Bristol property development firm Chewton Place has paid more than twice the asking price for a former fire station in Keynsham – an indication, according to agents Alder King, of the strength of the market and lack of freehold properties.
Alder King said it was “inundated” with potential buyers after it put the disused building and yard, pictured, on the market earlier this year on behalf of Avon Fire & Rescue Service.
It invited best bids in excess of £325,000 – eventually selling the site to Chewton Place Developments for £750,000. 
Chewton Place said it plans to redevelop the Temple Street site as a mixed-use scheme including ground floor retail with residential above.
Emma Smith, an associate in Alder King’s Bristol office said when first marketed the property attracted unprecedented levels of interest.
“This town centre site has enormous potential, a fact widely recognised by the many and varied parties who expressed interest and then went on to submit bids in the hope of acquiring it. It is also worth noting that the majority of bids were unconditional,” she said.
“As a direct consequence of the competitive interest, we were able to secure a price 130% above the guide price. This is as clear a sign as ever of the strength of the development and occupational market and the shortage of freehold stock in the Bristol market.”
The station closed in November 2015 along with Brislington Fire Station and has been replaced by a state-of-the-art combined station at Hicks Gate, near Brislington.
Alder King handled the sale of the Brislington site last year.
That property, which included a secure yard, also attracted significant interest from a number of parties and went to best bids. The successful purchaser – who paid higher than the £425,000 guide price – was a local family-run business which acquired the freehold for an undisclosed sum.
