Haverhill nursery building sells for £890,000 at auction
The highest priced paid at the final Cheffins property auction of the year was £890,000 for the Colourbox Montessori Nursery on Haverhill Research Park which offered a rental income of £61,065 per annum.
Making in excess of £100,000 over its estimate of £750,000, the property offers the investor buyer a final gross yield of 6.8 per cent.
The modern purpose-built premises were constructed in 2015 and Colourbox has a long term lease so is unaffected by the sale.
Ian Kitson, Cheffins director, said: “This sale saw one of our most well-attended auctions of the year with frenetic bidding across a series of lots.
“There was a clear enthusiasm for development and investment opportunities with the highest prices paid for long-term income generating properties.
“The Colourbox Montessori School in Haverhill which saw competitive bidding from multiple parties, all of whom were looking to benefit from the strong rental yield available, was the headline lot, significantly exceeding client’s expectations.
“It is further evidence that in uncertain economic times, investors of all types still see property as a safe haven.”