Bidding war sees land sell for surprise amount

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LAND has been sold at auction for more than seven times its reserve price.

More than 27 acres of land off the A3 at Bedhampton went for £198,000 in a bidding war.

The site at Campdown, sold in relation to the administration of Portsmouth FC (2010) Ltd, was among 13 lots being sold by regional land and property auctioneers Clive Emson.

Rob Marchant, auctioneer, said: ‘There was keen interest in the land, with the gavel coming down on a final bid which was £173,000 more than the reserve price of £25,000.

‘There isn’t any vehicular access, which is reflected in the price.’

Elsewhere, a boutique hotel in Southsea sold, just before the start of the auction.

Ashby’s, at 4 Auckland Road West, was sold freehold with vacant possession for an undisclosed sum; the guide price was £525-575,000.

A three-bedroom house at 19 Jenkins Grove, Portsmouth, fetched £181,000, £46,000 above estimate.

Starting at 11am, the next Clive Emson auction takes place at the same venue, the Ageas Bowl, on Tuesday, July 28.