News Item - Auction Estates 4th sale raised £3.04 Million with 76% success rate - Auction Estates

  • Auction Estates 4th sale raised £3.04 Million with 76% success rate news item

    Auction Estates 4th sale raised £3.04 Million with 76% success rate

    Auction Estates posted another impressive set of results at their 4th sale on 20th July raising £3,042,500 with a 76% success rate.

    The company, which was set up by former Savills auction head Paul Giles, offered a diverse catalogue of residential and commercial lots across the UK with properties as far afield as Paisley, Dunoon & Oban in Scotland and Abergele, Mold & Llangefni in Wales, and numerous locations across the UK.

    With a number of auctions taking place on the same date & it being the start of the summer holidays, activity in the room was lower than anticipated but bolstered by a good number of telephone bidders both in the UK and overseas.

    Highlight of the auction was the sale of Webb House in Crewe, a substantial former Orphanage, most recently occupied by NHS Trust Manchester. This which was sold prior to auction in a contract race between two national investors who were looking to undertake a comprehensive refurbishment and development of the site which extends to approximately 4 acres. The property was sold in excess of £1.1 million.

    Other highlights in the room included Maes Mynan Hall, Clwyd in which sold for £600,000 off a Guide Price of £200,000+ and comprises a former 33 bed care home which has been empty since 2013. Bidding was also strong for the former Yorkshire Building Society in Llangefni comprising a 2 storey former building society in the town centre which sold for £76,000 off a Guide Price of £65,000+.

    A number of properties were offered in Newark including three former shops on Portland Street, each of which attracted a high level of bidding and selling well in excess of their respective guides. The former Drainage Board offices on Castle Gate in Newark were sold prior to auction attracting a high level of interest from developers looking to convert the property to residential apartments. Equally the former Probation Offices on Appleton Gate in the town centre were sold prior to auction to a developer looking to convert the property to apartments.

    Auctioneer and Director of Auction Estates Paul Giles commented “This auction was very successful in terms of the amount of property sold, despite the low level of bidders in the room. With such strong prices being achieved in the run up to the auction, a high number of our clients were keen to secure deals & unconditional exchanges with the usual 4 week completions”. The diverse range of properties that have been sold on behalf of clients in this auction shows the expertise Auction estates offers across the UK.    

    Entries are now being invited into Auction Estates next sale which is to be held on the 27th September at Colwick Racecourse.

    For further information contact Auction Estates on 0115 7844 600. 

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