Our first auction at Claridge’s saw all of the lots for UK banks, funds and LPA receivers sell.
Lots from this sector comprised of a mixture of residential, office, industrial and retail space and accounted for approximately 40% of the catalogue.
Investors acquire assets at attractive prices
Explaining why these lots proved so popular, Oliver Childs, Head of Auctions, said: “Vendors have had to accept that any upturn in the market may be some way off and consequently have priced their properties appropriately. This led to a flurry of interest from cash-rich investors who are not constrained by a lack of funding and are able to take the opportunity to acquire assets at very attractive prices.”
Overall 78% of the lots featured in the 14 May auction sold, raising £4.4m.
Former school sold for over 30% of guide price
On behalf of Northumberland County Council a former Grade II listed grammar school in Hexham was sold to a private individual for £430,000 and a derelict mansion owned by Denbighshire County Council achieved a sale price 30% over its guide price.
To view results from our May auction please visit our auction website. Our next auction will be on 16 July 2012 at Claridge’s in London.