Business park sells for £675k at Cheffins auction
Springwater Business Park in Whittlesey, Cambridgeshire, sold for £675,000 in the December Cheffins property auction. Comprising five industrial units and occupied by three established tenants, the park generates a rental income of £53,043.
The auction also featured a series of other commercial investment opportunities, including a four-storey retail unit in Ipswich, which sold for £250,000. The unit on Carr Street, saw some fierce bidding from a number of parties and sold for above its pre-sale estimate of £175k- £200k to a local investor.
Mixed-use investments also sold well on the day, with a prime shop in Braintree, previously let to Edinburgh Woollen Mill and which had planning permission for two residential flats, achieving £295k.
Land also saw healthy prices achieved, with 17.8 acres of grass and amenity woodland at Creeting St Mary, near Ipswich, selling for £168,000 – well over its pre-sale estimate of £110,000 -£120,000. The land, which is intersected by a river, saw strong interest from a wide variety of local and national buyers, and eventually sold to a local buyer.
In Girton, a parcel of grassland extending to 2.89 acres with a general-purpose agricultural building sold for £196,000, against an estimate of £125k.
A pair of barns offering rare storage/workshop space in Hempstead near Saffron Walden on a plot of 0.17 acres sold well for £122,000.
Residential refurbishment opportunities are always in high demand and a four bedroom bungalow in Royston, in need of full refurbishment, sold for £410k against an estimate of £350k after very competitive bidding from owner occupiers and developers alike.
Ian Kitson, director, Cheffins says: “The results from our final property auction of the year illustrate the buoyancy of the commercial investment market.
“As yields hold firm for investment property, we have seen an increase in the number of buyers looking to diversify income streams in some of the stronger areas of the market.
“Industrial buildings are consistently sought after at auction, and the result for Springwater Business Park goes to show how vast levels of demand in the market have ensured that storage opportunities are continually the go-to for both private investors and corporates.”