Investment Property Auction Success
An investment property with 10 fully let flats and a car park in Paignton has sold in an auction bidding war for £505,000 (Lot 124).
The town centre freehold building in Winner Street, let at a combined income of £50,336 per year, was among 186 lots listed in England by Clive Emson Auctioneers in the firm’s March online auction which concluded on Thursday 26th March.
James Lofthouse, auction appraiser, said: “This large, well-located property represented an attractive investment opportunity, and this proved to be the case, with 121 bids made. The final bid of £505,000 was £130,000 above guide price, giving a gross rental yield of just under 10%.”
Eight of the flats have one bedroom and two have two bedrooms. There are five car parking spaces behind the property.
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In Paignton, a commercial unit behind Littlegate Road, which had a freehold guide of £120,000-plus, sold after the auction. It is currently part let as a dance studio, with a current rental of £12,000 per year, and has an additional vacant storage and workshop unit.
An end-terrace house with three bedrooms in Marldon Avenue, Paignton (lot 179), fetched £175,000 in a bidding war, which was £25,000 above guide price following 21 bids.
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Former care home sells for £726,000 in auction
A former care home with a separate detached bungalow in Brixham sold in auction for £726,000. Lot 48.
Laywell House and Laywell Bungalow in Summer Lane is set in two acres, with a range of outbuildings including a store, greenhouse and garage.
Freehold, the 10-bedroom care home, Laywell House, comes with three self-contained independent living flats.
It has a basement, three receptions rooms, a commercial kitchen and a variety of ancillary rooms including offices, a laundry room and a staff room.
Two-bedroom Laywell Bungalow is in the south west corner of the site.
It was among 186 lots listed in England by Clive Emson Auctioneers in the firm’s March online auction which concluded yesterday [THURS].
James Lofthouse, auction appraiser, said: “This substantial detached property, in a favoured area of Brixham, close to the town centre and its renowned harbour, sold for £726,000. We are not privy to any plans the new owner may or may not have for the site.”
Auction bidding war for Plymouth property
A four bedroon Victorian home in Wilton Street, Plymouth has sold in auction for £180,000 in a bidding war.
Steve Appleby, auction appraiser, said: “This substantial mid-terrace Victorian house, located within a well-established residential area of Plymouth, went for £180,000, which was £20,000 above guide price.
“It has generous rooms, typical of its period, and offers three separate reception rooms, providing flexible space to suit a range of uses.
“The property needs renovation and general updating throughout to bring it up to modern standards.
“With investment and improvement works, subject to all necessary consents being obtainable, there is clear potential for enhanced value and appeal.”
The house was auctioned jointly with Tuffins Property Management and Lettings.
Clive Emson Auctioneers’ next online auction, the third of eight this year, concludes on 7 May, with bidding live from 48 hours beforehand.
Lot entries close on 13 April, with the catalogue online from 16 April.
If you would like to sell your land or property in this auction, get in touch today for a free, no obligation auction appraisal.