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Nil reserve for freehold land to be sold by auction. A rare plot of freehold land on an historic site in Shropshire is appearing with a nil reserve price at Bond Wolfe Auctions’ next auction in Birmingham on Wednesday 3 July.

The site known as The Wynde is on the Coalport Road in the market town of Madeley, which forms part of the Ironbridge Gorge world heritage site.

Madeley itself is within five miles of Telford town centre and has undergone major redevelopment in recent years, including a new supermarket and shops.

Gurpreet Bassi, chief executive of Bond Wolfe Auctions, said: “It’s highly unusual to start auction lots with a reserve price of nil and we’re expecting intense interest in the auction room on the day.

“This land has been given the rock-bottom reserve price of nil because it’s currently occupied by the derelict remains of a two-bedroom, detached bungalow, accessed via a footpath.

“The land could be suitable for a variety of uses, offering the potential either for redevelopment of this building or various other developments, subject to planning permission.”

Mr Bassi explained that while reserve prices of nil meant that there was no minimum price, prospective owners would still have to pay the standard auction administration fee of £1,074 including VAT for each property.

He added that some auction properties can have further costs and that it was always recommended that potential purchasers read the legal pack.

The property is just one of 120 lots in the auction at Villa Park on Wednesday 3 July which can all be viewed here.

Bond Wolfe Auctions only launched in January but has already been instructed on 350 properties this year, and this will be its third auction in a row to offer over 100 lots.

Its first two auctions had an average success rate over 87% which has quickly established Bond Wolfe Auctions as the Midlands’ leading auctioneer in 2019.

* Each property is subject to a reserve price which may be different from the guide price.

To discuss selling property by auction or for more information about our property auctions Birmingham, please call Bond Wolfe Auctions on 0121 312 1212, email [email protected] or click here to arrange a free auction appraisal. 

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