Property where Sugoi Campers in Fareham is based is sold for more than half a million following bidding war

282 West Street, Fareham, was sold for £5440,000 following a bidding war at an auction held by Clive Emson Auctioneers

A landmark commercial building in Fareham has been sold in auction for £544,000 in a bidding war.

The freehold property at 282 West Street, currently let at £34,000 per year to campervan dealership Sugoi Campers, was among 153 lots listed across southern England by Clive Emson Auctioneers, a member of Portsmouth Property Association.

Rob Marchant, Hampshire auctioneer for the regional land and property auction firm, said: “We anticipated keen interest, with a final bid coming in at £544,000, which was £114,000 above guide price. The purchase price represents a gross yield of 6.25 per cent at the current rental figure – 67 bids were made, such was the interest.”

The occupier is unaffected by the freehold sale of the premises, which include a workshop, retail and showroom space, two offices and open plan parking/display and a secure yard.

Also listed in the auction was a five-storey freehold formerly Monks Bar and Restaurant, with living accommodation, at 54 High Street, Old Portsmouth, which had a guide price of £875,000.

A freehold site and parking investment at Ridgeway Office Park in Petersfield sold through the auction.

Currently let at £24,000 per annum, the lot at Bedford Road had a guide price of £220,000-£230,000.

Mike Marchant, a senior auction appraiser with Clive Emson Auctioneers, said: “Ridgeway Office Park was completed in 2006 and comprises three blocks of office buildings which have been sold off on a freehold basis. The auction lot comprised the freehold interest in the whole estate, subject to the occupational owners of the buildings to include the landscaped area, private road feeding the development and car parks, which include 40 car parking spaces.

“Parking spaces, which have been fully let since their construction in 2012, are currently let under the terms of five-year commercial leases from 29th September 2022 at a combined rental of £24,000 per annum.

‘The freehold interest includes the estate management of the whole site which is 100% recoverable from the owner occupiers including all costs relating to the private road as well as contributions from neighbouring developments.’

Joint auctioneers were Holloway Iliffe & Mitchell.

The auction of two parcels of land totaling 1.75 acres at Westbury Park, West Meon, which were guided at £25,000-£30,000, was postponed.