On Wednesday the 21st of June, the second property auction event to be held by Cheffins took place. At the auction there were 17 different lots up for grabs which amounted to a total realization of £2.5 million. Cheffins’ auction took place at their salerooms which are located in Cambridge and the data collected from the auction show a 76% sale rate. The positive results of the auction and the higher than guide price sales that took place on the 21st of June reflects the stability and confidence in the property market of East Anglia.
There were a range of different properties up for sale through the auction including village halls and city centre properties. One of the lots at the Cheffins auction was a five bedroomed semi detached city centre property on Radegund Road in Cambridge. This property was sold for £655,000 which was £155,000 over the property’s guide price. Also in the auction was a lot that included a village hall that is situated in Kentford, which is near to Newmarket first built in the 1890’s. The village hall was bought locally for £330,000. The sale took place after a round of competitive bidding that came from a nker of different parties.
Other lots that managed to sell for over their guide price includes a two bedroomed third floor apartment in Chesterton, which sold for £220,000 more than £50,000 over the £170,000 guide price. A local investor bought Dove House Cottage in Sawston for £162,000, an improvement on the £150,000 guide price. The Cottage is two-bedroomed semi-detached and is subject for the Rent Act Tenancy and has a lifetime tenant in place. A village building that is located close to Sudbury and was put into the auction for the County Council. This building was sold for £186,000, more than double its £90,000 guide price. This building is a prime location for redevelopment or extension if planning permission is granted and is on a 0.3 acre plot.
