A mid terrace retail unit located on the busy pedestrianised High Street in Lincoln city centre was sold last week at the 41st County Property Auction held by JHWalter, on behalf of City of Lincoln Council. A busy auction room, which attracted significant interest from both investors and owner occupiers, saw heated bidding on 284 High Street, with the hammer eventually falling at £238,000, selling well in excess of the guide price of £225,000.
“The Property was purchased by an investor who intends to re-let the property”, said Sally Peet, Chartered Surveyor JHWalter. The new owner’s bid bought the unit extending over 1,724 sq ft / 160.1 sq m over 3 floors with a ground floor sales area of 701sq ft / 65.1 sq m.
“JHWalter are extremely pleased with the sale of the property which reinforces our view that despite the current economic climate there is demand for good quality property”, Sally added. “Auction continues to be a great way to dispose of commercial property”.
RICS Vice Chairman of East Midlands Regional Board and JHWalter Partner, John Elliott, commented, “We expect prices to stabilise in the coming months as the economic outlook brightens with prices nationwide falling more slowly and the number of enquiries from prospective buyers on the rise.
