A block of three adjoining properties in Brighton, arranged as six purpose-built flats and a basement room, has gone under the auctioneer’s gavel for £940,000 after a bidding war at a sale in the city last week.

The end terrace property at 38-40 Franklin Road - among 145 lots being sold by regional land and property auctioneers Clive Emson this month – smashed its freehold guide price by £190,000.

Offered jointly with Leasehold Management Ltd, the investment opportunity property generates £17,564 per annum in rent, with three of the flats vacant.

Auctioneer Richard Payne said: “There was certainly strong competition for this block. With the majority of the flats in need of upgrading, our bidders saw the potential to increase the total rental once modernised.”

The buildings are just off Elm Grove, on the corner of Franklin Road and Wellington Street, close to local shops and amenities. Brighton city centre is just a mile away.

Clive Emson Auctioneers hold eight rounds of auctions at five locations from Essex to Cornwall on consecutive days every six weeks.

The fifth round of Clive Emson’s regional Sussex and Surrey auctions in 2016 is being staged at the Brighton Metropole on Wednesday 25 July at 11am. Entries close on Monday 27 June.

Tel: 0345 8500333

www.cliveemson.co.uk