Despite on-going economic uncertainties and the general cost of living crisis our 23rd February auction saw a packed room at Nottingham Racecourse, competitive bidding, some very strong sale prices and a record £7,857,000 raised.

 

Forming part of the bumper catalogue was the highly anticipated sale of a portfolio of investment properties on behalf of Nottingham City Council which had been widely reported in both local and national press. This drew a significant number of investors to the room as well as securing international telephone and on-line bidders from places such as Monaco, Hong Kong and the USA with 100% selling on the day.

 

The properties offered by the City Council in the main comprised industrial estate investments located around Nottingham, all of which offered buyers management angles to improve the rents and yield profiles. The combination of good quality units, close to the M1 Motorway appealed to a wide range of investors. There was also the rare opportunity to acquire a substantial freehold restaurant with upper floors just off the Old Market Square which sold for £782,500.

 

Interest was strong from the off, with Lot 1 being a highly contested industrial unit near Humberside Airport, Guided at £225,000+ and which had drawn bids pre-auction at £260,000. It was advised to leave the property in the room for buyers to fight it out and to the clients delight it eventually sold for an impressive £375,000.

 

This level of pent up demand and strong bidding proved to be the theme of the day, particularly for the larger industrial investment properties which had drawn multiple bids prior to the auction and with most clients rightly leaving their lots in the sale to be contested. The City Council, having to demonstrate best price in the open public forum are a great example of what can be achieved when left in the room, with all of their properties selling and far exceeding their reserve prices.