Half an island in the River Don, and a number of other land lots, sold for at least double their guide price after going under the hammer at Mark Jenkinson and Son’s £4.5 million September auction.
The eastern half of the wooded island site – situated in a picturesque location close to Ewden Beck, on the boundary between Sheffield City Council and Barnsley Metropolitan District Council - sold for over 14 times the guide price of £500 at £7,250. The island site is approximately 1,500 sqm, but is subject to seasonal variations and river levels.
Elsewhere, more than 1.5 acres of green belt land with future development potential – located in Sheffield - went under the hammer at £30,000 but sold for £79,000, while 230 sqm of vacant land adjoining 150 Pontefract Road in Barnsley went for £19,500 off a guide price of £10,000.
Some 32 of the 39 lots were sold in Mark Jenkinson’s sixth auction of the year, raising £4.5 million at an 85% success rate.
The auction, held at Sheffield United FC’s The Platinum Suite, saw continued strong demand for unmodernised houses, with the biggest lot of the day a high-profile residential investment of three-bedroom terraced houses on Whitham Road in Broomhill with a guide price of £750,000 selling immediately afterwards.
“Prices in the room varied between £6,100 for some residential ground rents in Sheffield to £496,000 for an industrial investment in Hull,” Adrian Little, head of the auction department at Mark Jenkinson and Son, said:
“There was strong demand for lots offered on behalf of Hull City Council with all achieving figures substantially above reserves. A number of the larger lots showed yields in the region of 5%.”
Little said fierce competition was seen to the very last lot from local and national buyers, both present at the auction and at the end of the telephone line.
“This was our first auction after the summer break but was full of encouraging results and entries are already being taken for our October auction,” he added.
Mark Jenkinson’s next auction will be held at 2pm prompt at Sheffield United FC on October 22.