15 March 2017
The Region’sleading auction houses were given a run for their money this week as newcomers Auction Estates posted an impressive set of results at their second sale raising £2,240,000 with a 76% success rate.
The company, which is owned by former Savills Auction Head Paul Giles, offered a diverse catalogue of residential and commercial lots across the East Midlands and as far afield as Torquay, Chippenham and Scarborough.
With good levels of stock and plenty of choice for investors, the turnout was one of the largest the Nottingham Racecourse operators have seen in the last twelve months, who host the majority of the regions monthly auctions.
Most popular in the room were a portfolio sale of eleven houses in Ilkeston offered on behalf of Legal Executors ABG Solicitors, all of which sold in the room and well over the guides attracting high levels of bidding from a diverse range of investors.
Equally, a house on Curzon Street in Long Eaton, offered for Sale on behalf of LPA Receivers at a Guide of £75,000+ attracted a high level of interest selling in the room for an impressive £111,000, much higher than anticipated. This was also reflected in the bidding of Lot 20 for the same Receiver comprising a two-bedroom terraced house in Long Eaton which sold for £91,000 off a Guide Price of £75,000+.
The Commercial lots continued to attract high levels of demand with a number selling prior to auction as a result of strong prices being achieved in the run up to the sale. These included the sale of a pub in Collingham offered on behalf of a Nation Pub Chain which secured a sale to a multiple retailer well in excess of the £225,000+ guide.
In Nottingham, a former Sub-station on Queens Drive had also attracted high levels of pre-auction bidding and was eventually sold to a Mansfield based company at well in excess of the £250,000+ guide.
Bidding for the commercial lots in the room remained strong including Lot 25, a shop and 3 bed maisonette in Scarborough for LPA Receivers which sold for £61,000 off a Guide Price of £45,000 to £50,000.
Development Land also performed well with a number of lots selling prior as a result of the high levels of pre-auction bidding and vendors wanting to capitalise on the strong prices being achieved and the security of knowing that their property had been sold.
Paul Giles, Auctioneer and Director of Auction Estates commented “We were confident that our catalogue would be well received as it offered such a diverse range of property to suit all levels of buyers. That being said, even we were surprised by the high level of turnout at the auction, the largest Nottingham Racecourse have seen in the last twelve months.
With such a high turnout, bidding proved strong and good prices were achieved across the board for our clients. The 76% success rate speaks volumes and with almost £2.25m raised, we are delighted with the outcome which puts us truly on a level playing field with the region’s leading auction houses.
On the back of our on-going success, we have already received instructions to sell a mix of residential and commercial properties across the UK in our next auction which is to take place at the Nottingham Racecourse on 24th May 2017 and for which entries are now invited.”