This week's auction roundup is full of rarities in Bond Wolfe’s extensive catalogue and also focuses on an impressive £300 million sold in the year so far at Auction House. Here at Property Investor Today, we take a closer look…
Unique investment opportunities at Bond Wolfe sale
Bond Wolfe Auctions is predicting strong interest and fierce bidding for a number of rare investment opportunities at its upcoming sale.
The online auction takes place on Wednesday 28 October, with a catalogue of 212 properties. It will be livestreamed via the website, with remote bidding by proxy, telephone and internet only.
A string of four semi-detached properties converted into 18 apartments has been entered in the auction as a residential investment property with development potential, carrying a £1 million price tag.
All the apartments at 117 to 123 Tettenhall Road, Wolverhampton, are currently let on assured shorthold tenancies with the gross income from the property currently at £86,561 per annum. Planning permission is expected to be granted before the auction for the erection of a pair of semi-detached houses fronting Cranmore Road.
Ron Darlington, consultant director at Bond Wolfe, says: “The development potential makes the £1 million price tag particularly good value and we are expected a considerable degree of interest from property investors with an eye for a bargain.”
A rare opportunity to buy an eight-bedroomed farmhouse on Otherton Hall Farm in South Staffordshire with consent to create two large homes will also feature in the sale. The 200-year-old detached Georgian property, aptly known as The Farmhouse, currently ranges over four floors including the attic, with an additional basement.
Although needing refurbishment throughout, the property benefits from planning permission to be sub-divided into two homes – one a five-bedroom house with a one-bedroomed annex, the other a six-bedroomed house. It has a guide of £395,000-plus.
Colin Totney, a land and development surveyor at Bond Wolfe, comments: “This could make an exciting project for a bespoke developer to create two substantial and characterful dwellings, and we expect a lot of interest and competitive bidding on the day.”
Meanwhile, a Grade II listed three-bedroomed detached cottage near Loughborough has been entered for sale. The Thatch, at 6 Main Street, Rempstone, is thought to date from around the 1650s and ‘wears its history on its sleeve’. Comprising a hall, two large reception rooms, kitchen, WC and potential study or bedroom on the ground floor, as well as three sizable bedrooms, it carries a guide price of £225,000-plus.
Jonathan Hackett, consultant director at Bond Wolfe, describes the property as ‘some lucky bidder’s dream home. “This is a rare opportunity to acquire an historic home with character to spare at an exceptional price. Given its rural surroundings and fully expect highly competitive bidding when this property comes up for sale.”
Gurpreet Bassi, chief executive of Bond Wolfe, adds: “These are just a few examples of the wide range of lots we will be offering to bidders at the next auction from Birmingham alone, with so many more from around the Midlands and across the UK.”
“We really do pride ourselves on the choice of properties on offer which we feel will suit so many different buyers.”
‘Covid won’t conquer us!’ Auction House sells £300m of property in 2020
Auction House has made over £300 million (£300,877,878) worth of property sales in the year so far.
Cumulative sales for 2020 currently stand at 2,300 lots sold from 2,913 offered, registering a strong success rate of 79%.
Commenting on the figures, Auction House founding director Roger Lake says: “As can clearly been seen from the figures, the pandemic hasn’t held us back! Indeed, we have functioned very effectively throughout the lockdown, as well as after the easing of restrictions, and now during what is being described as a second surge.”
“Our remote bidding solution has worked seamlessly both for our livestream and online sales, and our Covid-secure viewing programmes are operating well.”
He adds: “Not only are we listing more lots, we are also selling more family homes, with city sales – including across London – seeing a marked upturn. As a result, average sold prices are up by 40% year on year – at £145,500 compared to £103,400 in 2019.”
Last month’s total value of sales reached £63 million – the highest the group has raised in any September in its 12-year history. During the month, Auction House sold 433 lots from 533 offered, and delivered a success rate of 81.2%.
According to Lake, the auction market is returning to pre-Covid levels of activity. “Remote bidding is now fully accepted as the norm around the country, and buyers have grown in confidence with bidder numbers continuing to rise. Sellers too are again choosing auctions, where the selling prices achieved are regularly well beyond expectations.”
The group is also announcing higher entry numbers this October than last year, with the latest figures indicating that there will be 622 lots listed for sale this month – an average of 28 properties every working day.
“Our regional auction teams are seeing high levels of activity, with good success rates and strong prices. Our average selling prices are way up on a year ago and buyer demand remains healthy, despite the resurgence of Covid. We predict Q4 will be very busy!” Lake concludes.