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Overgrown South Wales former goods depot sells for twice its guide24th September 2012


AN overgrown former goods depot with dilapidated buildings has been sold for more than twice its estimate at Paul Fosh Auctions.

The 2.6 acre, L-shaped parcel of land at Dowlais Depot, Penydarren, near Merthyr Tydfil, previously used for storage and as a transport depot, sold for £153,000 - more than double its guide price of £75,000.

A substantial freehold commercial property with coach house to the rear at High Street, Barry, with a guide price of £98,000, was sold for £116,000

Paul Fosh said: “The auction was really busy and the room was packed. There is still a great demand for terraced houses for the buy to let entrepreneur. Judging by the results at the most recent sale, prices for many of these terraced houses seem to have risen.

“We achieved some remarkable results including the including the Dowlais depot and the sale of a property, at Pontygwindy Road, Caerphilly, to a first-time buyer which the eventual buyer was clearly determined to have, come what may.
“The house, which had a guide price of £45,000, was eventually sold for £80,500. The buyer bid all the way against a number of different bidders to get the semi detached house.”

A four bed, end of row house at Ebenezer Terrace, Newport, with a guide price of £48,000 sold for £91,000 while a building with planning permission for conversion to four flats at Albert Terrace, Newport, with a guide price of £48,000 sold for £76,000.

However the Courtybella Sports and Social Club in Cardiff Road, Newport is still available at £190,000 after it failed to find a buyer and an office block in the heart of Newport’s professional district, 15 Gold Tops, is also still on the market with a price tag of £200,000. The four floors of space totalling 2, 105 sq ft also offers a large car parking area.

In excess of 70 per cent of the 55 lots offered at the Paul Fosh Auctions sale were sold on an evening, which netted just under £2m.

Paul Fosh said: “There continues to be keen interest from investors and speculators for the right property in the right area at the right price. If a property can fulfil these criteria it will sell at auction.”

The next Paul Fosh auction is on Thursday, 25 October at The Park Inn Hotel, Llanedeyrn, Cardiff, starting at 5pm. For more details on this and the results from previous auctions visit www.paulfoshauctions.com
 


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