Residential Development from London Sale Sells for Profit
Buy from London and sell for ‘lots’ more
A Midlands investor is feeling in the pink after scooping a healthy £75,000 profit in under two months from a residential development sale in Burntwood, Staffordshire, in Bond Wolfe’s February auction.
A 5,400 sq ft complex sitting on almost a third of an acre of land, the former NHS medical centre in Hudson Drive has been empty since last year when the medical practice moved to the new £3.4 million Greenwood Health Centre on nearby Lichfield Road.
The private investor acquired the site from a leading London-based auction house sale in December for £415,000.
It was offered in Bond Wolfe’s February auction with a guide price* of £400,000 and sold for £490,000 – a tidy profit of £75,000 from the date of completion in mid-January.
Ian Tudor, joint managing director of auctions at Bond Wolfe, said: “We knew there would be strong interest in this lot because it is a site that clearly suitable for a variety of alternative uses, including residential development, subject to planning permission.
“It stands within a popular and well-established residential neighbourhood so was likely to prove highly attractive to a range of developers and investors. Working with Lichfield District Council, this redundant site could be regenerated as a high-yielding property investment.”
He said that a comprehensive marketing programme prior to Bond Wolfe’s auction on Wednesday 9 February ensured that competition for this much-prized lot was fierce on the day.
“This confirms our belief that sellers are best advised to sell their assets where there is real expertise and understanding of the local market conditions, backed up by comprehensive local marketing, to achieve the best price,” he said.
The former Burntwood health centre was one of 132 lots of the 146 lots offered in Bond Wolfe’s February auction, recording an overall success rate of 91% and raising over £17.7 million in sales.
Bond Wolfe’s next residential, commercial, land and investment property sale is on Wednesday 30 March, starting at 9 am. The auction will be live-streamed via Bond Wolfe’s website with remote bidding by proxy, telephone or internet only.
For more details and to register to bid visit www.bondwolfe.com/property-auctions-west-midlands/, email [email protected], or call 0121 312 1212 or 01902 928 510.
Anyone with properties to sell in a future auction can arrange a free appraisal by calling the auction team or visiting www.bondwolfe.com/free-property-appraisal/.