We like to share the insights from our auction partners, the latest being from Auction House Gloucestershire, who this week discussed one of their latest property challenges:

As property auctioneers we are asked to value all kinds of property for public and private sector clients. Recently we were called out to value some former public conveniences for South Gloucestershire Council. Located in Thornbury the building was disused and our client was looking to get maximum value out of this unwanted asset.

We recommended auction as the best method. For our client auction had the benefits of achieving a speedy sale with five weeks of marketing and completion four weeks after sale at auction. The provision of all of the legal information up front and exchange of contracts on the fall of the gavel also meant that once sold under the hammer there was no risk of a purchaser seeking to renegotiate.

One of the benefits of auction is that properties are exposed directly to the local property development and investor communities. They apply their knowledge and expertise to properties to see how an investment return can be made. In this case the planning authorities had made it clear that consent for conversion to residential accommodation was unlikely but several creative schemes were identified by potential purchasers. Private buyers who are ready to proceed and who do not need to achieve a return are also targeted as they can be prepared to pay a little more.

Offered at a guide price of £10,000+ competitive bidding saw a sale price of £34,000 achieved.

Using property auction as a method of sale proved once again that no matter how unpromising a property is that buyers can be found and a successful sale achieved.