A former care home in Kent has gone under the hammer for £1,052,000 in the June auction of Clive Emson Auctioneers.
The 20-bedroom property at Barham, between Canterbury and Dover, sold for £151,000 above guide price (lot 30, pictured).
It was among six lots from a 121-strong list in the south of England that fetched more than £600,000.
James Emson, managing director, said: “Our buyers view bricks and mortar as investments that outperform the vagaries of the economy over the long term.
“Investors run a slide rule over rental residential and commercial properties and see yields which, in some cases, outstrip inflation while providing capital growth in the years to come. For example, one of the lots bought returns of nearly 12% gross, a healthy yield by any measure.”
A block of 13 flats on the Isle of Wight, let at £67,080 per annum, fetched £859,000 against a guide price of £750,000-plus, a gross rental yield of 7.81% (lot 11).
In Callington, Cornwall, a building comprising eight flats and three commercial units, let at £67,800 pa, sold for £666,000 – a gross rental yield of 10.18% (lot 86).
With potential to convert into residential use, a disused Victorian primary school in Lewes, East Sussex, was acquired for £632,000, £382,000 above the guide price with 25 bids (lot 121).
Three former ecclesiastical buildings also went under the hammer:
- Upchurch, Sittingbourne, Kent – £300,000 (lot 5)
- Terling, Chelmsford, Essex – sold prior (lot 7)
- Old Wives Lees, Canterbury, Kent – £266,000 (lot 111)
June’s auction listed 43 investment, 37 residential, 14 commercial, 12 development and 15 land lots.
A total of £20m was raised, with a 75% success sales rate.
Clive Emson’s next online auction ends on 28 July. Lot entries close on 5 July, with the digital catalogue available from 9 July.
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