As we settle into a new month, Property Investor Today takes a look at the latest news in the auction realm.
Another bumper catalogue for Bond Wolfe sale
A former RBS branch in Belper, a Grade II cottage in a historic Hertfordshire village and four Birmingham City Council homes are set to go under the hammer in Bond Wolfe’s upcoming remote sale.
Taking place on Wednesday 16 September, the auction will be the ‘largest-ever’ live-streamed auction to be held in the UK and will accommodate 214 lots, with potential buyers bidding by proxy, telephone or internet only.
Standing at 34 King Street in Belper is the 2,490 sq ft end-terraced building which comprises a former bank premises over ground and first floors together with a basement. The current configuration has the former main banking hall on the ground floor with partitioned offices and stores.
On the first floor, there are further offices, a former staff room and male and female WCs, while the basement includes the strong room, stores and plant room.
With a guide price of £200,000, it is expected to attract considerable interest from potential bidders because of its site in the historic Derbyshire town and its suitability for a range of alternative uses – subject to obtaining appropriate planning permissions.
Ian Tudor, managing director of Bond Wolfe Auctions, says: “This property is considered suitable for a variety of alternative uses, subject to obtaining the appropriate planning permission.”
“The size and position of the site in this popular village makes it highly attractive to potential developers and we are expecting high levels of interest and highly competitive bidding on the day.”
Another highlight is a timber-framed Grade II cottage in the historic Herefordshire village of Staunton-on-Wye, which is listed by Historic England with a guide price of just £75,000.
The property has no staircase to the first floor and the building is in need of refurbishment but may be suitable for redevelopment, subject to obtaining the necessary planning consents. It is among a number of other timber-framed buildings in the historic Herefordshire village.
Florence House dates back to the 1600s, with 19th century and 20th century additions. It stands behind a front garden and the ground floor comprises a hall, three reception rooms, kitchen and a bathroom with WC. There are two bedrooms on the first floor.
“This lot is a great example of the low guide prices to be found at auctions when properties – even historic homes like this – need modernisation works,” Gurpreet Bassi, chief executive of Bond Wolfe Auctions, comments.
“But for capable first-time buyers, or for landlords looking to invest to expand their portfolios, this cottage offers great opportunities, and we’re expecting it to receive a lot of competitive bidding interest.”
Birmingham City Council has also placed four homes with attractive guide prices in the auction. One is a vacant three-bedroom mid-terraced property at 75 Fox Hollies Road in Acocks Green, which is in need of modernisation and repair throughout. It has a guide price of £90,000-plus.
Another three-bedroom mid-terraced house at 135 Wyatt Road, Sutton, needs general improvement and upgrading but is well set back from the road behind a lawned front garden. It is guided at £125,000-plus.
At 143 Station Road, Kings Heath is a three-bedroom mid-terraced home with a guide price of £150,000-plus. The property is in need of complete modernisation and is set back from the road with front and back gardens.
Further north in Handsworth is a substantial six-bedroom semi-detached house at 23 Livingstone Road with a guide price of £150,000-plus. The three-storey vacant property is set back from the road behind a front garden with off-road parking and a back garden, although it needs modernisation and repair throughout.
Tudor adds: “All four houses are leasehold and offers are invited for each of them for a new 125-year lease at peppercorn ground rents with a requirement to refurbish bring it back into beneficial use as single dwellings within 12 months of purchase.”
“These properties are likely to attract investors who want an opportunity to renovate houses for the rental market.”
Many of the properties featured in the sale have a virtual tour available which can be viewed at www.bondwolfeauctions.com.
‘Clicks and mortar’ with record online lots at Clive Emson auction
Clive Emson has a record 137 online lots on offer across southern England for September, eclipsing the previous high at its July sale which featured 135 lots.
James Emson, managing director at Clive Emson, comments: “We look forward to September’s auction on our online platform, with a diverse range of land and property to suit different pockets.”
“Residential and commercial property, along with land, continues to attract strong investor interest, with each one of our online auctions since lockdown attracting increasing lot numbers and digital audiences.”
He says bidders are now searching for ‘far better returns than can be had with cash deposits in banks and building societies’ during this era of ultra-low interest rates.
The July auction saw 135 lots on offer, with three-quarters sold and 30,000-plus people watching at various times.
“During the campaign, we took more than 5,800 phones calls and 3,800 legal packs were downloaded; our website attracted 510,000-page views,” Emson adds. “There were also 1,000 enquiries generated via property platforms OnTheMarket and Zoopla.”
Clive Emson is offering an opportunity to buy a section of the legendary White Cliffs of Dover, which is situated on the south of Old Dover Road in Capel-Le-Ferne. Those interested could buy 17.29 acres (6.99 hectares) of the cliff-top with ‘stunning’ views across the English Channel to France.
Another highlight of the September sale is Snagbrook Farm, located at Hollingbourne, near Maidstone, which is guided freehold at £1.5 million-plus and comes with 61.2 acres. The detached farmhouse, with eight bedrooms, is believed to date back to the 16th Century; there is a detached chalet bungalow, along with three barns, a mobile unit and fresh spring-fed water lakes.
Auctioneer Kevin Gilbert says: “This is an amazing opportunity; the lot is likely to attract those who would like to live on their own estate within striking distance from London, but also investors.”
Clive Emson, based in Maidstone, Kent, is now starting the marketing campaign for the next online auction which ends on Wednesday 23rd September.
The worst people at auctions revealed!
Property auctions can be seen as a paradise for buyers and investors, but even a nirvana packed with opportunities can have some annoyances.
This is highlighted by Andrew Binstock, co-founder, director and auctioneer at Auction House London, who, in comedic fashion, gives us his best impressions of the worst people at auction.
Earlier this year, the Property Investor Today team attended an Auction House London sale to get a first-hand look of what takes place at auction, and recently checked in with Binstock himself in an exclusive interview on what it takes to be an auctioneer.