The February property auction held by Bond Wolfe Auctions has set a new record for the Midlands.

Not only was it the largest auction ever held in the region, offering 224 lots, it raised a record £24.6 million, with a remarkable success rate of 96%.

Gurpreet Bassi, chief executive of Bond Wolfe Auctions, said: “By any measure, Wednesday 17 February was a remarkable day, and we are delighted with the results.”

The marketing run-up to the auction resulted in 1,049,714 website page views, 237,758 video tours watched, and on the day over 3,500 were registered to bid with over 23,000 tuning into watch the auction live.

Mr Bassi said: “This shows that, despite the latest lockdown, interest in our livestreamed auctions and demand for well priced property continues.”

Sellers and buyers came from all across England and Wales, with many overseas bidders, proving once again the national and international reach of the Birmingham-based auction business.

Highlights included the first lot that went under the hammer. Offered on behalf of City of Wolverhampton Council, Merridale Cemetery Lodge, a freehold, large five bedroom property on 1.385 sq m of land, sold for £330,000 from a guide price* of £275,000+.

On the commercial front, £1 million was achieved for an industrial/office investment at Island Works, 122 Holyhead Road, Birmingham. Let to a long term established tenant, the property produces annual rental of £75,000.

Great results were also achieved for properties such as 39 Steepwood Croft, Kings Norton, Birmingham, a three bedroom, end terraced house which realised £157,000, more than three times its guide price of £50,000+.

In Dudley, a two bedroom, semi-detached house at 35 Spring Road, raised £100,000 from a guide price of £49,000-£54,000.

Another Black Country property, 26 Harebell Crescent, Dudley, was sold for £95,000 from a guide price of £49,000+.

Down the road in Brierley Hill, competitive bidding saw the hammer fall for £112,500 for 23 Corbett Road, a three bedroom, semi-detached house offered with a guide price of £59,000+.

 

Bond Wolfe Auctions’ next auction which starts earlier than usual at 8.30am on Wednesday 31 March.

The auction will be livestreamed via Bond Wolfe Auctions’ website with remote bidding by proxy, telephone or internet only.