A four-storey commercial premises at the heart of Brighton’s dynamic Lanes area, but needing complete renovation, sold for at auction for £352,000 after a bidding war.

The building, at 11 Little East Street, beat its upper freehold guide price of £250,000 by more than £100,000.

It was among 138 lots at the September auction held by Britain’s largest independent regional land and property auctioneer Clive Emson Auctioneers.

Director and Senior Auction Valuer Sam Kinloch said: “This fabulous opportunity to acquire a freehold commercial property situated in Brighton's vibrant Lanes district attracted particularly strong interest.

“The gavel went down at £352,000, leaving a number of bidders disappointed. They could see the potential that the property, in need of complete renovation, could offer as residential accommodation, subject to necessary consents being obtainable.”

Offered jointly with Cluttons, the property previously traded as a restaurant with manager's accommodation on the top floor.

A two-storey mixed residential and commercial investment property in Newhaven town centre sold for £184,000. The property, currently generating £13,980 per annum in rent, had a freehold guide price of £150,000+.

Auctioneer Richard Payne said: “Strong interest in the continued investment in this mixed use property of a barbers shop and a flat led to a good price being achieved for our vendor.

“There is also future development potential for a flat at the rear of the building, subject to all necessary consents being obtained.”

Clive Emson holds eight rounds of auctions each year at five locations from Essex to Cornwall on consecutive days.

2016’s seventh round of Sussex and Surrey auctions is at the Brighton Metropole on Wednesday, November 2. Entries close on Monday October 3.

In a new development, owners of land and property across England and Wales will be able to sell online in a new digital service launched by Clive Emson Auctioneers Online this month. See http://www.cliveemson.co.uk/index.php/online/ for details.