Clive Emson - General - UK

Date: 16 Jun 2009

Three regional sales held by land and property auctioneers Clive Emson have raised £15m.

The June auctions, held at the Rose Bowl stadium near Southampton on Wednesday (June 10), and in Kent and Sussex earlier in this week, saw 85% of lots sold.

Rob Marchant, Clive Emson's auctioneer covering Hampshire, the Isle of Wight and South West, said: "What we're seeing is revived interest in property because yields can average, in some cases, 8%, which makes bricks and mortar more of an attractive investment compared to historically low returns on cash."

Sales included a modern 7,500 sq ft light industrial unit at Somerton Industrial Estate, Cowes, Isle of Wight, which went under the hammer for £485,000, £45,000 above the starting guide. The property is let to national courier company City Link on a ten-year lease at £45,000 a year.

A ground-floor retail unit on Shanklin High Street was sold for £285,000; it is currently let to Age Concern at a rental of £20,000 a year.

At Gosport High Street, a three-storey, 2,300 sq ft mid-terrace retail unit fetched £200,000, while a two-storey office/ship on Lymington High Street, with common freehold parts, sold for £126,000.

A block of three town centre flats requiring completion in Grosvenor Road, Aldershot, and ideal for the first-time buyer market or letting potential, went for £208,000, £88,000 more than expected.

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