December is typically the busiest month in an auctioneers calendar as people look to buy and sell properties before the year end and 2024 was no exception, our 12th December sale recording the highest level raised by us of £9,637,000 with an impressive success rate of 90%.
The Derek Randall Suite at the world renown Trent Bridge Cricket Ground was the venue with a packed room of registered buyers vying to secure the properties on offer and with a bustling catalogue of 53 Lots from around the country, there was a diverse offering from low value strips of land through to substantial commercial investment properties.
Seven of the top performing lots had been entered by Nottingham City Council as part of a wider disposals program which attracted a large number of people to the room, as well as those registered to bid remotely. Highlights from the Councils lots included a substantial mill building on Ayr Street, guided at £350,000+ and which sold after a lengthy period of competitive bidding for £600,000 to an investor who is looking at a potential future conversion to student accommodation.
Industrial units remain in high demand as evidenced by the sale of a number of these Council lots. An 8,000 sq ft industrial unit on Poulton Drive in Colwick sold for £665,000 which is let to Rinus Roofing Supplies at £40,000 pa.
Two adjacent Roadside investment units on Carlton Road in Nottingham City Centre were sold, one let to Mr Tyre at £34,500 pa which sold for an impressive £740,000 and a smaller unit let to the Kitchens & Worktop Centre at £10,500 pa which sold for £286,000 demonstrating the pent up demand for city centre freeholds.
Acting on behalf of a subsidiary of Severn Trent Water we sold a substantial complex of former agricultural buildings on a site of 8.90 acres and with buildings extending to circa 55,000 sq ft. Offered at Guide Price of £625,000+, the property drew bidders both in the room and remotely, eventually selling for £908,000, far above the clients expectation.
Arguably the highlight of the sale was the final lot of the day being The Old Rectory in Claxby near Market Rasen in Lincolnshire offered at a Guide Price of £150,000+ Having stood empty for approximately 15 years and in a poor state of repair, the opportunity of securing an exciting refurbishment project drew a large number of people into a bidding frenzy. Both remote bidders and people in the room pushed the bidding up quickly with it eventually selling for a whopping £435,000, much to our clients disbelief of it achieving such a high price!
This sale, along with all of the lots sold on the day demonstrated the huge pent up demand from buyers keen to secure their purchases on the day with the exchange of contracts taking place on the fall of the hammer and typically then subject to 28 day completions.
Paul Giles, Head Auctioneer commented “There is a general misconception in the market place that selling your property by public auction is very much the last resort and that the sale prices are low.
The reality couldn’t be further from the truth. In a world of rising inflation, high cost of living and worldwide instability, we find that property buyers are prepared to pay strong prices in the knowledge they are securing their exchange on the auction day (and the sellers equally) with ample time to sort completion. For trade buyers in particular it allows them a guarantee of being able to plan the refurbishment of the property and purchase goods from Builders Merchants in the safe knowledge that they are completing and receiving keys 28 days after. This guarantees workload for their staff and a pipeline of jobs for the new year, which you simply can’t do with a purchase through a traditional Estate Agent’s Private Treaty deal. For this reason they are more than happy paying a premium price and everyone in the auction process walks away with a smile on their face having secured a quick sale!
Entries are now being invited for our 20th February 2025 auction.
