There is further evidence that the commercial property market is picking up in Cornwall, with a bank building in Helston being sold through auction significantly above the guide price.
1 Market Place in Helston, which currently houses bank Lloyds TSB, was sold at auction last week through commercial real estate firm Jones Lang LaSalle for £470k against a £325k guide price.
Richard Auterac, auctioneer at Jones Lang LaSalle, said: “This attractive building located in the heart of the ancient market town Helston achieved a fantastic result. It was an impressive investment opportunity, offering a superb space in a popular location with a good tenant and quite rightly was snapped up over the guide price.
There were several interested bidders for this property on the day and the auction room witnessed the strongest buyer demand we’ve seen in two years, highlighting the growing attraction to commercial property investment. With a surge in demand for superior properties like this, coupled with a shortage in supply, prices in the auction room have now started a rapid recovery process and the era of picking up bargains at the prime end of the market may well be over.”