Bookshop bids farewell

A new chapter for the oldest bookshop in Brighton….

The well known and popular Two Way Books on Gardner Street has been sold at auction. Parsons Son & Basley, local property auctioneers, held the sale at their June 27 auction at Hove Town Hall. The bookshop, formally Brighton’s oldest, attracted vast interest from an array of bidders including developers, investors and private companies.

In the auction room, competitive bidding and an urge to purchase a freehold commercial and residential property in the desirable North Laine area meant that the property with a guide of £375,000-£400,000 sold for an impressive £500,000. Three main bidders, including one via telephone, ensured that the bidding continued from the start at a quick and exciting pace with the winning bid falling just short of the increased stamp duty threshold.

Richard Payne, head auctioneer at Parsons Son & Basley said: “The sale of Two Way Books and the interest generated from the marketing of it has been phenomenal; it shows that Brighton is still flourishing in the commercial sector, and investors are keen to preserve and retain these fantastic buildings in the North Laine that have a historical significance.”

The North Laine continues to produce impressive freehold prices particularly where there are opportunities for adding value. A previous lot in Trafalgar Street sold at Parsons Son & Basley’s February auction for £235,000, from a guide pride of £200,00-£225,000.

This is proof that the auction market is becoming a popular alternative in providing the best price for property in open market competition. If you have any queries regarding buying or selling property, contact Parsons Son & Basley on 01273 326171.

Parsons Son & Basley auction department will be holding its summer auction on 25 July at 3pm, Hove Town Hall. To view the auction catalogue visit www.psandb.co.uk or call 01273 326171.