Auction House East Anglia held its fourth auction of the year on Wednesday, June 14, selling 51 out of 68 lots, giving a 75pc success rate and raising over £9 million.
Robert Hurst, auction surveyor, said the sale was one of the firm’s largest ever, with over 100 lots spread across East Anglia.
“This increased number of lots is a reflection on the nervous state of the market,” he said. “However, this threw up some real opportunities for buyers as sellers had to adjust their expectations to meet the current market conditions.
“Many of our guide prices were considerably marked down from previous levels and this created a real opportunity for buyers to secure a bargain. Several of our investment lots benefitted from double digit yields and buyers got some good deals.”
The highest-priced lot was a block of 14 let flats producing over £93,000 per annum off Yarmouth Road in Norwich, which sold just prior to the auction for above its guide of £650,000.
The lowest-price lot was a small parcel of land extending to less than 0.1 of an acre off Catton View Court in Norwich, which sold just after auction for above its £10,000 guide price.
A mixture of lots including residential, commercial and land went under the hammer, and some of the sales included:
- On behalf of a council, a commercial land and building site on a 0.15-acre plot let producing £8,600 pa on Heartsease Lane in Norwich sold for £152,000.
- A three-bedroom semi-detached house requiring modernisation on Parr Road in Norwich sold for £156,000.
- A three-bedroom semi-detached house on Old Fakenham Road in Foxley sold for £194,000.
- A three-bedroom semi-detached house requiring modernisation on Sandy Lane in Taverham sold for £207,000.
- A city centre office on Upper King Street in Norwich sold for £276,000. An adjoining three-storey office building on Bank Street sold for £199,000.
- A studio flat let at £6,600 pa on Cattle Market Street in Norwich sold for £80,000. Three ground-floor commercial units on the same street, two of which were let producing £16,950 per annum, sold for £153,500.
- A three-bedroom semi-detached house in need of updating on Earlham Road in Norwich sold for £350,000.
- A three-bedroom detached bungalow of non-standard construction off Grove Road in Hethersett sold for £200,000.
- A vacant shop and residential ground rent investment on Fairland Street in Wymondham sold for £94,750.
- 3.19 acres of amenity / grazing land with river frontage at Low Tharston sold for £50,000 equating to over £15,000 per acre.
- An attached single-storey former school hall let producing £5,580 pa at The Entry in Diss sold for £123,000.
- A two-bedroom terraced house in need of complete renovation on Wolseley Road in Great Yarmouth sold for £87,000.
- A three-storey three-bedroom terraced house requiring modernisation at The Courtyard in Tattingstone near Ipswich sold for £185,000.
- A three-bedroom non-standard construction semi-detached house requiring refurbishment on Priory Road in North Wootton, Kings Lynn, sold for £110,000. Another property on the same street sold for £90,000.
- A three-bedroom semi-detached house in need of modernisation on Birchfield Road in Nordelph sold for £100,000.
- A three-bedroom terraced house let producing £7,800 pa on Post Mill in King’s Lynn sold for £140,500.
- A detached two-bedroom cottage on Alby Hill in Alby sold for £369,000.
- A shop and store set in 2.8 acres off Happisburgh Road at White Horse Common near North Walsham sold for £300,000.
- A detached chalet bungalow requiring completion of works on Coxhill Road in North Burlingham sold for £292,000.
- A two-bedroom detached bungalow in need of updating off Leiston Road in Aldeburgh sold for £344,000.
- A three-bedroom end-terraced house requiring modernisation on St George’s Road in Beccles sold for £121,000.
- A five-bedroom bay-fronted terrace house on St George’s Road in Great Yarmouth sold for £160,000.
- A two-bedroom Grade II listed first floor flat at All Saints Green in Norwich sold for £239,000.
Auction House East Anglia is now taking entries for its next auction on Wednesday, July 26, with a closing date for entries towards the end of June.
Call 01603 505100 for details or visit auctionhouse.co.uk/eastanglia to find out more.
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