LAND at Saltcoats Railway Station has been sold at an online auction for over half a million.

The bidding for the two pieces of ground, which are part of the station, began at £575,000 before an online bidding war led to a final sales price of £642,000.

The auction was hosted online by Acuitus.

Acuitus Chairman and auctioneer, Richard Auterac, said: “The first auction of the year is always an important test of sentiment, and this year it was even more important because of the third lockdown and the exit from the EU, both of which occurred since the last sales in mid-December.

“The plots of land at Saltcoats Station offer an excellent ground rent investment opportunity, with no further investment commitment required.

“It presented a rare opportunity to invest into an alternative which the market remains somewhat unpredictable

“The land at Saltcoats Station sold for £642,000 at a net initial yield of 2.7 per cent.The land is part of the Scotrail station at the popular coastal town, and produces a current annual ground rent of £18,475. The market felt more confident in major part to the declining COVID cases, the resilience of the NHS and the rapid roll out of the vaccine.”

Saltcoats Station’s revamp continues as it is also set for a new development with a half million pound project to transform a derelict building into a multi-functional space for the community.

The new Shibumi Karate Club will be situated the building which has been used for a salt store .

It has has received almost £500,000 in funding, including £83,300 from ScotRail’s Station Community Regeneration Funding (SCRF), £131,711 from the Railway Heritage Trust, £50,000 from North Ayrshire Council’s Community Investment Fund, and £76,000 from Sport Scotland.