Car parks lead bumper £13m property auction

A CPBigwood sale of Birmingham City Council car parks produced bumper prices.

The property agents’ latest auction, held at Aston Villa FC, and being filmed for the Homes Under the Hammer television programme, saw bidding accelerate away.

One in Bath Street, Newtown, guide price £125,000, went for £280,000, while two others in Newtown, in Smith Street and Ward Street together with Northwood Street, Hockley, total guide price £175,000, hit an amazing £595,000.

A small parcel of land in St James Road, Handsworth, taking in a derelict garage and car parking space, again on behalf of the city council, sold for £46,000 off a guide of £5,000.

Indeed the council had a successful day with 80% of their lots selling including 100% of the car parks on offer.

Jonathan Hackett, partner and head of auctions, said: “CPBigwood’s first 2015 auction sale was a huge success with 118 lots offered and 96 sold, giving a percentage of 82%. Our total sale was just under £13m and we hope to break the barrier with post auction deals.

“There was huge pre-auction interest in most of the lots – we had more than 3,000 viewings of the vacant residential ones.

“The room was packed with over 1,000 people and there was not a seat in sight.”

The sales split was residential vacant, 90%; pubs, 88%; development opportunities and land 86%; residential investment, 81%; and commercial vacant, 70%.

Across the board the firm achieved figures well in excess of guides, sometimes double and in one case treble what was being asked.

A highlight was Grade II Listed Lickhill Manor Nursing Home, Lower Lickhill Road, Stourport-on-Severn, available at the very low guide of £400,000 to £450,000. The detached Georgian building, believed to date back to the 1700s, with 35 bedrooms and breath-taking views to the River Severn, was sold for £620,000.