Strong investor demand for vacant residential property helped Clive Emson Auctioneers to raise a total of £15.7m during May.
The firm offered a total of 158 lots and sold 112, including seven prior, reflecting a success rate of 71%, at a run of four auctions in Sussex, Hampshire, Cornwall and Kent from 7 to 10 May.
The largest lot under the hammer was a freehold block of 10 flats and four homes in Sandown on the Isle of Wight that sold for £810,000, a yield of 10.15%, off a guide of £800,000-£900,000.
A detached farm house on just under 1 acre of land in Dunkirk, Kent, sold for £400,000 off a guide of £380,000-£400,000.
Auctioneer Kevin Gilbert said the property, which has potential for further residential development on site, was popular with investors and developers.
He said: “There was probably more vacant residential in this particular round of auctions than we’ve seen in a little while.”
He added that funding was more readily available for residential property: “It’s easier for investors to finance residential property over commercial property and I think that’s why there was very healthy bidding for a good many of the residential lots.”
Properties with alternative-use redevelopment potential were also of interest to buyers. Two former fire stations, one at St Margarets-at-Cliffe, Kent, guided at £75,000-£80,000; and one in Tonbridge, Kent, guided at £110,000-£120,000, sold for £167,000 and £275,000, respectively.
samantha.baden@estatesgazette.com
