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Auction House sells iconic rock band warehouse

A warehouse used by the iconic rock band, Iron Maiden, has been sold by Auction House London.

The recent Auction House auction – which took place on 12 February – saw the sale of the commercial property which was used by the band to store costumes and music equipment while touring the UK.

The warehouse in Jarman Way, Royston, Hertfordshire, started the day with a guide price of £70,000 but sold for more than double the figure at £167,500.

Andrew Binstock, director and auctioneer at Auction House London, commented: “We had an incredible turnout to this particular auction and it was possibly one of our busiest salerooms ever. There were several outstanding results with buyers fighting hard for a number of properties being sold.”

“Prices at auction are continuing to drop, which in turn is attracting more serious buyers. This is reflected by the fact that three quarters of the lots listed in this auction went on to sell raising a total of more than £13.5 million.”

Another highlight of the sale was a two-bedroom second floor flat in Leeland Way, Neasden, West London. This property, which is in need of total modernisation and has just 18 years left to run on the lease, saw bidding start at £90,000 and also sold for more than double its guide price at £196,000.

Binstock added: “I think prices are going to continue to get keener over the next few auctions, making it a great time to be buying property.”

The next sale for Auction House London will take place on Tuesday 26 Match 2019 at the London Marriott Regents Park, 128 King Henry’s Road, NW3 3ST at 12pm.

Meanwhile, auctioneer SDL Auctions has urged property owners to opt for the ‘hassle-free’ auctions route. Andrew Parker, managing director and auctioneer at SDL Auctions, is encouraging owners to sell under the hammer as the time taken to sell a property gets longer.

Latest figures from the Royal Institution of Chartered Surveyors (RICS) found the average time to sell a property has increased to 19.4 weeks (135 days) from listing to completion. This compares to just six weeks when selling at auction.

Delays are bad news for sellers, investors and home movers. Parker said even when an offer is made, a buyer may be at the mercy of a lengthy chain which increases the chance of the sale falling through.

“There are no chains when you sell at auction so you don’t have any of this uncertainty or hassle,” he added. “You can set a reserve price to ensure your property is sold for what it’s worth and, once the hammer falls, the contract is legally binding.”

He explained that, in most cases, completion will take place in 20 business days and, even when this period is slightly longer, this will be specified in the legal pack so buyers know exactly where they stand.

The auction process proves popular with many buyers and sellers, with the first round of 2019 auctions seeing over £15.9 million raised in sales from last week alone.

Parker went on: “Whatever type of property you have to sell, there are buyers ready and waiting. We have access to a wide network of landlords, investors, property dealers and private buyers. The difference is that our buyers are firmly committed to the purchase and have the finances in place to proceed.”

SDL Auctions’ room sales will take place around the country in March and April on the following dates:

  • Birmingham – Thursday 21 March
  • Cheshire and North Wales (Chester) – Thursday 4 April
  • North West (Manchester) – Thursday 4 April
  • Leicester – Monday 8 April
  • Nottingham – Tuesday 9 April
  • Derby – Thursday 11 April
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