THE MARCH auction at Austin Gray Auction House Sussex was an outstanding success with a sale rate of 89 per cent and nearly £4million raised from the 15 lots offered. There was a wide variety of properties on offer, so it was particularly pleasing to have such a high level of interest in nearly all of them, which resulted in just two going unsold.

Of the lots on offer, six were being sold on behalf of the executors of different deceased estates, with many coming to the market for the first time in over 50 years. It was these fresh-to-the-market freehold properties that generated the most interest, with many going well over the upper end of the auction guide price.

The geographical spread of properties was from Southampton in the west to St Leonards-on-Sea in the east, with prices ranging from £65,000 for a short lease flat in Littlehampton, to a freehold of four flats at £600,000.

One of the best results of the day was for a small brick-built building in Portslade, which started life circa 1910 as a local primary school, but in later years has been used for storage. This building had previously been sold by the auctioneers four years ago for £158,000, but this time around it sailed past the £200,000 guide to sell for £230,000. What a fine investment property can be.

The auctioneers next auction on May 24 will include many more interesting properties, including a five-acre field with a derelict farm building on the South Downs just north of Shoreham.

The auctioneers can be contacted on 01273 201989 or at sussex@auctionhouse.co.uk