Best of the year so far as Bond Wolfe records record auction results
Bond Wolfe has set a new record for auction sales in 2023 with the results of its latest livestreamed event on Thursday 14 September.
Over £26 million was raised as auctioneers sold 135 lots from the 163 lots offered for a success rate of 83% – well above the industry average.
The 2023 auctions began in February with £16.6 million raised, followed by £23 million in March, £22.4 million in May and £23.1 million in July.
Gurpreet Bassi, our chief executive, said: “A global audience now watches our auctions, and it is heartening to see the growing interest in the auction route for those who want to sell or buy with the certainty of a sale that auctions deliver.
“Investors recognise the auction ‘room’ as a significant source of opportunities.
“Those seeking a home to make their own, whether first time buyers or those simply seeking more space, know they can set a budget and bid for a property in the certain knowledge that when the hammer falls on their successful bid they will be in possession of the keys in weeks rather than months.”
The run up to the September auction saw another upsurge in interest.
There were 667,790 website page views, 126,876 video tours watched and 76,889 downloads of the legal documents.
Highlights of the day-long sale included the sale of the Acorn Centre, a collection of workshops sold on behalf of Walsall Council for £134,000 from a guide price* of £50,000+.
And the Lordship of the Manor of West Bromwich was sold to a buyer, who wished to remain anonymous, for £28,500, from a guide price of £20,000+.
And there was a distinct air of online tension as 148 Yardley Wood Road, Moseley, Birmingham, came up for sale with a guide price of £100,000+. Competitive bidding for the 13 bedroom substantial, semi-detached house finally reached £409,000 before the hammer fell.
A prominent freehold public house investment with 17 apartments above in Edmund Street, Birmingham – The Florence, which was listed with a guide price of £995,000+, was sold prior to the auction for £1.1 million.
More competitive bidding followed for a 7.4 acre freehold parcel of land off Pedmore Hall Lane , Hagley, near Stourbridge, which had a guide price of £69,000+ and eventually sold for £242,000.
Offered jointly with Watling Real Estate, a substantial freehold industrial property at 284 Upper Balsall Heath Road, Birmingham, that had a guide price of £435,000+, was sold before the auction for £540,000.
A substantial freehold residential investment property converted into nine self-contained flat, with a current gross income of £62,840.76 per annum, at 125/127 Oxford Road, Acocks Green, Birmingham, realised £601,000 from a guide price of £550,000+.
Other highlights included the sale of 35-37 High Street, Pelsall, Walsall, a freehold, mixed use development producing current rental income of £55,600 per annum, which sold prior to the auction for £590,000, from a guide price of £500,000+.
Another freehold mixed use investment at 9-17 Station Road, Codsall, Wolverhampton, with a current rental income of £90,400 per annum, also sold before the auction for £870,000, from a guide price of £800,000+.
Gurpreet Bassi added: “This was truly a national auction with lots and interest across the Midlands, in London, Wales and the North West and North East.
“Such is the demand for auction lots, that we would seriously urge anyone seeking to sell to contact us urgently so that we can assess the property and include it in our marketing as we now turn our attention to our next auction on Thursday 26 October.”
If you have a property you are considering selling, visit https://www.bondwolfe.com/free-property-appraisal/ email [email protected] or call 0121 312 1212 or 01902 928 510 for advice or to arrange a free no obligation valuation.
* Each property is subject to a reserve price which may be different from the guide price. Please refer to the Important Information and legal pack(s) for further information and any additional fees which may apply.