ELECTRICITY substations generating peppercorn rents sparked a bidding war at an auction earlier this month.
Future land barons had the chance to begin their empire by snapping up one of seven tiny parcels of land put on the market by Hastings Borough Council (HBC). But with each site earning between £1-£1.50 annually in rent from an electricity company, it will be at least 166 years before the new owners see a profit, after the seven sites sold for £250 each.
Councillor Jeremy Birch, HBC leader, said the council had decided the £12 rent generated by all seven sites was not worth its maintenance, ‘especially in comparison to the £1750 achieved overall at auction’.
Each 10-foot square site, sold by Clive Emson Land at an auction in Brighton, features a large grey substation and nothing else, with no potential for development.