Two-bedroom 15 Oldfield Road was among 145 lots in the latest auction held by one of the top five property auctioneers in the UK, Clive Emson Land and Property Auctioneers.
Offered jointly with Leaper Stanbrook, it was sold for £258,000 at the firm’s auction which ended on Thursday 20 March.
The property currently let at £8,352 per annum on regulated tenancy.
Senior Auction Appraiser and Auctioneer Richard Payne said: “We considered this property ideal for continued investment, and our buyer agreed.
“Strong interest from investors led to good bidding before the gavel came down £58,000 above the lower freehold guide price.
“It is another good example of how buyers remain interested in investment properties and now is a good time to come to market.”
The well-appointed 1930s style bungalow has double glazing and electric storage heating with a driveway providing off-road parking to the front. There is a good sized garden to the rear extending to approximately 120 feet in length.
It is let to a statutory tenant at a registered rent of £696 per calendar month which was last registered in December 2016. The tenancy commenced prior to 1989.
A freehold block with a let commercial unit and a vacant two-bedroom maisonette at 3 Church Street, Old Town, Eastbourne, was sold for £243,000 after competitive bidding.
The commercial unit, trading as Old Town Vape Shop, is currently let at £8,000 per annum on a 10-year lease from December 2023.
Auction Appraiser Jade Flood said: “This freehold end-terrace property, located within easy reach of the railway station, the seafront and Eastbourne town centre, realised £43,000 more than the lower freehold guide price.
“Our purchaser could see the potential of enhanced rental income once the maisonette is let and felt it a good addition to a property portfolio.”
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 third of eight this year, goes live on Tuesday 29 April and concludes on Thursday 1 May. Closing date for entries is Monday 7 April with the catalogue available from Friday 11 April.
See https://www.cliveemson.co.uk/ for more details.