Newcomers to the market Auction Estates posted another impressive set of results at their third sale on 24th May raising £3,204,250 with an 83% success rate.
The company, which was set up last year 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 Abertillery, Colwyn Bay and Llandudno in Wales.
With good levels of national stock and plenty of choice for investors, the turnout was strong in the room bolstered by a high level of remote telephone bidders from across the UK.
Most popular in the room was a portfolio of properties offered on behalf of Law of Property Act Receivers located mainly around Colwyn Bay and Llandudno in Wales, all of which sold in the room and well over the guides attracting high levels of bidding from a diverse range of investors.
A good number of people had travelled from Wales to be at the sale in Nottingham and with a bank of telephone bidders strong prices were achieved. Of the Welsh lots, the highlight was an Irish Bar with three flats above, guided at £125,000+ which sold in the room for £298,000. Equally impressive was a café in Llandudno with five flats above, guided at £125,000+ which sold in the room for £215,000.
Bidding was also strong for local properties including a high turnout for the former Wesleyan Church on Furlong Street in Arnold. Offered at a Guide of £75,000 + the property attracted a high turnout at the open viewings which reflected in the bidding, selling in the room for £166,000.
Also in Nottingham, the former Queen Adelaide Pub in Carlton attracted similar levels of bidding, selling in the room for an impressive £204,000 off a Guide Price of £150,000 +.
Of the residential lots, 1 Victoria Terrace in Sneinton comprising a two bedroom investment property sold for £63,000 off a guide of £48,000 +. 31 Primrose, a one bedroom maisonette in Sneinton also sold above its Guide at £35,000.
Development Land 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 “This auction proved to be yet another success for our small but highly motivated team. With the recent appointment of Matthew Revill formerly of FHP Property Consultants, we are growing the team to help meet the demands of national investors who see our auction as an effective tool for securing strong sale prices.
The 83% success rate speaks volumes and with just over £3.2m 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 East Midlands, Wales and Scotland in our next auction which is to take place at the Nottingham Racecourse on 20th July 2017 and for which entries are now invited.”
