commercial property lambert smith hampton

News - 11/04/2016

Landmark Newcastle city centre development opportunity to go under the virtual hammer

Lambert Smith Hampton is offering a historic former public baths complex sitting in a prominent corner site of 450 sq m for sale by online auction, on behalf of Newcastle City Council. Bidding will open on 2nd June 2016 and close at midday on 7th June.

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Gibson Street Baths, which is located to the north of the vibrant quayside area of Newcastle, was surplus to council requirements and a decision was taken to sell it in order to stimulate its redevelopment. The property could be suited to a variety or mix of uses, such as business, leisure, residential or entertainment. 
Oliver Childs, head of  auctions for Lambert Smith Hampton, explains: “With a reserve price of £10,000, this site represents an unprecedented development opportunity in Newcastle City Centre. The online auction method of sale is perfect for this type of property for three reasons. Firstly, it opens up the market to everyone from local developers to worldwide investors. Secondly, the marketing time can be tailored - in this instance, it is longer than average at eight weeks, so that buyers have ample time to complete due diligence as it is a complex site. Thirdly, the pre-authorisation process means buyers can be vetted in order to maximise the likelihood of the site being developed within a short time period. Essentially, the online auction provides all the benefits of a 'best bids process', but with the added security that a deposit is paid and contracts are exchanged at the point that the auction is won.”
The existing large stone building  was opened in 1907 and is believed to be the oldest public bath house in Britain. The interior is arranged as a large swimming bath in a domed roof hall, adjoining which is a washing house beneath a domed ceiling and on the first floor, an area that once contained individual baths.  
View Gibson Street Baths, Newcastle, and register to bid HERE 
How the online auctions service works: 
Bidding opens: 11:00 2 June
Bidding closes: 12:00 7 June

• Pre-registration will be required in order to bid, together with a hold on funds payable as a deposit on a credit card (£5,000).
• If a bid is received within the last minute of the sale period, once this minute has expired, a new one minute window will appear and immediately after a new bid is received thereafter, the bidding period will be immediately extended by another minute - and so on until no more bids are received.
• The site will be sold to the highest bidder at or above the reserve price.
• Completion period is 20 business days. 


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