A detached former bungalow currently used by a medical practice in St Leonards, has been sold as an investment opportunity.
Silver Springs in Beaufort Road was among 170 lots listed in the auction held by independent regional land and property auctioneer Clive Emson Land and Property Auctioneers.
It was offered jointly with Dyer + Hobbs at Clive Emson’s Sussex and Surrey regional sale in Brighton on Wednesday, September 11 with a freehold guide price of £160,000 to £180,000, but sold prior.
Director and senior auction valuer Sam Kinloch said: “The potential in this detached former bungalow, currently occupied by Silver Springs Medical Practice, was recognised early and the property snapped up.
“Our buyer was aware that although Silver Springs was offered for sale with the tenant in situ – generating £36,000 per annum in rent – vacant possession would be given once the tenants’ new premises were completed.
“We considered the site to offer huge potential for re-development to provide multiple residential units, subject to all necessary consents being obtainable. It had previous planning approval in 2008 for the construction of nine self-contained apartments.”
Also at the auction, a well-presented, north facing one bedroom apartment situated on the first floor of the landmark Marine Court building in St Leonards was sold for £37,000 leasehold.
Clive Emson Auctioneers holds eight rounds of auctions each year at five locations from Essex to Cornwall on consecutive days.
The seventh round of Clive Emson’s regional Sussex and Surrey auctions for 2019 takes place at the Hilton Brighton Metropole on Wednesday, October 30 at 11am. Closing date is September 30.