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22nd February Auction Raises £7.27 Million with 87% Success Rate

22nd February Auction Raises £7.27 Million with 87% Success Rate

26 February 2024

Auction Estates celebrated a remarkable success in their auction held on the 22nd of February, generating an impressive £7,271,000 with an outstanding success rate of 87%. The atmosphere in the room was electric, with attendance reaching an all-time high, and a multitude of remote bidders from various regions and international locations, including Switzerland, Monaco, and America, participated in the auction.

The auction witnessed competitive bidding across various lots, creating an exciting environment for both sellers and buyers. Star lots emerged, capturing the attention of the participants and driving the auction prices to new heights.

One of the standout lots was Moreland Court, which experienced fierce bidding, ultimately reaching a sales price of £875,000, significantly surpassing its guide price of £225,000. Another attention-grabbing property was a 25,000 sq ft former hotel in Otterburn, which sold for an impressive £265,000, gaining national press attention.

A significant highlight was the 1.82 acres of land on Little Tennis Street within the White City Trading Estate. Initially guided at £500,000, the parcel of land saw highly competitive bidding, ultimately selling for an astonishing £765,000, setting a precedent for prices in the area.

Throughout the auction, strong bidding persisted, particularly in the Industrial Estate investments segment, exceeding all expectations for sale prices. Nottingham City Council benefited greatly from the auction, with a total of £4,649,000 raised in a single day.

Paul Giles, the head auctioneer and Director, expressed his satisfaction with the auction's success, stating, "The auction demonstrated the strong demand and confidence in purchasers in the current market. We are thrilled with the results and look forward to continuing this momentum."

With the resounding success of the 22nd February auction, Auction Estates is gearing up for their next event scheduled for April 25th. The team encourages individuals with properties to be valued to reach out and be a part of the upcoming auction. The demand and confidence in the market showcased in this auction indicate a promising future for both sellers and buyers alike.