News From Cheffins
Cheffins’ first property auction of this year will see 25 lots auctioned on Wednesday 14th March at the firm’s salerooms in Cambridge. The sale will include a series of mixed-use lots, development opportunities and unusual investment options amongst residential and commercial property.
One of the lots set to generate the most interest is the old Savoy Cinema in the centre of Halstead, Essex. The cinema on Trinity Street first opened in 1916 and operated as the Colne Valley Cinema and the Picture House before its closure in 1970. From 1970 it was partly used as a Chinese restaurant in the foyer area, whilst the auditorium was derelict and in 2009 the building was converted into a café and children’s play area. It is now offered for sale with planning permission for conversion into six, well-designed one-bedroom flats and a commercial unit on the ground floor. The plans include returning the façade of the cinema to its original appearance. The building has an estimate of £285,000 - £300,000.
Another iconic local building to hit the auction block is the former Women’s Institute Hall in Gamlingay, Bedfordshire. Planning permission has been granted for the demolition of the existing Hall and for this to be replaced with a new two storey house on its 0.16 acre site. Currently the building includes a main hall with stage, a kitchen, utility room, storage space and cloakrooms. A well-known and recognisable building in the local area, it ceased being operational in when the local WI moved to the Gamlingay EcoHub. It has a guide price of £150,000 - £175,000.
For those looking for an investment opportunity, 113 High Street and 3 The Avenue, Newmarket, presents a high-yielding, mixed-use property with two retail units and ten bedsits. The freehold building is set over three floors and has a current income of £64,815 per annum, with potential to enhance the current income. The upper floors of the building were converted into bedsits in 2016 and now have full HMO classification. The two retail units have been let to Cambridge Kitchens and TT Nails for over ten years. The property has a guide price of £650,000+.
On the residential side, there is a development site available at Pond Farm in Witcham, near Ely. This includes a three-bedroom, detached former farmhouse in need of renovation as well as a building plot with planning consent for a detached four bedroom house. These two options carry a combined estimate of £325,000 - £350,000. Behind the farmhouse and building plot is a further residential development site of approximately 1.25 acres. Currently there is a timber-framed barn on the site which has permission for conversion into a three-bedroom house and there is planning consent for a further two, three-bedroom barn-style homes. This site has a guide price of £450,000.
Another highlight in the sale is an established coarse fishery near Clare in Suffolk. On a site of approximately 5.1 acres, the fishery includes two principal lakes with islands and lily beds of 0.5 acres as well as a further lake of 0.4 acres and two small stock ponds. The lakes have been fished by Haverhill Fishing Club and have been stocked with a variety of fish including carp, tench, rudd, roach, perch and bream. The site itself is well-established with mature trees and a small timber and tin clad building for storage. This has a guide price of £125,000.
Ian Kitson, Director, Cheffins comments:
“This is one of the most diverse auction catalogues we have seen to date with a huge variety of lots for investors spreading the width and breadth of the region. The Savoy building in Halstead is sure to be an income-generator for a developer or a private investor, whilst the Newmarket bedsits and retail operation offer a ready-made opportunity for a fund or those looking for a property to bring guaranteed returns. The lots at Pond Farm in Witcham present an increasingly rare chance to cash in on the building boom around Ely at present. As returns are still comparatively high on both residential development and commercial properties, we expect a number of the lots on offer to attract interest from not only local investors but also from purchasers from further afield, aiming to diversify their income streams. Residential refurbishment opportunities have become increasingly rare, but are often the most sought-after as they appeal to part-time and full-time investors, as well as owner occupiers and developers due to their comparative affordability and quick turnarounds; we are therefore really pleased to offer such a large number of these in this sale. ”
The auction will take place on Wednesday 14th March, 2018, from 2pm at Cheffins, Clifton House, 1&2 Clifton Road, Cambridge, CB1 7EA.
Cheffins’ property auction generated over £13,600,000 in sales throughout 2017.
For further information, contact Cheffins Property Auction team on 01223 213343, www.cheffins.co.uk
A PDF file of the fishery is available to download here --> Lakes Clare Auction Particulars