July Auctions Roundup
Our five days of auctions in July across the south of England produced some amazing results for sellers and fantastic buys for those winning bidders. In total, 70% of the lots sold and £19 million was achieved, a great result for all those involved! Here are some of the diverse properties that were sold...
Time to check-in at seafront hotel
The Esplanade Hotel on the Isle of Wight that we highlighted in our July blog went under the hammer at our Hampshire and Isle of Wight auction on 26 July. The 60-bedroom hotel on Shanklin seafront attracted a lot of attention that led to a bidding war. The final bid reached £750,000 an incredible £250,000 higher than the guide price!
The Esplanade comprises five Victorian residences which were absorbed to form the hotel, and also includes a shack-style cafe in the property’s gardens, generating £9,000 per annum under a commercial lease.
Rob Marchant, the day’s auctioneer, said; “We are not privy to any plans the new owner may or may not have. The hotel is in a poor state of repair and requires significant upgrading and refurbishment, and this was reflected in the guide price.”
The buyer has seen the potential of this amazing property and we wish them the best of luck in their new venture!
Plenty of parking space
There were garages galore up for sale at our Hampshire and Isle of Wight auction. A total of 33 garages and 12 parking spaces in the Hampshire town of Farnborough sold for £265,000. On a 0.20-acre site, 23 lock-up garages fetched £160,000, seven lock-ups, with 12 parking spaces went for £65,000, and a plot with 3 garages reached £40,000.
Auctioneer Rob Marchant said of the lots; “There is clearly a strong appetite from investors for residential garages which produce modest monthly letting revenues.”
Former Post Office delivers the goods!
A highlight of our West Country auction was a quaint former Post Office in Porthallow, Cornwall. The three-bedroom property with a ground floor commercial unit went under the hammer for £174,000. Its location on the Lizard Peninsula, an Area of Outstanding Natural Beauty, was a huge draw for bidders.
Auctioneer Graham Barton added; “There was keen interest because the former Post Office and convenience store is in an absolutely idyllic location just 100 metres from the beach at Porthallow. The gavel came down on a final bid of £174,000, delivering joy for the new owner.”
If you are looking to sell land or property at auction, then please complete the form in our guide for selling a house via auction in UK. If you have any questions about the process, then get in touch with the relevant regional office that covers your properties location.
