Bidding war sees £60,000 piece of land in Lancashire sell for £575,000

The sale price achieved for the land was more than ten times the lower freehold guide price, which stood between £50,000 and £60,000.

The land, on the north and north side of Watling Street Road in Preston, was among 127 lots in the final auction of the year held by one of the top five property auctioneers in the UK, Clive Emson Land and Property Auctioneers.

It finally went under the auctioneer’s gavel after sustained bidding at the firm’s auction which ended on Wednesday.

Director and Senior Auction Appraiser Sam Kinloch said: “This one really took off, with competitive bidding driving up the final sale price.

“There had been very strong interest beforehand, but the bidding was exceptional, making auctioneering at its best.

“We had considered that the land may hold future potential for residential or commercial development, subject to all necessary consents being obtainable, and our bidders agreed.”

The purchaser’s identity has not been revealed.

The land, extending to approximately 3.13 hectares (7.75 acres), fronts the B6241, is intersected by Glencourse Drive and currently comprises open grassland with a mixture of trees and other shrubs.

Located on the eastern boundary, was a further parcel of land made up of the residual elements of a previous development offering further potential for valuable vehicular access to the land via Kingsmuir Avenue, subject to all necessary consents being granted.

The land has been identified within the Central Lancashire Local Plan under which is currently in its consultation phase.