A Successful Joint Sale: Post Office and General Store Sold via Auction

At Ernest Wilson (part of Eddisons), we pride ourselves on delivering successful outcomes for our clients, and a recent auction sale was a prime example of how collaboration and the right approach can lead to excellent results. Not so long ago, we worked alongside Pugh & Co on a joint sale that garnered significant interest and ultimately exceeded expectations.

The property in question was a unique residential development site located in Scarborough – an area with great potential for growth. It comprised a spacious, detached, air-conditioned modern convenience store, which included the Post Office, along with an additional former owner’s 3-bedroom cottage, a petrol forecourt with two pumps, and a further detached workshop. The site also came with the significant advantage of planning consent for the demolition of the retail unit, petrol filling station, and workshop, paving the way for the erection of three residential dwellings with associated parking.

Originally put on the market for sale by private treaty, the vendor had found themselves needing to sell quickly due to changing circumstances. The requirement for a fast sale was made all the more pressing by the need to release equity and free up funds, making the security and certainty of an auction the best option for achieving a swift and reliable outcome.

Having discussed the best route with our client, we quickly agreed that an auction sale would be the ideal solution. The auction route offered a set timescale and brought the added benefit of competitive bidding, which would not only secure the necessary funding but also maximise the sale price. After all, auctions bring out the true market value of a property by creating a sense of urgency and competition, which worked in our client's favour.

The guide price for the property was set at £250,000, and the sale price came in at £255,000 – a fantastic result for all involved. This sale demonstrates the power of the auction process in achieving a competitive price in a short period of time. 

Moreover, the auction process offered the added benefit of working with an in-house team rather than bringing in an external agent. By collaborating with Pugh & Co, we were able to manage the sale internally, ensuring a more streamlined and efficient process for our client.

The auction route was the perfect solution in this instance. Given the circumstances, we needed to ensure a fast and secure sale while also achieving the best possible price for our client. The joint sale with Pugh & Co not only helped us meet those requirements, but it also highlighted the advantages of auctions in certain property sales.

In summary, this sale is a great example of how auctions can be an invaluable tool in property sales, especially when the need for speed, certainty, and security is paramount.