Growing demand for commercial lots under the hammer
Demand for commercial properties under the hammer at auctions continues to grow, according to Bond Wolfe Auctions’ managing director Ian Tudor.
Mr Tudor, who heads up the firm’s commercial team, said the latest Bond Wolfe Auctions’ live streamed sale held on Wednesday 16 September demonstrated the market’s appetite for commercial lots.
The September sale saw a record amount of commercial and land lots listed since Bond Wolfe Auctions was launched in January 2019 with 50 lots out of the 207 that went under the hammer.
Mr Tudor said: “Cash is king in times of economic uncertainty and sale by auction gives the seller certainty and speed in a post-lockdown world.”
Bond Wolfe Auctions’ latest auction saw lots sold on behalf of Birmingham City Council, Walsall Council, West Midlands Police, RBS, The Ministry of Justice, investment companies, developers and private clients.
A retail shop with living accommodation above, offered on behalf of Birmingham City Council, at 776 College Road, Kingstanding, sold for £190,000 from a *guide price of £75,000+.
Birmingham City Council’s former neighbourhood office and car park at 54 Highfield Road, Saltley, fared even better, selling for £249,000 from a guide price of £100,000+.
Walsall Council’s former library building in Coppice Road, Walsall Wood, was offered with a guide price of £175,000+ and after competitive bidding the hammer eventually fell at £319,000.
For West Midlands Police, a former neighbourhood police base at 51 Prouds Lane, Bilston, sold for £181,000 from a guide price of £150,000+.
A former bank in Belper, Derbyshire, at 34 King Street, achieved £245,000 from a guide price of £200,000+.
And in Birmingham city centre, a self-contained office building at 49 George Street sold prior to auction for well in excess of its guide price of £275,000.
A detached office unit, 15 The Courtyard in Gorsey Lane, Coleshill, sold for £220,000 from a guide price of £200,000+.
Ian Tudor said: “These two lots in George Street, Birmingham, and Coleshill, were purchased for owner occupation, suggesting demand remains for small self-contained offices, despite many still working from home in the ‘new normal’.”
As ever, there was strong demand for residential development opportunities including a site on land adjoining 2 Mayland Road, Birmingham, which sold for £250,000 (guide price £175,000+).
The Old Stables, a detached commercial building with planning permission for residential development in Sandiacre, Nottingham, achieved £124,000 (guide price £100,000+), and a mixed use investment at 48-50 Astwood Road, Worcester, sold for £247,000 (guide price £210,000+).
Ian Tudor added: “It was also encouraging to see the demand for small residential development opportunities, demonstrated by the strong sale of the Nottingham and Birmingham properties.”
With online auctions now regularly topping 200 lots, Bond Wolfe Auctions has announced plans to launch stand-alone commercial auctions in Spring 2021.
Bond Wolfe Auctions’ next online auction, which is livestreamed via the website at www.bondwolfe.com with remote bidding by proxy, telephone and internet only, is on Wednesday 28 October.
Anyone interested in the auctions or with properties for sale in future auctions should contact [email protected] or call 0121 312 1212.