Cheffins second property auction of 2018 will see 16 lots offered on Wednesday 20th June at the their salerooms in Cambridge.
The sale will include a series of building plots, land, residential and mixed-use lots alongside commercial investments.
The headline lot of the day is a mixed-use investment opportunity on Mill Road, central Cambridge which generates a yearly income of over £65,000. On the corner of Mill Road and Devonshire Road, lot 12 has dual frontage onto these two busy streets with two retail units on the ground floor, currently with a rent of £18,000 and £10,615 per annum apiece. The first floor comprises a self-contained one bedroom flat and five bedsits which achieve a total of £37,200 per annum. It has a guide price for £650,000 – £700,000.
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Also on offer is 338 – 340 Mill Road which is a freehold end of terrace property, currently arranged as an eight bedroom House of Multiple Occupancy with an additional self-contained studio flat. This premises has planning permission to be returned to two three bedroom houses. Outside the property has a large garden and two sheds, as well as vehicular access to Madras Road with parking spaces. This lot has a guide price of £650,000.
For those looking for a commercial investment, there is a substantial building on offer in the heart of Huntingdon which is currently let to a single established tenant at a rent of £70,000 per year. This offers a long-term investment potential with the prospect of further development of potential upper floors and outbuildings. It has a guide price of £800,000.
Building plots and housing development opportunities are available throughout the eastern region. These include a single plot with planning permission for a two-bedroom bungalow in Newmarket which is available for £68,000 and a semi-detached house in Isleham, near Ely, which needs renovation and is offered at £40,000 – £50,000. There is also a larger refurbishment project available in Sutton which comprises a house in need of refurbishment which comes with planning consent for two detached houses in the grounds. This has a guide price of £300,000. For owner occupiers looking for a renovation project, there is a semi-detached house in Wixoe, near Stoke-by-Clare which has a large plot bordering the River Stour. This has a guide price of £225,000 – £250,000 but has excellent potential to add value.
There is also a series of small parcels of land available at the auction, including 0.115 acres of woodland in Ashdon; a plot of land off Burwell Road in Exning and 2.7 acres of grassland in Over.
Ian Kitson, Director, comments:“The two investment opportunities on Mill Road in Cambridge are sure to be income-generators for investors or developers and are set to generate the most interest on the day. The continued regeneration of the Mill Road area has led to residential property values in this location growing by around 20 per cent in the past three years, making these an obvious choice for those looking for strong return on investment. Similarly, the commercial unit in Huntingdon offers a ready-made opportunity for a fund or investor looking for substantial returns with further angles. Residential refurbishment projects, such as the ones at Isleham and Wixoe, consistently appeal to owner-occupiers as house prices in the region continue to rise. Opportunities such as these are becoming increasingly difficult to source, which has led to developers competing with owner occupiers or investors. The catalogue is now available and we anticipate that this sale will be well-received by the market given the number of high quality lots on offer.”
The auction will take place on Wednesday 20th June from 2pm at Cheffins, Clifton House, 1&2 Clifton Road, Cambridge, CB1 7EA.