Against a backdrop of uncertainty in the wider property market and the majority of people away on their annual summer holidays, it was reassuring to see such a busy room of buyers and sellers at our 14th August auction at Trent Bridge Cricket Ground.
With spirited bidding from the off and a bustling catalogue of 55 Lots, there was a real energy in the room supported by a much higher level than normal of remote bidders (telephone, proxy and on-line) and a staggering total of £6m raised and 88% success rate.
The first batch of lots drew strong competition in the room, selling well over their Guide Prices. We were selling a number of rare-to-market properties on behalf of the University of Nottingham, all of which comfortably exceeded their anticipated sale price raising a total of £567,000 for the University.
Those properties we regard as ‘projects’ seemed to generate the strongest bidding, a good example being 36 North Gate in New Basford, guided at £125,000+ and which sold in the busy room for £170,000, far in excess of its perceived value. Perhaps the best example was Lamcote Farm, a farmstead near Radcliffe on Trent on two acres with both a farmhouse and agricultural buildings in need of modernisation throughout. The property was acquired by an architect who has grand designs for a modern state of the art family home.
We offered a number of HMO’s (House of Multiple Occupation), the majority of which sold prior to auction for strong prices based off their net incomes, but still offering sensible yields for investors in the know.
Open land proved popular as ever highlighted by all the sales at Sawley by the River Trent from people wanting them as paddocks and leisure retreats. The team secured the sale of Prickle Pin Cottage overlooking the River Trent at Barton in Fabis just an hour before the auction starting, the client keep to snap up a pre-auction bid with an immediate exchange of contracts and a 28 day completion.
One of the highlights from the sale was Wingrove Cottage in Besthorpe near Newark, a charming 3 bedroom cottage guided at £125,000+ and which sold in a bidding frenzy for £198,000. The buyer has plans to convert the cottage and looks to acquire the paddock to the rear which is being offered under separate terms.
Garages proved as popular as ever with high demand for both single garages to large blocks with future potential for redevelopment.
Bargain of the auction was a small retail kiosk in Mansfield town centre which sold in the room for £20,500. With an ERV of £8,000 pa it will be a very good and high yielding investment for the buyer.
The auction was concluded within two hours raising that impressive total of £6m and the 88% success rate demonstrates how buyers and sellers alike are preferring to see the in-personal auctions which offer people an entertaining and informative show of how the property market is trading at the coalface.
Entries are now being invited for 16th October auction taking place at the venue of Trent Bridge Cricket Ground in Nottingham.
