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News Item - Auction Estates first sale raises over £1.7m with 70% success rate - Auction Estates

  • Auction Estates first sale raises over £1.7m with 70% success rate news item

    Auction Estates first sale raises over £1.7m with 70% success rate

    Newcomers to the market, Auction Estates, posted an impressive set of results at their first sale on 13th December raising £1,714,850 with a 70% success rate.

    Offering a diverse range of residential housing, commercial property and development land, there was plenty of choice for investors with properties based across the East Midlands and as far away as Blackpool, Torquay and Southend-on-Sea.

    With good levels of stock and plenty of choice, the turnout from investors was good with a busy December room that most of the leading auctioneers would have been pleased to see.

    Bidding started off strongly for Lot 1, a three bedroom house on Graham Street in Ilkeston, Derbyshire selling for £73,000 off a Guide Price of £40,000.  SDL Graham Penny had offered For Sale the adjacent house in their sale the week prior achieving £60,000 off the same £40,000 Guide, a good result for both auction houses.

    Despite most bidders missing out on these houses, they swiftly turned their attention to those being offered along nearby Little Hallam Lane which formed part of the same deceased estate sale on behalf of legal executors.  21 Little Hallam Lane, a two bedroom mid-terrace house sold for £65,000 off a Guide of £45,000. Further along the road, 45 Little Hallam Lane also sold for a healthy £72,000 off a Guide of £55,000.

    The highlight of the sale was the detached three bedroom house at Over Lane in Belper, a renovation project which had attracted a significant level of interest prior to auction at the open viewings.  Guided at £100,000 to £125,000, the property saw high levels of bidding in the room, eventually selling to a young couple at £158,000 who were looking to renovate the property as their new family home.

    Land continued to be in high demand as witnessed by the small plot opposite the house in Belper.  At only 200 or so square yards this overgrown plot of land was offered at a Guide of £2,500 but was bid strongly for, eventually selling in the room for £6,600 having been bid up in multiples of £100.

    Of the commercial lots, bidding was also strong for an eleven bedroom hotel in Blackpool which is situated close to the main tower and Central Pier.  The property was purchased by an investor at the top end of the Guide (£80,000) who plans to undertake renovation works and re-open the hotel early next year.

    A number of properties had sold prior to auction, a result of strong prices being achieved over the respective Guides and where Vendors wanted the added security of concluding their sales in time for the New Year.

    Paul Giles, Auctioneer and Director of Auction Estates commented “We were delighted at how well the catalogue of properties was received and with good turn outs at the block viewings we knew that bidding on the day would be strong for certain lots.  The auction room was busy with lots of familiar faces and the whole day ran smoothly as the team worked together to get everybody registered beforehand and signed up afterwards. A 70% success rate is a great achievement for the first sale and indeed after the auction concluded a further batch of properties that hadn’t quite reached their reserves were sold bringing the success rate so far to an impressive 83%”.

    The next sale for Auction Estates will take place on 14th March 2017 with entries already being invited. These include a further batch of residential housing, retail investments, offices, pubs, telecoms mast investments and land across the country.

    For further information contact Auction Estates on (0115) 7844600

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