Commercial lots play a major part in record result
The growing demand for commercial lots in auction was demonstrated by an outstanding record result in Bond Wolfe Auctions’ latest online auction.
The auction on Wednesday 28 October saw record total sales of over £21.2 million with 185 lots sold from the 201 offered for an impressive success rate of 92%.
Some of the best results prior to the sale and on the day were recorded by commercial lots, results that managing director Ian Tudor has highlighted.
“We are seeing a continuing increase in demand for commercial lots and development opportunities from buyers resulting in a number of lots selling well above guide prices pre-auction.
“The sale by auction gives sellers certainty of sale in these continuing uncertain times with immediate exchange of contracts, certainty of sale and receipt of sale proceeds typically within 28 days of auction day.
“There has never been a better time to sell commercial assets and land via auction.”
Commercial highlights from Bond Wolfe Auctions’ October sale included 21 Hope Street in Walsall, an eight bedroom detached former supported housing property which sold for £381,000 from a guide price* of £230,000+.
A vacant detached office building at 35 Little Aston Hall, Little Aston, Sutton Coldfield, sold before the auction for more than £550,000 from a guide price of £395,000+.
Strand House in Bromsgrove, a freehold office investment with a guide price of £495,000+ and former Swan & Mitre pub, which had a guide price of £225,000+ were also snapped up before the auction.
The former Kinver police station, which has planning permission for demolition and the construction of four new homes, sold for £396,000.
A vacant mixed use property at 347 Soho Road in Birmingham, which had a guide price of £250,000+ also sold before the auction.
And the widely anticipated sale of an investment property, Victoria House in West Bromwich, which was offered with a guide price of £665,000+, was also sold prior to the auction.
In Wolverhampton, a long leasehold modern industrial warehouse, Unit 10, Spring Road Industrial Estate, Lanesfield Drive, sold for £98,000 from a guide price of £65,000+.
The Chuckery, a freehold vacant club premises at 42 Beacon Street, Walsall, realised £242,000 from a guide price of £180,000+.
Ian Tudor added: “We are experiencing a huge interest in our livestreamed auctions, with 603,152 website page views, 103,626 video tours watched and over 32,666 people tuning in to watch the 28 October auction live.
“An increasing percentage of those viewing our website and the live stream on the day of the auction are commercial buyers and sellers and that is why we are planning to launch commercial only auctions in the Spring of 2021.
“We are seeing demand not only from buyers in the Midlands, but also from all over the UK, particularly London and the South East where buyers are recognising the value and returns on offer in our auctions.”
Bond Wolfe Auctions’ next online auction will be livestreamed via the website at www.bondwolfe.com from 9am on Wednesday 9 December 2020, with remote bidding by proxy, telephone and internet only.
The deadline for entries is Friday 13 November and anyone with properties for sale should contact [email protected] or call 0121 312 1212.