The former Lighthouse Inn at Capel-le-Ferne, located in the scenic White Cliffs of Dover, Kent, saw an impressive 83 offers submitted.
The pub was successfully auctioned off for £797,000, surpassing its guide price by a notable £197,000, under the direction of Clive Emson Auctioneers.
James Emson, the managing director, commented: “Our March auction presented 147 opportunities for bidders, with several witnessing intense competition, including the sale of a former pub nestled in the famous White Cliffs of Dover. We are excited to offer another varied selection in our upcoming May auction, which marks the third of eight scheduled for this year.”
A notable transaction was the sale of a previous adult learning centre in Maidstone, which went for £604,000, going £204,000 above its guide price.
An additional competitive situation emerged in Tunbridge Wells, where a central block of five independent flats was acquired for £706,500, showing a substantial annual rental income potential of £39,180, which calculates to a gross yield of 5.4%.
A mid-terrace building close to the famed Dover Castle, currently purposed as managerial housing along with 12 apartments, also attracted higher than expected bids, selling for £552,000. This amount represents nearly a 16% gross yield based on the annual rent of £87,152.
In another example, a vacant commercial site on Sittingbourne’s High Street, previously occupied by Iceland on a long-term lease and now up for sale as a freehold, fetched a sale price of £566,000 after receiving 118 bids, which is a staggering £241,000 above its guide price (lot 145).
In a more unusual sale, a one-time public lavatory situated at Long Rock, Penzance, featuring sea views and formerly owned by Cornwall Council, went for £169,000 which significantly exceeded its £20,000 starting price after receiving 109 bids.
The former Royal Naval Comrades Club based in Portsmouth was also sold for £498,000 and comes with the approval to be converted into eight residential homes.
A detached cottage enjoying an acre of land in Weeley, Clacton-on-Sea, Essex, which was listed by executors, was also picked up for £340,000.
Also among the sales was a plot of land located in Lostock Hall, Preston, Lancashire, which someone purchased for £15,000.
The third event in a series of eight auctions for the year by Clive Emson Auctioneers is scheduled to conclude on Wednesday, May 1, with bidding starting two days beforehand. The deadline for lot submissions is April 8, and those interested can consult the online catalogue beginning April 12.