Strong demand for commercial property as Bond Wolfe Auctions sets new UK auction record
Commercial property was much in demand as Bond Wolfe Auctions set a new record for the UK’s most successful livestreamed auction, raising over £30.23 million in its latest sale on 31 March.
The tone for the day was set when Lot 1, the former Sedgley Police Station (pictured) in the Black Country sold for an impressive £820,000 from a *guide price of £260,000+.
Ian Tudor, managing director of Bond Wolfe Auctions, said: “This auction was also the largest ever held outside of London, with a total of 205 lots sold from 218 offered, representing a success rate of 95%.
“The demand for commercial property in our auctions is not only coming from our West Midlands heartland but also all over the UK including London and the south east. We are also seeing increasing interest from overseas bidders.
“Our commercial property lots are now in a global shop window and hence we are seeing more overseas bidder in every auction.”
The interest in the auction was backed up by the data collated both during the marketing period and on the day, with 814,817 website page views, 161,168 video tours watched and 34,336 tuning in to watch the auction live.
Other lots that attracted strong interest in the run-up to the auction included The Button Factory, Maypole Works, Maypole Lane, Birmingham, which was offered with a guide price of £135,000+ but sold prior to auction for £565,000 to a London developer.
A former police community office at 145 Oliver Road, Ilkeston, Derbyshire, with a guide price of £10,000+, sold for £29,000.
A freehold, town centre bank premises, let to Santander on a current rental of £33,500 per annum, at 91 Queen Street in Morley, Leeds, sold for £340,000 from a guide price of £335,000+.
In West Bromwich, a substantial high street freehold development opportunity with planning permission for a 35 bedroom house in multiple occupation, further emphasised the demand for investment opportunities.
The property at 315-319 High Street was offered with a guide price of £595,000+ but sold prior to the auction for an undisclosed sum.
A former Methodist Church Hall in West Street, Swadlincote, Derbyshire, sold for £64,000 from a guide price of £55,000-£65,000.
Over in Stoke-on-Trent, the former Stanfield Nursery School in Dollys Lane, in an established neighbourhood and suitable for redevelopment, subject to planning permission, sold for £210,000 from a guide price of £189,000+.
A freehold development opportunity with planning permission for 9 one bedroom apartments at 22-24 Lower High Street, Wednesbury, sold prior to auction for an undisclosed amount, having been listed with a guide price of £375,000+.
Ian Tudor added: “The range of our properties and the geographical spread of the locations is making our livestreamed online auctions a must for the serious commercial property investor.
“As the economy emerges from the pandemic and a series of lockdowns, we can expect to see even more demand for solid ‘bricks and mortar’ investments offering good returns or attractive redevelopment potential.”
* 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.