently let at £41,400 per annum, a four-storey freehold building at 60 Victoria Road North, Southsea, sold for £500,000 in another bidding battle.
Rob said: ‘There was fierce bidding, with the gavel coming down on a final bid of £500,000, which was £80,000 above the lower end of the guide price.
‘We always anticipated keen interest from buy-to-let investors in this imposing property, which is arranged as five letting studios and a self-contained flat with two bedrooms and a third bedroom or office, and this proved to be the case.’
A licensed home of multiple occupation, the six rentals are let on assured shorthold tenancies.
Garage 26, a leasehold lock-up at Southsea Terrace, Southsea, went for £15,000. Rob said: ‘The price reflected the fact that parking and garaging in the neighbourhood are at a premium.’
Also going under the hammer was a small studio flat at 1A, 47 Norfolk Crescent, Hayling Island, which went for £20,000 leasehold.
A one-bedroom leasehold flat in the same street, on the top floor at Flat 4 and with sea views, was guided at £55-60,000 and sold prior to auction.
Two attached village cottages at 13 and 13A School Lane, Sheet, near Petersfield, fetched £450,000 freehold.
A 0.27-acre plot of freehold land adjoining 197 The Causeway, Petersfield, sold for £68,000, which Rob said was £28,000 above the lower range of the guide price. The site has its own private drive, double garage and a further outbuilding that requires improvement.
A freehold shop with four letting rooms above, guided at £200,000-plus, sold through the auction as well. Currently let at £16,640 per annum, the property is at 13 Stoke Road, Gosport.
Clive Emson, which works with 850 estate agents across southern England, holds the next auction at the same venue, the Ageas Bowl, at 11am on Thursday, 2 November.
It will be the seventh of eight rounds of auctions this year by the independent firm, covering southern England from Essex to Cornwall.
The independent firm also stages an online auction, complementing the live auctions.

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