A Fareham freehold block sold at auction for more than £1 million.

The property at 98-124 Miller Drive comprises seven shops and seven flats, let at £89,050 annually.

The sale by Clive Emson Auctioneers headlined their July event, featuring 165 lots across England.

Mike Marchant, a senior auction appraiser in Hampshire for the firm, said: “We anticipated keen interest from investors, and this proved to be the case, with the final bid of 18 coming in at £1,060,000, which was £60,000 more than the guide price, and representing a healthy gross yield of 8.4 per cent.”

"Located in a popular residential area of Fareham, this substantial freehold block comprises seven flats and seven shops.

"Five of the flats have been sold under the terms of long leases, with the remaining two let under the terms of assured shorthold tenancy agreements.

"The seven commercial units are let to a variety of occupiers, with three operating as a day nursery."