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'Tremendous potential': Norfolk boatyard set for auction


Alan de Enfield

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A former boatyard, described as having "tremendous potential," is set to be auctioned off later this month.

The former Alphacraft Boatyard in St Olaves, Norfolk is being marketed by Auction House East Anglia.

 

The former boatyard on Reeds Lane in St Olaves is due to be sold on a freehold tenure at an online auction with a guide price of £200,000 to £250,000 plus fees.

 

Situated in the Norfolk village - between Great Yarmouth, Lowestoft and Beccles - the property description from the auctioneers states the former boatyard has "substantial River Waveney frontage."

 

Former Norfolk boatyard set for online auction St Olaves | Beccles and Bungay Journal

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3 hours ago, Alan de Enfield said:

The former boatyard on Reeds Lane in St Olaves is due to be sold on a freehold tenure at an online auction with a guide price of £200,000 to £250,000 plus fees.

 

 

Will probably make about £600k then.....

 

 

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The other thread was talking about the broads authority making life hard for any purchaser. But given that there are basins there, what would be stopping the buyer just getting stuck in with a spade or JCB and clearing them? (Other than it being an enormous amount of work).

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13 minutes ago, jetzi said:

The other thread was talking about the broads authority making life hard for any purchaser. But given that there are basins there, what would be stopping the buyer just getting stuck in with a spade or JCB and clearing them? (Other than it being an enormous amount of work).

 

Well nothing, you would think. As would any wet-behind-the-ears bidder at the auction. 

 

The fact that it has gone to auction at all (let alone twice) suggests to me that the local estate agents have failed to flog it. I would speculate that would-be buyer's solicitors repeatedly turn up legal impediments to doing anything useful with the site. Or it might be something else, but I'd say it is a racing certainty there is a mahoosive trap there somehow, waiting for the unwary buyer. 

 

 

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There's a topic on a broads forum here:

 

https://forum.norfolkbroadsnetwork.com/topic/23665-alphacraft-boatyard-at-st-olaves-up-for-auction/

 

Constant silting, regular flooding, ground is too marshy to build on, unlikely to get planning permission for anything other than light industrial, wreckage of boat moulds and parts everywhere, road access is very rough, and the folks on that forum seem to complain more about the broads authority than we do even about cart!

 

Still, 200k guide price for 4 acres of river fronted property has to make one dream a little!

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12 minutes ago, jetzi said:

Still, 200k guide price for 4 acres of river fronted property has to make one dream a little!

 

This is the whole point of the stupidly, unrealistically low guide prices set by auctioneers. To suck in the dreamers to the auction room. A full auction room even if 75% dreamers makes the auction well attended, makes demand feel high and lifts all prices. All auctioneers do it. Have a look through some completed auctions and you'll see the actual sale prices are typically 2 to 3 times the guide price. 

 

 

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1 minute ago, jetzi said:

It is a good thing I don't have anything like 200k because this is obviously a world I know nothing about!

 

Makes sense why but it is a really low thing to do.

 

 

Every dirty trick in the book gets pulled in property auctions. If your wins the lot, you are fully committed to the sale and have to exchange contracts on the spot, I mean literally, they walk up to you and expect you to sign there and then or it gets put back into the auction again. I've never successfully bid at a property auction, the price always runs away FAR higher than I think any given property I'm interested in is worth!

 

The bargains at auctions are the ugly sites no-one wants, in bad areas and listed towards the end of the auction when all the serious buyers in the room have already spent their dosh! 

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10 hours ago, MtB said:

 

Every dirty trick in the book gets pulled in property auctions. If your wins the lot, you are fully committed to the sale and have to exchange contracts on the spot, I mean literally, they walk up to you and expect you to sign there and then or it gets put back into the auction again. I've never successfully bid at a property auction, the price always runs away FAR higher than I think any given property I'm interested in is worth!

 

The bargains at auctions are the ugly sites no-one wants, in bad areas and listed towards the end of the auction when all the serious buyers in the room have already spent their dosh! 

If you win your lot, you have exchanged contracts whether you sign or not.  The auctioneer has authority to sign on your behalf - although whether you can be found in order to hand over the deposit (assuming placing a sum is not a pre-requisite to bidding) is another matter.

 

You are being a bit harsh on the guide price issue.  As a principle, the seller cannot set a reserve that is very different from the guide as it is otherwise misrepresentation.  If the seller decides, close to the auction, to fix a much higher reserve, the auctioneer is liable to get uppity and remove the property from the room.   In setting the guide, the seller is (largely) committing to selling at that price - if that is the highest bid.   The fact that the property sells well above the reserve is a function of the market, of course.  If you have not successfully bid - either you have not met the reserve or not placed the highest bid.

 

So better to view the guide price as shedding light on the reserve - and not the sale price.

 

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18 hours ago, jetzi said:

The other thread was talking about the broads authority making life hard for any purchaser. But given that there are basins there, what would be stopping the buyer just getting stuck in with a spade or JCB and clearing them? (Other than it being an enormous amount of work).

Remember the Broads Authority are also the Planning Authority and they have a whole shed full of hoops they can get out to make you jump through

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10 hours ago, Tacet said:

If you win your lot, you have exchanged contracts whether you sign or not.  The auctioneer has authority to sign on your behalf - although whether you can be found in order to hand over the deposit (assuming placing a sum is not a pre-requisite to bidding) is another matter.

 

You are being a bit harsh on the guide price issue.  As a principle, the seller cannot set a reserve that is very different from the guide as it is otherwise misrepresentation.  If the seller decides, close to the auction, to fix a much higher reserve, the auctioneer is liable to get uppity and remove the property from the room.   In setting the guide, the seller is (largely) committing to selling at that price - if that is the highest bid.   The fact that the property sells well above the reserve is a function of the market, of course.  If you have not successfully bid - either you have not met the reserve or not placed the highest bid.

 

So better to view the guide price as shedding light on the reserve - and not the sale price.

 

 

Yep. I agree with all of that! 

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Remember also that this is a National Park as well. Most of the guidance is here https: //www.broads-authority.gov.uk/planning/planning-permission/design-guides and there is some good work especially as basic guidance for establishing residential moorings generally.

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6 hours ago, Laurie Booth said:

Not if we agreed in writing that it was a joint purchase.

:)

Did you remember to deposit a copy of the joint agreement with the auctioneer?

 

If not, chokey for you.

 

5 hours ago, MtB said:

 

Laurie, let's do a deal. I won't bid at this auction so you can buy it cheap. Then we share the profit 50/50, yes? 

I will also agree not to bid for a further 50%

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5 hours ago, Tacet said:

Did you remember to deposit a copy of the joint agreement with the auctioneer?

 

If not, chokey for you.

 

I will also agree not to bid for a further 50%

Of course

:)

10 hours ago, MtB said:

 

Laurie, let's do a deal. I won't bid at this auction so you can buy it cheap. Then we share the profit 50/50, yes? 

:)

 

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