With a room full to capacity and a large number of remote bidders lined up to secure the 60+ lots on offer, the auction at Trent Bridge Cricket Ground had every chance of producing a record start to the new year. And as the first few lots were offered, it was clear this was going to be an auction to remember.
Acting for Nottingham City Council, a large crowd had gathered for the lots they had entered, kicking off with Jacoby House in Sherwood, a substantial former 12 bed care facility that saw competitive bidding take it from its original guide of £525,000+ right the way up to the eventual sale price of £655,000. A prime development plot on Glasshouse Street, guided at £150,000 saw energetic bidding right up to the eventual hammer price of £400,000. The highlight of the auction was Clarence Court, a multi-let industrial estate in the heart of Nottingham City Centre guided at £1,150,000 which saw a competition between bidders in the room and on the telephone, eventually settling on £1,750,000 reflecting a strong rate of £120 per sq ft, setting the benchmark for industrial prices for similar stock in the city.
Various plots of woodland had been entered and were knocked down in a bidding frenzy, all being sold far in excess of their quoted guides. The highlight was the 24 acres offered in Haughton in North Nottinghamshire, with its Motte and Bailey remains making it a scheduled ancient monument and in high demand from both neighbouring landowners, sporting buyers and speculative investors with it being knocked down for £140,000 off an original guide of £75,000+
The auction included the usual mix of residential properties, both vacant and tenanted, commercial properties and plots of land from across the UK with the total raised being an impressive £7,022,000 and an 87% success rate making it a highly effective tool for selling property quickly whilst ensuring top prices are paid.
Paul Giles Head Auctioneer commented "It was great to see so many familiar faces in the auction room as well as those new buyers keen to secure the lots. The live auctions give people an opportunity to see the mood of the market, levels of competition for each lot and in an open transparent process where people are given ample chance to secure their bid before the gavel goes down. Both our clients and the eventual buyers both delighted when the gavel goes down, secure in the knowledge that contracts have exchanged on the fall of the gavel and with roughly a month to completion making it a highly desirable method of sale in such uncertain times"
Entries are now being invited for 17th April auction.
