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Clive Emson Auctioneer's three-day auction

publication date: Nov 27, 2008
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It was no coincidence that the latest 007 film was released on the first day of the Clive Emson Auctioneers’ three-day auction event in October.

James Bond, licensed to kill, may be Britain’s finest 00 (being the right man for the job/lot) but he does share some uncanny similarities to the auctioneers at Clive Emson ... suave, sophisticated, quick-witted, intelligent, lovers of fast cars, fine food and gadgets; the latter, of course, being the auctioneer’s gavel!

Did Ian Fleming originally base James Bond on an auctioneer character? Was the 1970’s classic “Live and Let Die” misnamed? Should it have been called “Bid and Let Buy”? We will never know, but over the three days of auctions the theme was just that!

By far the greatest number of Lots appeared within the vacant residential category offering houses, flats, bungalows and cottages - many requiring improvement, restoration or repair in varying degrees – and these were met with a healthy demand and raised the highest prices.

RESIDENTIAL CATEGORY

The Kent and SE London auction of residential properties saw the most spectacular results. A three bedroom semi-detached house in Dartford, offered on the instructions of the Executors with a pre-auction guide price of £50-60,000, virtually doubled and sold at £107,000. While an end-terrace house for complete refurbishment in Folkestone, guided at £70-75,000, rocketed through the guide to sell at £82,500.

Situated on the outskirts of the popular village of Cobham, 3 Rookery Cottages, created phenomenal pre-auction interest with a guide of £145,000 plus. Bidding was fast and furious as the hammer finally fell at a healthy £160,000.

The Sussex and Surrey auction contained fewer vacant residential properties in this auction. However, a significant Lot, three substantial terraced properties with potential, located in the centre of Hove, sold prior to auction and in excess of their £1.6-1.7 million pre-auction guide price.

There were also a number of interesting properties for auction at the Hants/ Wiltshire and Isle of Wight auction.

A bungalow in Town Hill Park, Southampton, which had suffered fire damage, saw flaming good bidding as the property sold at £124,000 against its pre-auction guide of £95,000 plus.

But it was the unique home in need of repair and refurbishment located in the heart of the New Forest National Park at Burley, near Ringwood, that topped the day. The detached house sold at a staggering £298,000.

INVESTMENT CATEGORY

Bidding was strong for the residential investment category of the auction which included single investments as well as blocks of flats.

It was flat out bidding for a fivebedroom apartment above the Co-op Stores in London Road, Brighton. The flat, which is let on an AST Agreement, almost doubled its reserve when it sold for £160,000.

A freehold block of four flats, three one-bedroom and one two-bedroom in Bexhill sold in excess of its £220- 240,000 guide price. The four flats, all let on AST Agreements at a current rental of £17,664 per annum, realised £270,000 on the day.

And a top floor flat in Hastings, again let on an AST, realised £56,000 and has a current rental of £4,420 per annum.

The specialist investment properties known as Freehold Ground Rents once again met with a strong demand and all Lots were sold. The Ground Rents ranged from 17.77 YP to 28 YP, representing a 5.63% to 3.57% return on investment.

COMMERCIAL CATEGORY

This particular catalogue offered very few commercial properties. However, what the catalogue lacked in quantity, it made up for in the quality!

The former Bethel Baptist Chapel, in Southborough, near Tunbridge Wells, now a vacant property situated in a predominantly residential area, was guided at £90- 100,000. The chapel created huge amounts of interest which was evident by the levels of fast and furious bidding on the day. The chapel sold at £275,000.

In the same auction, another former religious building was offered on the instruction of Trustees located in Crayford High Street and catalogued with a pre-auction guide price of £250-280,000. The building sold prior to the sale well in excess of the upper guide price.

One of the most interesting Lots, a large pub/restaurant for occupation or possible development on the seafront in Pevensey Bay was awash with bids selling at £325,000 against its pre-auction guide of £230-250,000.

OTHER LOTS

An excellent array of other Lots were also catalogued and included garages, grazing, woodland and freehold ground rents.

A parcel of 1.1 acres of woodland at Hildenborough sold at £19,000 against a pre-auction guide of £10-12,000 and a vacant plot in Rainham realised £22,000 against its £18-22,000 guide.

A block of 20 garages Rainham offered on the instructions of Medway Council, with a pre-auction guide of £65-70,000, almost doubled its reserve when it sold at £104,000.

Kevin Gilbert, auctioneer at Clive Emson, said: “For the right Lot there is a market and with the massive capital injection into the banking world, confidence in the property market and, therefore, prices must surely, we believe, steady.”

The next three-day Clive Emson auction will take place on Friday 12 December (Kent & SE London), Monday 15 December (Sussex & Surrey), and Tuesday 16 December (Hampshire, Wiltshire & Isle of Wight)