Lock-up garages spark bidding war at auction

11 lock-up garages in Gosport sell in bidding war today for �98,000
11 lock-up garages in Gosport sell in bidding war today for �98,000
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LOCK-UP garages in a residential area of Gosport went under the auctioneer’s hammer for £98,000 in a bidding war.

Eleven of the 12 units in Teignmouth Road were among 148 lots being sold by regional land and property auctioneers Clive Emson in the firm’s second round of eight auctions across southern England this year.

Rob Marchant, auctioneer, said: ‘There was keen bidding in the sales room, with the gavel coming down on a final bid of £98,000, which was £23,000 more than the lower end of the guide price.

‘As previously mentioned, every lock-up garage which has been on our books in recent years has been snapped up because private, secure parking in residential neighbourhoods, where off-road parking is at a premium, is sought after.’

Eight garages are currently let at £3,840 per annum, with three vacant.

Ron said: ‘It is considered that the site offers scope for continued use as an income-producing investment.

‘Alternatively, planning for site redevelopment may be an option, subject to all necessary consents being obtainable.’

A semi-detached freehold house, with three bedrooms, in Harwood Road, Bridgemary, Gosport, went for £178,000, which was £18,000 above guide.

A freehold house converted in to two flats in Bath Lane, Fareham, fetched £355,000, which was £35,000 above estimate.

On a 125-year lease from 2007, a second-floor studio flat on the seafront in Norfolk Crescent, Hayling Island, sold for £32,500 – £7,500 above guide.

There was also a bidding war for land with planning permission for a two-storey house, a three-story rear extension and double garage with hard-standing, adjacent in Leominster Road, Paulsgrove. The site sold for £65,000, which was £30,000 above estimate.

A bidder paid £102,000, which was £82,000 more than the guide price, for 1.3 acres of freehold scrub land at the back of homes at 1-9 Dean Lane End, Rowland’s Castle.

A third of an acre of land at Denmead also sold.

Clive Emson’s next auction is at the Ageas Bowl, on Friday, May 5 at 11am.