Farm buyers aim to create six of the best
LE VAUQUIEDOR Farm sold for £662,000 at auction yesterday.
LE VAUQUIEDOR Farm sold for £662,000 at auction yesterday. Bidding started at £440,000 and less than 10 minutes later, the historic States-owned property and adjacent land was snapped up by property developer G&W Properties.
Directors Bill Gardiner and John Wild plan to transform it into local market housing and aim to convert the barn into a large house.
'It has got lots of potential and it will make six or seven nice units,' said Mr Gardiner.
Mr Wild added: 'It's in its raw state and is in good structural order and it has huge potential.'
It is believed it will cost about £1m. to redevelop the properties. It is estimated they will take about 18 months to convert.
Island Construction, for which Mr Wild is managing director, will start redevelopment work as soon as planning consent is given. All of the historical features will be preserved.
'It's fairly unique - if you get ill, it's not far to travel,' joked Mr Gardiner.
The substantial property, located by the bottom entrance to the hospital, was bought by the States in 1934 for use as a 100-bed mental institution, which was subsequently known as Le Vauquiedor Hospital. More recently, the property has been used for living in.
'We are delighted to be moving it on because it's the start of what we hope will be a long rationalisation programme of our properties,' said States head of estate management John Silvester.
'It is well overdue to be looking at our estate in a more commercial way to ensure we are getting value for money for the taxpayer.'
Auctioneer Nick Renny said: 'I think it's a pretty good price and I think it's a reflection of the strength of the local market. It's a good looking building in a heck of a good central location and has plenty of land surrounding it.'
The price was a little higher than he had expected.
'We knew it would sell well because we had about a dozen seriously interested parties, all of whom had the money, expertise and capability of carrying out a redevelopment like this. You would get an opportunity as good as this once every few years.
'It can provide six really good local market dwellings with parking and gardens and it's a really good opportunity for the buyer.
Conditions of sale included a 10% immediate deposit and the balance being paid by 19 December.
G&W Properties has been going for about six years and its redevelopment work includes St Yves Chapel, Huriaux Farm and properties at St Clair Hill and by the Odeon car park.
This will be its biggest property project.