Pictured above: Auction in action
The Savills team has now sold over 85% of all property offered
in the March auction and is still negotiating on a number of unsold
lots. This follows the firm's January auction success rate of
100%.
The residential and commercial property auction was held at The
Nottingham Racecourse on Thursday 25th March. In total the sale
realised just shy of £3million for Savills clients, bringing
a total of £2.845million from 37 lots listed.
Chris Charlton, auctioneer for the Savills team, commented It's
a real thrill to see the momentum maintained within the auction
market in the area. We had a wide range of properties both in terms
of style and opportunity. The Savills Nottingham Auction team now
has a good relationship with fellow property firms in the area,
with joint agency lots from Nattrass Giles, Royston & Lund and
Mitchell Dodd Surveyors.
Properties were also offered on behalf of Miller Homes, Cooper
Parry, The Regus Group PLC and Harris Balcombe LLP as well as other
regional Savills offices.
It was pleasing to see raw development opportunities raising
considerable interest and one of the star lots on offer which was
sold was the former Kelham Brickworks at Kelham near Newark which
created significant interest with consent for conversion to a
separate individual dwelling and realised £188,000 on the day
with strong bidding from a number of interested parties.
A few properties were sold prior to auction but those brave
enough to leave the property for the room, in a number of cases,
were definitely pleased with the end results. In particular
lot 17 comprising a substantial freehold industrial building in
Mansfield with a guide of £200,000 to £250,000
attracted a number of pre auction offers and was sold on the day
for £250,000. Similarly, a classic auction property in
Netherfield - Lot 25 comprising a freehold retail unit with self
contained two bedroom flat above was sold with strong bidding at
£92,000.
Paul Giles of the Commercial Auction Team commented that the
room was even more packed than for the January sale and there were
so many people that it was sometimes hard to see who was bidding
and good again to see multiple hands being raised so that our
auctioneer had a choice of bidders on many of the lots offered.
The increasing availability of finance combined with continued
poor returns for those with cash or equity and improving outlooks
for both commercial and residential property have meant an increase
in demand in all sectors of property suitable for auction.
As the City's leading Residential and Commercial Auction House,
Chris and the Auction team which includes Bob Crocker on the
Residential side and Paul Giles on the Commercial side already have
a number of interesting lots for their next sale which will take
place on the 13th May and they are happy to call out to see any
properties which could be suitable for auction to give proper
professional advice on the best method of disposal in today's
market place.