Auction roundup – a slice of Pye, quaint cottages and July sales

This week, Property Investor Today takes a look at the latest goings-on for the UK’s top auctioneers, from John Pye’s brand-new Business and Property department and attractive lots on sale at Bond Wolfe, to Strettons’ extensive catalogue brimming with investment opportunities.

Online auction house offers clients a larger slice of Pye

John Pye has unveiled its new Business and Property department to further support its one-stop-shop offering.

Jointly headed by Charles Loake and Trevor Palethorpe, John Pye Business and Property will offer a full range of valuation services: from desktop appraisals to red book valuations, all carried out by a team of RICS and NAVA Propertymark qualified valuers.

The new-look department is supported by John Pye valuation offices in Belfast, Birmingham, Edinburgh, London, Manchester, Nottingham, Stoke and Swansea, with more than 500 full-time John Pye Valuers and UK site support staff.

Having been awarded UK ‘Asset Valuer / Auctioneer of the Year’ in five of the last six years by the Turnaround, Restructuring and Insolvency (TRI) Awards, John Pye says it will bolster its market presence and services with the newly strengthened and rebranded department.     

Trevor Palethorpe, head of John Pye Valuations, comments: “Charles and I are thrilled to announce the new John Pye Business & Property department.”

“Historically the Business Assets and Property departments have seen a cross over in services provisions, so combining them both became an obvious next step enabling us to offer an increased service level while at the same time offering a cost-effective one-stop-shop to our client.”

As one of the UK’s largest commercial auction networks, John Pye processes, markets and sells more than 800,000-plus lots per month, providing an extensive sales back catalogue of sales results allowing for quick and accurate valuations.

The firm works on behalf of banks, lenders, Government Authorities, insolvency and restructuring practitioners, retailers, property owners and agents.   

It has circa 1 million sq ft of sales space across 17 sites in England, Northern Ireland, Wales and Scotland averaging 500,000 unique users to their website per month, providing an unrivalled reach for the auction industry.

The new department, as well as offering a full range of valuation services, will also offer property sales and management advice, management and clearances services, full property security, data risk management, financial settlement, waste management and a variety of sale mechanisms including online auctions, private treaty, tender and sale of business offering a true one-stop-shop experience.

Adam Pye, managing director at John Pye, says: “We pioneered the online property auction back in 2014 and it has been a huge success. Originally offering 0% seller fees as a launch promotion the take-up, and feedback, was so positive that this is still in place seven years later.”

“With both departments sharing a large number of clients, it made sense to integrate them, providing greater client value and maximising their returns in sales realisation. I have full faith that under Trevor and Charles, along with their experienced team, this will be a huge success.”

Four cottages with rental income of £23.5k-plus up for sale

A row of four cottages in the village near Birmingham with an annual rental income of £23,500-plus are expected to catch the eyes of bidders at Bond Wolfe’s July auction.

Located in the small North Warwickshire village of Curdworth, near Sutton Coldfield, the freehold properties at 36, 38, 40 and 42 Coleshill Road will have a single lot guide price £400,000-plus.

The combined rental income of £23,580 represents a yield of nearly 6% based on the guide price.

James Rossiter, auction valuer at Bond Wolfe, comments: “This is a unique opportunity to own a row of four cottages, two being end-terraced and two mid-terraced, in the much sought-after village of Curdworth.”

“The properties all stand flush to the pavement with a garage to the rear and the potential of adding off-road parking to the rear.”

“This would make an ideal investment to a landlord looking to expand their portfolio, with the great benefit of the cottages all being in one place, making them easier to manage and look after.”

The cottage at number 36 has a hall, reception room, store and kitchen on the ground floor, with a landing, bedroom and toilet upstairs. It brings in £6,600 of rent a year.

Number 38 has a hall, reception room, kitchen, rear lobby and bathroom on the ground floor, a landing and two bedrooms upstairs. It also brings in £6,600 of rent a year.

Number 40 has a reception room, kitchen and store on the ground floor, with a landing, bedroom, and bathroom upstairs. It is rented out for £4,140 rent a year.

Meanwhile, number 42 has a reception room and kitchen on the ground floor, with a landing, bedroom and bathroom upstairs. It brings in £6,240 rent a year.

Numbers 36 and 38 have central heating and double glazing, while numbers 42 has central heating. All four cottages have rear gardens.

The Curdworth cottages make up just one of the 247 lots listed in Bond Wolfe’s next auction which starts at 8.30 am on Wednesday July 21.

The auction will be live-streamed via Bond Wolfe’s website with remote bidding by proxy, telephone or internet only, and bidders must pre-register no later than 12 noon on Tuesday 20 July.

Investment opportunities abound at Strettons’ July auction

Strettons’ catalogue for its July national property auction is now available to view online, featuring 59 lots across the UK including numerous residential and commercial investments, development opportunities and land.

The highest-priced property is lot 38, a freehold Grade II listed town centre commercial investment in Billericay, Essex. The property generates a total rent of £46,300 per annum and has a guide price of £900,000-£925,000.

The sale also brings to the market numerous development opportunities. Lot 1, a freehold vacant house for repair in Chingford being sold on behalf of Waltham Forest Council, is guided at just £150,000-plus and lot 5, a freehold detached bungalow with development potential in Uxbridge, has a guide price of £630,000-plus.

In Anerley, a freehold vacant builder’s yard with development potential (subject to obtaining all necessary consents) is guided at £775,000-plus, and in West Hampstead, a share of freehold four-bedroom flat arranged over three floors has a guide price of £620,000-plus.

Set to attract the interest of investors and developers, lot 35, a freehold, mainly let, licenced HMO for seven households in Neasden, has a guide price of £800,000-plus. A planning application has recently been submitted for the property to be converted into three flats.

Land investments include a series of former billboard advertising locations across the UK sold on behalf of JC Decaux with prices ranging from £27,000 for a site in Swindon to £115,000 for one in Southampton.

Commenting on the upcoming sale, Strettons director and auctioneer Andrew Brown says: “We have achieved over £100 million in sales in the past twelve months, the first time since 2007. This has been achieved, in part, by consistently offering a range of realistically priced and varied properties which appeal to a broad spectrum of property investors and owner-occupiers.”

“With properties located in Newcastle upon Tyne in the north to Southampton in the south and from Swindon in the west to Clacton on Sea in the east, our July sale is truly a national auction with prices suitable for every pocket.”

Strettons’ July auction will take place at 12 noon on Thursday July 15 2021 and will be live-streamed with remote bidding only.