Former Portsmouth Ink store auctioned off for £116,000 over guide price following bidding war

Portsmouth Ink Store, located in Fratton Road, was among 166 lots listed in June across southern England by Clive Emson Auctioneers.

The freehold property, which has ‘considerable scope for improvement’ had an original guide price of between £200,000 and £220,000.

A bidding war broke out at the auction resulting in the property selling for £116,000 more than the lower end of the guide price.

Michael Marchant, a senior auction appraiser for the firm, based regionally at Whiteley, said: “There was considerable interest, with 93 bids made. The last one came in at £316,000, which was £116,000 more than the lower end of the guide price.

“Located on a major thoroughfare of Portsmouth, the extensive building offers considerable scope and potential for further development, particularly to the rear where there is a sizeable storeroom with its own access from Kingsdown Place.”

The property comprised of a two bedroom flat on the first floor which comes with a private entrance from the side.

Michael added: “The shop would benefit from being remodelled to provide a smaller retail space, with the existing large store to the rear being converted to residential use, subject to all necessary consents being obtainable.

“However, we are not privy to any plans the new owner may or may not have.”