AUCTION ESTATES: April auction raises another £5m with record prices
Latest news from Auction Estates following their hugely successful auction last month:
Our initial concerns over the number of people attending the viewings were soon overcome as the Centenary Suite at Nottingham Racecourse was filled to capacity by the 2.30pm start and frantic bidding from the off as we worked our way through a bustling 53 lot catalogue.
The majority of lots were sold in the room with many far exceeding their Guide Prices as bidders jostled to secure the properties they'd come to bid on.
Highlights of the sale included a 2.5 acre parcel of land in Teversal in North Nottinghamshire, guided at £15,000+ which eventually sold for £192,000 after a lengthy battle between multiple bidders. There was also a surprise result for a derelict Manor House near Market Rasen in Lincolnshire which sold for a record £350,000 (Guide price £250,000+), an exciting project which has been acquired by a local builder who plans to restore the property to its former glory.
Land proved popular throughout the sale with various small parcels selling far in excess of their guides, including a small parcel in Ollerton offered at Nil Reserve, which eventually sold for £32,500.
We offered an attractive former charity building on behalf of Nottingham City Council located on Radford Road in Nottingham, guided at £225k-£250k which eventually sold to a bidder in the room for £390,000.
Flat conversions remained popular with the trade buyers, and the most notable sale was of a large block of property in the heart of Grantham Town Centre comprising a former antiques shop with outbuildings, guided at £250,000+ and which sold to a bidder in the room for £350,000, much to the delight of both the buyer and seller as the hammer fell.
Arguably, the bargain of the day was a freehold shop in the seaside resort of Sheringham on the North Norfolk coast, which sold at its Guide Price of £125,000 to a telephone bidder. The property even included a highly sought after parking space in what is a very popular tourist location. The shop has been acquired by a local shop owner who wants to set up another outlet on this busy stretch of Station Road, the main thoroughfare through the town.
A couple of deals were signed up immediately after the auction for properties which didn't quite meet their reserves in the room, much to the delight of the clients who will be completing their sales in June as planned.
Entries are now being invited for our 16th June auction.
Auction Estates is a dedicated Property Auction House specialising in the sale of all types of residential housing, commercial property, land and specialist property investments.
Established in 2016, the team have sold over £70m of property across the UK from shops & flats in small Scottish fishing villages, land & pubs in Wales, specialist telecom investments in the Midlands, apartments in central London & development land on the Isle of Wight (and lots of properties in between!).