A revival in demand for residential development stock contributed to a success rate of 75% at a series of South Coast sales held by Clive Emson Auctions.
The quartet of auctions held in Kent, Hampshire, Sussex and the West Country between 16 and 19 April raised £16m.
Clive Emson, auctioneer, described the uplift in interest as a “good sign” as demand for land without planning permission had been difficult to sell since the credit crunch.
“The residential market is flying now and we are seeing this trend across all our regions,” he added. “There was interest all down the South Coast on secondary commercial investments too, although those let on shorter leases or to a single occupier were not what people were looking for.”
The auctions drew busy rooms and spirited bidding and produced strong individual results. The Riverside Café in Rye, East Sussex, offered with 10 moorings and sited at Rock Channel, sold for £200,000 off a guide of £140,000 to £160,000. A public house in Dorchester, Dorset guided at £275,000 to £350,000, made £365,000.
In the residential sector, a bungalow in need of refurbishment in Ripple, Kent, guided at £160,000 to £170,000 sold for £237,000 and a site with planning permission for development in Dartford, Kent, guided at £55,000 to £60,000, sold for £70,000. A second in Gravesend, guided at £50,000 to £60,000, made £84,000.
