Investors drive strong demand for commercial property at Bond Wolfe Auctions’ May sale
Commercial property recorded very strong results in Bond Wolfe Auctions’ latest livestreamed online auction.
The sale of a number of lots featuring freehold commercial ground rents raised a total of £770,000 on behalf of Birmingham City Council.
And a former community centre at 1 Kingsley Street, sold on behalf of Walsall Council, realised £172,000 from a guide price* of £150,000.
Ian Tudor, managing director and head of commercial at Bond Wolfe Auctions, said: “Demand for commercial property continues to grow and with the gradual easing of lockdown restrictions enabling easier access for viewings we can only see this continuing.
“We were delighted with the results of this latest auction which saw 201 lots sold from the 220 offered, representing a success rate of 92% and raising over £23.5 million in sales.”
The build up to the auction reflected the increasing regional, national and global demand for property with 797,107 website page views, 162,792 video tours and 68,228 legal packs downloaded.
A prominent freehold city centre retail investment (pictured above) at 10 Northgate Street, Gloucester, with the ground floor currently let to 02 and the upper three floors suitable for residential conversion, subject to planning permission, sold for £371,000 from a guide price of £350,000+.
Further north at 91 Queen Street, Morley, Leeds, a freehold town centre investment let to Santander Bank plc achieved £340,000 from a guide price of £335,000+.
A freehold parcel of land and premises on about 0.17 acres with planning permission for 19 car parking spaces alongside a former betting shop at 2 Old Church Road, Coventry, sold for £240,000 from a guide price of £150,000+.
One of the lots that attracted a great deal of media coverage in the run-up to the auction was the former theatre and snooker hall at 377-379 Bearwood Road, Smethwick, in Sandwell, which was sold prior to the auction for an undisclosed amount.
Detached freehold office premises at 22 The Courtyard, Gorsey Lane, Coleshill, near Birmingham, sold for the guide price of £225,000.
A major retail investment opportunity at 4-16 Brook Square, Rugeley, Staffordshire, sold for £520,000 from a guide price of £475,000+.
In Stoke-on-Trent, substantial office premises at 94-96 The Strand, sold for £165,000.
And a two storey office building in Worcester at 7 Newport Street, offered with a guide price of £120,000+ sold for £196,000.
In West Bromwich, two substantial commercial offerings 195 High Street, Princess Parade, and 51 High Street, both sold prior to the auction for undisclosed sums.
Ian Tudor added: “Strong interest before the auction added up to competitive bidding on the day and we were very pleased with the results for our clients. We look forward to a strong commercial offering in our upcoming July auction.”
* Each property is subject to a reserve price which may be different from the guide price. Please refer to the Important Information and legal pack(s) for further information and any additional fees which may apply.