Auction Estates has achieved another significant milestone, raising an impressive £5,061,000 during its latest property auction on June 20th. This success is particularly remarkable given the current market uncertainty surrounding the upcoming election. Over the past six months, Auction Estates has defied the odds, generating a total of £18,460,500 across three auctions, despite the hesitancy among purchasers awaiting election results.
The auction on June 20th kicked off with a burst of enthusiasm, with bids pouring in from both the room and remote participants. The opening lot set the tone for the day: a 0.38-acre plot of land in Awsworth, which had a guide price of £45,000, sold for an astounding £92,500. This early success set the tone with enthusiastic bidding throughout the auction.
Among the standout sales was a 0.85-acre parcel of freehold industrial land in the Hallam Fields Industrial Estate. With a guide price of £195,000, the property saw bidders fiercely competing, with offers jumping in large increments. This competitive atmosphere drove the final sale price to an impressive £377,000, nearly doubling the guide.
Another highlight was the sale of former bank premises in Leatherhead, Surrey. This property attracted national attention, drawing bidders from across the UK. Its guide price of £200,000 was quickly surpassed as the auction became electric, culminating in a final bid of £320,000, much to the sellers delight.
The auction featured multiple ground rent investments, which, despite a general decline in this market segment due to recent leasehold reform legislation, sold robustly. These results underscore the ongoing demand and value for well-positioned ground rent investments, even in a challenging market.
Paul Giles, the Head Auctioneer at Auction Estates, reflected on the success of the auction, stating: "We are immensely pleased with the outcomes of our June auction. The uncertainties brought on by the election have not deterred the confidence our buyers have in the properties we bring to market. The vigorous bidding we saw today, both in person and online, is a testament to the trust and excitement that our auctions generate. Our team's expertise and strategic property selections have played a crucial role in these successful outcomes. As we look forward to our next auction on August 15th, we are committed to continuing this momentum and delivering exceptional opportunities for our clients."
As Auction Estates prepares for its upcoming auction on August 15th, the company is now accepting new property entries. Sellers looking to capitalize on the current market interest and achieve strong sales results are encouraged to contact Auction Estates. For more information or to list your property, please reach out to their office or visit their website.
With a track record of success amidst challenging conditions, Auction Estates continues to be a leading force in the property auction market. The company’s ability to adapt and thrive promises more exciting opportunities and achievements in the months ahead.
