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Landmark Paignton Property Sells at Auction

Landmark Paignton Property Sells at Auction

Posted: Thursday 25 October 2018

Confident buyers paid 34% over the guide price for the landmark site, directly opposite Paignton train station, at Charles Darrow Network Auctions.

Charles Darrow Network Auctions insist its latest auction results in London served as a positive indicator of the state of the current property market.

62-70 Victoria Street, comprising 3 ground floor retail units with a total area circa 3,000 sq ft, former nightclub and associated areas circa 8,000 sq ft with managers flat, along with a yard and cottage to the rear, clearly appealed to buyers on the day.

The development potential and robust guide price encouraged an aggressive range of bidding which took the sale price to £335,000 - £85,000 above its quoted guide price.

Charles Darrow Network Auctions Associate Director, James Sanders says the latest auction offers further proof of demand for buying properties at auction.

He said: “It was an interesting catalogue with many of the lots being sold prior to the auction - which sees a property being sold before the auction but under auction conditions”

“It demonstrates that there is confidence when buying via a reputable auction house with local roots, even with the effects of Brexit uncertainty in the headlines, the market is still very much there for good opportunities”

“I am delighted that this landmark building has sold after an aggressive marketing campaign.  I’m sure the whole town will be interested to see what the planners have in store for this large, town centre site” 

Charles Darrow Network Auctions recent auction held at the Grosvenor House Hotel in Mayfair, London, saw 2 further Devon properties being sold prior to the auction, for figures well in excess of the guide price.

The former Forde Park Nursing Home in Newton Abbot, which has planning permission for residential conversation, sold prior to the auction for a sum of £700,000, while Le Chalet in Barnstaple, sold prior to the auction for an undisclosed amount.