Commercial lots feature strongly in Bond Wolfe Auctions’ record result of £24.6m
The February property auction held by Bond Wolfe Auctions has set a new record for the Midlands.
Not only was it the largest auction ever held in the region, offering 224 lots, it raised a record £24.6 million, with a remarkable success rate of 96%.
Ian Tudor, managing director of Bond Wolfe Auctions, said: “By any measure, Wednesday 17 February was a remarkable day, and we are particularly delighted with the results for the commercial lots we offered.”
The marketing run-up to the auction resulted in 1,049,714 website page views, 237,758 video tours watched, and on the day over 3,500 were registered to bid with over 23,000 tuning into watch the auction live.
Mr Tudor said: “This shows that, despite the latest lockdown, interest in our livestreamed auctions and demand for well priced commercial property continues.”
Sellers and buyers came from all across England and Wales, with many overseas bidders, proving once again the national and international reach of the Birmingham-based auction business.
The standout commercial result came when £1 million was achieved for an industrial/office investment at Island Works, 122 Holyhead Road, Birmingham. Let to a long term established tenant, the landmark building between Birmingham and West Bromwich produces annual rental of £75,000.
Also selling well were commercial properties such as 20-22 Booths Farm Road in Great Barr, Birmingham. A retail unit with self-contained, two bedroom flat above, it sold prior to the auction for significantly more than the guide price* of £95,000.
Also sold before the day was 491 Hagley Road, the property housing the long-established restaurant which trades as Casa Italia which was offered with a guide price of £140,000.
A retail investment opportunity at 195 High Street, Princess Parade, West Bromwich, sold under the hammer for £400,000. The property is let to GR & MM Blackledge plc, trading as Bodycare, at an annual rental of £65,000.
In Stoke-on-Trent, a mid-terraced retail unit at 186 High Street, Tunstall, in need of refurbishment sold for £44,000 from a guide price of £40,000+.
For those hoping for a staycation this year, the recently refurbished, 11 bedroom Stanley Hotel at 5 Livingstone Road in Blackpool was sold prior to the auction for an undisclosed sum.
A semi-derelict retail property which was formerly a butcher’s shop at 686 Washwood Heath Road, Birmingham, also sold for significantly more than its guide price of £150,000+.
In Cleveland, a mixed use commercial and residential property at 2 Derby Street, Hartlepool, sold for £33,000 from a guide price of £20,000+.
Ian Tudor said: “Our March catalogue is already looking even stronger, despite the issues over access and viewings caused by lockdown, which we expect to ease as the national vaccination programme continues so successfully.
“We are seeing a much higher level of enquiries for potential commercial lots for our 31 March auction, and have already secured some significant lots.
“Sellers and buyers appreciate that we have a greatly experienced commercial team and we are the only auction business in The Midlands with specialist commercial surveyors who can value and have experience of selling anything.”
Other highlights in the sale included the first lot that went under the hammer. Offered on behalf of City of Wolverhampton Council, Merridale Cemetery Lodge, a freehold, large five bedroom property on 1.385 sq m of land, sold for £330,000 from a guide price* of £275,000+.
Bond Wolfe Auctions’ next auction, which starts earlier than usual at 8.30am, is on Wednesday 31 March.
The auction will be livestreamed via Bond Wolfe Auctions’ website with remote bidding by proxy, telephone or internet only.