June Auction Round-Up
Written by: Paul Thompson on 7th June 2019
Our June Room Auctions took place this week and we had over 150 lots on offer, including a number of high-yielding investment properties, several former banks, plus a wide range of residential properties, commercial premises and land from across the UK.
Taking place on June 4th at the AJ Bell Stadium, and on June 6th at Leeds United Football Club, our North West and Yorkshire & North East June auctions helped clients and joint agents achieve sales of over £9.4 million.
Below, our experts give us a few of their highlights from the auctions.
Paul Thompson, Managing Director and Auctioneer
"Any uncertainty in the wider markets wasn’t reflected in our June auctions which raised a total of £9.4m, with an overall sales success rate of 67% and some post auction sales continuing to be concluded. Not only did both auctions experience packed rooms, but we also sold a number of properties to national and international investors through our telephone bidding and internet bidding options.
"In Manchester's busy auction room on Tuesday, we sold 69 lots and there were a number of very strong outcomes for our Vendor clients and Partner Agents. These included a number of former banks, such as a former NatWest bank in Newton-Le-Willows which sold for £30,000 more than its guide price and a former RBS bank in Atherton which achieved 30% more than its guide price.
"The Leeds auction saw a very large turnout as investors were attracted to a number of excellent investment opportunities. We achieved 100% success for Bradford MBC with all 5 lots selling, including a plot of land in Bradford which achieved 4 times its guide price.
"Additionally, the Mecca Bingo investment in Doncaster proved popular due to it's income and location and generated bids from a number of local and national bidders, with the Gavel falling at £490,000.
"As always, the former banks were well received by the market and this auction was no different, with a total of 6 being sold in our June auctions.
David Hodgkinson, Director
"We are pleased to report that our June 4th Manchester auction saw a packed auction room with a full range of commercial & residential properties on offer.
"Lot after lot in our auction enjoyed competitive bidding from the busy room and this ensured we raised significant sale proceeds for our instructing clients. A particular highlight was the sale of a three bedroom house in Bury for one of our local authority clients, Bury Council. We saw huge interest in this property, both pre-auction and on the day, with the property achieving a final sale price a almost 3 times higher than its original guide price.
"Other highlights for me included a former children's day nursery in Altrincham which sold for £175,000 more than its guide price and a town centre retail unit in Darwen which achieved more than double its guide price.
"Despite the current political uncertainty Pugh & Co. continues to post strong results across all sectors of the market. The North West property market continues to show robust market conditions for both buyers and sellers and we look forward to taking this momentum forward to our July & September auctions."
Edward Feather, Associate Director and Auctioneer
"Our round of June auctions saw some really strong activity in the run up to our Manchester and Leeds sales, resulting in fevered buyer competition on a number of lots on offer. It very much seems that buyer confidence, interest and appetite is ever-present, despite some wider market uncertainty.
"Lot 4 in our Manchester sale, a derelict residential property in Willaston offered on behalf of Cheshire West and Chester Council, proved to be one of our most popular properties of the year so far with extremely high interest levels pre-auction. This resulted in a sale price £200,000 higher than its guide price which seemed to set the tone for the rest of the auction with a number of residential and commercial properties exceeding expectations.
"19 Weldon Road, an end terrace property in need of refurbishment in the trendy suburb of Altrincham, was another lot that captured buyer attention with competitive bidding on the day, seeing the hammer fall at £265,000 - £45,000 higher than its original guide price.
"It wasn’t just bricks and mortar that proved popular either, with plenty of plots of land being sold. Most notably was the sale of an 8 acre plot in Birtley, Chester Le Street that, without any planning, achieved £550,000 at our Leeds auction."
Paul Parker, Property Auction Surveyor
"Our June auctions were filled with a large range of lots which attracted buyers and investors nationally.
Our Manchester auction as busy as ever, with some fantastic lots snapped up. In particular, investment properties proved popular. One of the stand out results was the sale of a well established retail investment in Carnforth which proved popular due to its location in a popular village as well as its income potential. Due to this, the property achieved a sale price over £10,000 higher than its original guide price.
Another great result was the sale of a four bedroom ground floor apartment within a purpose built student accommodation development in Preston. Due to its high income potential, the apartment sold on the day for £15,000 above the guide price.
We are now starting to build our July listing which will be launched on our website on Friday 21st June. So, if you have property or land to sell, contact us today on 0345 505 1200 or click here for a FREE auction appraisal and find out how much you could achieve at auction.
For details of all of our upcoming auctions, click here.
Written by: Paul Thompson on 7th June 2019