One of the standout purchases at Clive Emson Auctioneers’ recent auction was a six-bedroom House in Multiple Occupation (HMO) located in Portsmouth. With an annual rental income of £63,480, it was sold for £620,000, delivering an impressive gross yield of 10.2%.
Another notable sale was a collection of self-contained flats and apartments in Gillingham, Kent. Currently generating £86,460 in annual rent, the property fetched £1,150,000, resulting in a gross yield of 7.5% (lot 113).
Additionally, a former rest home situated on the western tip of the Isle of Wight was successfully sold for £601,000. This property features 20 bedrooms for residents and a self-contained two-bedroom apartment.
Among the auction listings was the intriguingly named Cuckoo’s Nest, a four-bedroom detached Georgian house located in Trinity Square, Margate, Kent. Despite its long period of neglect, the property surpassed its guide price, ultimately selling for £351,250, exceeding expectations by £131,250. This was just one of the 72 bids placed during the auction.
An underground reservoir and former pumping station nestled within woodland in Reigate, Surrey, exceeded expectations by selling for £63,000—nearly double its guide price. Additionally, two plots of land located on the south side of Higher Stennack in St Ives, Cornwall, with planning permission for two houses, were acquired for £175,000.
The expansive site of a former fire station spanning almost 1.7 acres in Broadstairs, Kent, achieved a successful bid of £700,000. Meanwhile, in Tonypandy,
Mid-Glamorgan, Wales, a residential and commercial property surpassed its guide price by £13,000, selling for £88,000 (lot 62). Furthermore, a former Methodist chapel near Sittingbourne, Kent, changed hands for £321,000.
Clive Emson’s final online auction of the year, the eighth in the series, will conclude on Wednesday, 14th December, with bidding commencing 48 hours prior. The deadline for lot entries is Monday, 21st November, and the online catalogue will be released on Friday, 25th November.
James Emson, the director in charge at the company, expressed satisfaction with the recent auction results, stating that despite the volatile state of the economy, investors displayed a long-term perspective by acquiring investment properties with favourable yields. He highlighted the significance of these purchases, particularly during a period of high inflation and increasing interest rates.
Looking ahead, Emson expressed anticipation for the upcoming December auction, which will mark the conclusion of the eighth auction held this year. He acknowledged that the coming year, 2023, will undoubtedly present new opportunities and challenges for both businesses and individual investors.