A mixed-use investment property in the heart of Ilfracombe town centre has just been sold at auction.
The terraced building at 11-12 High Street was among 34 lots in the auction held by property auctioneer Network Auctions on June 6, in Mayfair, London.
Comprising 2 ground floor commercial units, a lower ground floor former nightclub and three flats on the upper floors, it was offered by Barnstaple based, Network Auctions regional partner agents, Charles Darrow as a partially let investment property and sold for £275,000.
Charles Darrow Director Paul Heather said: “The property when fully let, produces an income in the order of £59,720 – and as we considered the property ideal for continued investment, I was not surprised to see it snapped up quickly.”
Fairlea, a former residential care home in Northam, Bideford in which was sold with the benefit of planning permission for conversion to 9 apartments and 5 mews style houses. The grade two listed, neo- gothic building was sold post auction off a guide price of £650,000.
Paul Heather said: “Due to the complexity of the proposed development, prospective buyers needed a little more time to undertake their due diligence on the property and we ended up with three separate buyers bidding for the property post auction, it was eventually sold to a regional property developer ”