A former Arriva bus depot in New Quay, Ceredigion was sold for nearly three times its asking price at a recent property auction in Carmarthen.
The depot had a guide price of £20,000-£25,000, but after a competitive bidding process between the successful Swansea-based buyer and a number of local bidders, it sold for £71,000.
Auctioneer Nigel Jones of John Francis Estate Agents said that the development potential of this unusual lot was the reason why it attracted such strong interest amongst the buyers at the auction.
Mr Jones added, “While there is no particular planning permission currently attached to this site, it offers exciting development potential. Whilst it is not a large site it is a level plot, located within close proximity to the beach and harbour in the centre of this popular holiday destination and is suited for a variety of uses, subject to the appropriate planning being secured.
“This potential for development to a range of uses is something that often appeals to buyers to our auctions so it will be exciting to see what the successful buyer decides to do with this plot.
“It is an unusual lot to come to auction. In its former life it was an important part of the local community and we were not surprised that interest was so strong.”
The auctions were held over two days in Carmarthen and Swansea and were attended by 400 people. The total value of the properties sold was more than £2.2 million at an average price of over £91,000 per lot.
Mr Jones continued: “I am delighted to have continued the excellent levels of success seen at our previous auctions this year. Every one of the 16 lots offered at the Carmarthenshire auction was sold, with the majority reaching well above their guide price, which is very positive news for the property market in the area.”