Despite the summer lull, 15th August auction raises £5,422,000 (83% success rate)
August is always the quietest auction of the year with most people away on holiday, but despite this, Auction Estates raised an impressive £5,422,000 (83% success rate) at their 15th August auction held at Trent Bridge Cricket Ground.
With high levels of economic uncertainty, a large percentage of the lots were sold in advance of the auction having achieved strong prices that would have been hard to beat on the day and most clients deciding to take a bird in the hand with a guaranteed exchange of contracts.
Bidding started strongly from the off with a three bedroom house in Bedford, guided at £250,000+, generating bids both in the room and remotely, quickly surpassing expectation with high levels of competitive bidding and eventually selling for £324,000 much to the buyers and sellers delight.
One of the star lots was a large freehold property on Alpha Terrace in Nottingham city centre, arranged as three one bedroom flats, which also saw levels of bidding in the room. Guided at £225,000+ bidding quickly escalated with the eventual sale price being £295,000 (broadly £100,000 per flat).
Notable pre-sales included 3 Elm Bank, a substantial 7,356 sq ft house in Mapperley Park, guided at £750,000+ which saw strong bidding before the auction and it selling far in excess of the guide to an owner occupier who plans to refurbish the house to a mix of luxury flats. In a similar pre-auction sale was Barnby Grange near Newark, an impressive five bedroom Manor House set within an acre of established grounds that sold on the morning of the auction to a family who plan to undertake a full refurbishment of this fine country house.
One of the highest value lots to sell was a modern three storey office investment in Sheffield City Centre extending to 14,609 sq ft and producing an annual income of £128,750 pax. The property was sold the day before the auction to an investor, significantly in excess of the Guide Price of £750,000+
Tradition terraced housing remained popular with comparatively strong prices being achieved. 3 Worksop Road in the heart of Nottingham city centre comprising a two bedroom end of terrace sold in the room for £121,500, significantly higher than its £95,000+ Guide Price.
Paul Giles, Head Auctioneer of Auction Estates commented "To achieve in excess of £5m of sales in an August auction is incredibly impressive and with such a high success rate (83%), demonstrating that despite poor market conditions, the team have worked hard to ensure clients get their properties sold either before the sale or in the room".
Entries are now being invited for our next sale on 17th October.
