A four-berth boat with a £1 reserve and a parade of shops in Norwich were among over 70 lots to go under the hammer at an online auction earlier this week.
Auction House East Anglia held its second auction of the year on Wednesday, March 22, selling 53 out of 76 lots offered and raising over £10 million – despite a range of economic challenges.
“We are thrilled with the results of our second auction of the year,” said Robert Hurst, chartered surveyor and auction manager.
“The highest priced lot was the sale a freehold investment property on Larkman Lane in Norwich, comprising a parade of shops and a four-bedroom house set on a 0.4 acre site which, let, produced £45,910 pa.
“Half a dozen internet and telephone bidders pushed the bidding up to well beyond its reserve and it sold for £807,000.
“The lowest priced lot was a four-berth Broads cruiser built in 1967 by Ernest Collins of Wroxham in need of restoration.
“Located at Broadgate Moorings in Stalham it had a reserve of one pound and sold for £2,800. This shows the range of prices and lot types that we offer."
The site of the former Fen Park Primary School in Lowestoft also sold, reaching £346,000 despite a guide of £190,000.
“The challenges the economy faces are well-documented," Mr Hurst continued. "The war in Ukraine, increasing interest rates, expensive building materials, the cost of living crisis, high inflation and widespread strikes - these are taking their toll on the property market, however our virtual auctions continue to facilitate active trading as shown by our auction results.
“Experience shows that auction results dip immediately after major events, despite our efforts to persuade sellers that demand at the point of sale may not support their hopes or expectations.
“As reality dawns, and the evidence of value is laid bare by auction results, reserve prices at subsequent sales are set more realistically and sales success rates improve.
“Many sellers will do well to price assets attractively in the next few months as, if values slide further, many may regret not having priced their unsold assets more modestly.
A mixture of lots went under the hammer. Some of the sales include:
- A three-bedroom mid terrace requiring refurbishment on Bakers Road in Norwich sold for £193,000.
- A three-bedroom mid-terrace house close to the city centre requiring modernisation on Bishop Bridge Road in Norwich sold for £158,500.
- A two-bedroom semi-detached bungalow in need of modernisation off Sursham Avenue in Norwich sold for £234,000.
- A garage and amenity/storage land set in just under 0.1 of an acre on Primrose Crescent in Thorpe St Andrew sold for £31,000.
- A ground rent investment secured on two shops and two flats producing £1,010 pa on St Benedicts Street in Norwich sold for £21,000.
- A leasehold ground floor commercial premises producing £6,500 pa at Earlham House shopping centre sold for £70,000, plus VAT.
- A former social club set in an acre off Paradise Road in Downham Market sold for £750,000.
- A two-bedroom detached bungalow requiring refurbishment on Brackenwood in Necton sold for £184,000.
- A three-bedroom house requiring refurbishment off Woodyard Close in Mulbarton sold for £196,000.
- A large 31,684 sq ft industrial/warehouse building set in a 1.24 acre site off Fenner Road in Great Yarmouth sold for £350,000.
- A three-bedroom terraced property on Breydon Road in Great Yarmouth sold for £100,000.
- A two-bedroom mid-terrace house requiring modernisation on Exmouth Road in Great Yarmouth sold for £70,000.
- A two-storey vacant mixed use property in need of refurbishment on Northgate Street in Great Yarmouth sold for £89,000.
- A four-bedroom hall entrance mid-terrace house requiring refurbishment on Albion Road in Great Yarmouth sold for £102,000.
- A three-bedroom, three-storey terrace house requiring updating on Stanley Terrace in Great Yarmouth sold for £87,000.
- A one-bedroom basement flat located on North Parade in Lowestoft sold for £68,000.
- A two-bedroom terrace house in need of updating on St Peters Street in Lowestoft sold for £92,000.
- A three-bedroom mid-terrace house requiring refurbishment on Avondale Road in Lowestoft sold for £120,000.
Auction House East Anglia is now taking entries for its next auction on Thursday, May 4, with a closing date for entries in early April.
If you have land or property that needs to be sold, call the team on 01603 505100 for free impartial advice or via the website at auctionhouse.co.uk/eastanglia
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