2 Island properties have sold in auction bidding wars at the latest Clive Emson property auction.
They were among 142 lots in the 1st of 8 auctions this year by Clive Emson Auctioneers, the regional land and property auctioneers covering southern England.
Shirley House in Avenue Road, Freshwater, a freehold building comprising 2 commercial units and a large maisonette, on a plot “with further potential” and partially let at £5,000 per annum, went for £230,000 in a bidding war.
Rob Marchant, Island auctioneer for Clive Emson Auctioneers, said:
“There were 32 bids made, with the final one coming in at £40,000 above the lower end of the guide price.”
The building comprises 2 road-facing commercial units at the front on the ground floor, one of which is let to estate agency Hose Rhodes Dickson, while a smaller unit, previously in use as a hairdressing salon is at present vacant.
Joint auctioneers were Hose Rhodes Dickson.
A 2-bedroom terraced house at 16 Nelson Place, Ryde, fetched £148,000, which was £28,000 above the guide price; the property is on the remainder of a 999-year from 1900 at an “informally apportioned annual rent of £3.50”.
Guided freehold at £30,000-plus, a 0.17-acre parcel of land (parcel B) at the south side of Love Lane, Bembridge, was postponed, as was a similar plot of land (parcel A) close by, at 0.19 acres and guided at £30,000-plus.
The auction of a vacant, freehold commercial property at 159 High Street, Ryde, which had a guide price of £95,000 – £100,000, was also postponed.
Re-available: A pair of freehold two-bedroom cottages at 38-40 Castle Street, Ryde, which were guided at £210,000 – £230,000.
Clive Emson Auctioneers’ next auction, the 2nd of 8 this year, ends on 22nd March, with bidding opening 48 hours beforehand.
Lot entries close on 27th February, with the catalogue available from 3rd March.
”Guide prices do not usually reflect what a property will actually sell for at auction. They are usually set far below a property’s real value to entice interest and create competition between bidders”
All auction properties sell at their ‘fair price’. If it goes for 50K above guide price , then the guide price was stupidly low..