YHA Eastbourne, on a triangular site extending to 0.30 hectares (0.74 acres) in East Dean Road went under the auctioneer’s gavel at £600,000 freehold.
The property was among 168 lots in the latest auction held by one of the top five property auctioneers in the UK, Clive Emson Land and Property Auctioneers.
It attracted 234 bids before finally being sold for £370,000 above the lower guide price at the firm’s auction which ended on Thursday 1 May.
Senior Auction Appraiser and Auctioneer Richard Payne said: “This one really took off with competitive bidding right up until the last minute driving up the sale price.
“I can certainly see why there was such strong interest as the contemporary design purpose-built hostel provides light and spacious accommodation in an elevated location overlooking Eastbourne and the coast.
“It was formerly occupied by the YHA and would suit a variety of uses, subject to all necessary consents being obtainable.”
The property was listed jointly with Sussex Commercial under instructions from Eastbourne Borough Council.
It is situated within easy access of comprehensive shopping facilities and amenities of the town centre, including mainline station and seafront, with far reaching views over the town, coast and surrounding areas.
A substantial property and land with potential in Eastbourne also went under the auctioneer’s gavel after competitive bidding this week – detached 8 Brand Road, was sold for £475,000 freehold.
Richard said: “This rare opportunity to acquire a substantial detached property – needing refurbishment and repair throughout but with land extending to a third of an acre – attracted strong interest.
“Our bidders agreed with our assessment that the property had development potential, subject to all necessary consents being obtainable, resulting in an excellent result for both vendor and purchaser.”
The property, offered jointly with Emslie & Tarrant, is currently arranged as two self-contained flats
The building occupies a prominent corner location at the junction of Brassey Avenue and Brand Road in an established residential location close to Hampden Park, with the station located nearby offering direct services to Brighton and London.
There are comprehensive local shopping facilities and amenities nearby with the town centre and seafront within easy reach. There are excellent road links to Brighton, Hastings and all surrounding areas via the nearby A27.
A vacant semi-detached house with potential in Eastbourne was sold for £267,000 freehold.
Three-bedroom 73 Moy Avenue is located close to local amenities, including the town centre with its shopping facilities.
Auction Appraiser Jade Flood said: “This freehold semi-detached property features gardens to the front and rear, a driveway providing off-road parking and side access to the property. Internally, the property offers a good amount of storage opportunities.
“There is potential for enhancement and improvement, which made it attracted for a range of interested parties looking to add value to the property.”
Clive Emson Auctioneers holds auctions eight times a year offering specialist advice for auction purposes with offices in Essex, Kent, Sussex, Hampshire and the West Country, selling with skill, speed and efficiency.
The next auction, the fourth of eight this year, goes live on 10 June and concludes on 12 June. Closing date for entries is 19 May with the catalogue available from 22 May.
See https://www.cliveemson.co.uk/ for more details.