Goucher joins Savills as an associate and his new role will see him working closely with Nicholson Boyd, who has been instrumental in growing the development and commercial stock within the auctions catalogue since arriving at the firm in spring 2021.
He comes to Savills following three years as an Investment Surveyor with Acuitus where he was involved in advising and managing the sales of a number of significant commercial assets throughout the UK.
The team expansion follows a highly successful year for Savills Auctions, which included the sale of several high-profile development and commercial properties.
The department’s most recent hires reflect the growing demand among clients seeking to both sell these types of assets and invest in opportunities that have clear development potential or strong investment qualities.
Speaking of the appointment, Robin Howeson, head of Savills Auctions, comments: “We are extremely pleased to begin the year having welcomed George to our team. He has strong experience within the commercial auctions sector and will play a key role in driving our business forward as we look to enhance our offering and expertise in this area.”
“We ended 2021 in a strong position and in order to meet client needs, it is our intention that team growth will form a central part of our plans this year.”
MSP Capital’s new bridging loan secures first bidding success
A newly launched bridging loan product aimed at the growing property auction market has secured its first bidding success.
MSP Capital’s Auction Bridging Loan has helped developer Remarkable Refurbs buy a flat in a prime location near the seafront in St Leonards, East Sussex.
The one-bedroom, ground-floor property needs extensive refurbishment and was sold for £126,000 through Clive Emson Auctioneers.
Having identified the flat’s potential, Remarkable Refurbs turned to the bridging loan to pre-arrange funding and secure a credit-backed offer so they could place their bid with confidence.
Keith Lovsey, managing director of Remarkable Refurbs, comments: “I was concerned about timescales so it was great to be dealing with a company well versed in turning offers, valuations and legal documents around quickly and answering enquiries very fast.”
Launched at the end of November 2021, the bridging loan is specifically tailored to help clients looking to buy residential properties at auctions with rates starting from 0.54% per month.
The product comes with fixed legal fees, zero exit fee options and the promise of no valuation fees for properties worth under £1 million.
Clients can borrow up to 70% loan-to-value (LTV) with a maximum single property value of £3 million.
Interest in the new bridging loan comes as the national auction market continues to see substantial growth in popularity.
The trigger was last year’s stamp duty holiday combined with the migration to online auctions due to the pandemic.
Chris Wright, auction product lead at MSP Capital, says the lender designed the bridging loan as a specialist product to help bidders as they make their preparations for auction day, which can sometimes be a stressful, ‘against the clock’-type experience.
“It is really encouraging that so soon after launch we have been able to help a developer such as Remarkable Refurbs secure their desired lot,” he adds.
“It’s all about providing clients – whether they are a developer, private individual, joint borrower, partnership or company – with the added confidence to place that all-important bid there and then knowing the necessary funds are in place.”
The bridging loan applies to all residential property types that are vacant, let on AST (assured shorthold tenancy) or in need of refurbishment, with commercial properties considered on a case-by-case basis.
Clive Emson Auctioneers' director and senior auction appraiser Sam Kinloch comments: “We continue to embrace the latest technology to bring our property and land auctions to the widest possible audience – with prospective purchasers able to bid from the comfort of their own homes anywhere around the world.”
“Therefore, we welcome any initiatives by service providers – such as that by MSP Capital which has launched a new specialised product to make it even easier for bidders to get funding – recognising how our industry is becoming an increasingly important way of buying and selling.”
“Although we are unable to endorse specific products, we are gratified to learn of new developments designed specially to complement our work and to offer an extended range of choices to customers,” he concludes.
Stretton launches auction catalogue ahead of major sale
Strettons has published the catalogue for its upcoming 17 February national property auction.
The sale is Strettons’ first of 2022 and features properties from across the UK, with prices ranging from declared nil reserve for a freehold vacant land investment in Burgess Hill, East Sussex, to £1.5 million for a freehold town centre mixed-use commercial investment in Guildford.
This prominent Grade II listed property on High Street, Guildford, partly let to Molton Brown Ltd, currently produces £117,000 per annum and has the potential for the conversion of the upper parts into residential accommodation.
In Hendon, a freehold commercial/residential investment at 7-8 Central Circus has a guide price of £1,350,000 plus. Comprising a Domino’s Pizza takeaway with rear access to six studio flats above, the property currently produces £89,760 per annum.
The February catalogue features a unique investment opportunity: a rooftop mobile phone signal mast located at Central House in Stratford, East London. Currently let to Vodafone and EE, the investment produces £32,900 with rent reviews every five years and has a guide price of £200,000-plus.
Another lot set to spark interest is a rare investment opportunity, St Peter’s Methodist Church in Newcastle, Shropshire. The vacant, freehold former place of worship extends to 7,836 sq ft, is set within 1.12 acres of grounds and has a guide price of £455,000-plus.
The auction also brings to the market a range of residential, commercial and land investments from across London and the South East. In Leytonstone E11, a freehold vacant five-bedroom house for modernisation, along with four garages, has a guide price of £900,000 plus. In Stockwell, SW9, a freehold vacant first floor flat for modernisation is guided at £325,000-plus.
Commenting on the sale, Strettons director and auctioneer Andrew Brown says: “I am looking forward to beginning our 2022 auction calendar. Our catalogue features some rather unique opportunities, along with solid auction lots across London and the South East that have the potential to add value, so I am expecting them to appeal to seasoned property investors.”
The February auction will take place at 12 noon on February 17 Thursday and will be live-streamed with remote bidding only. You can download the full catalogue here.
Demand for development projects skyrockets at SDL Property Auctions
SDL Property Auctions is witnessing high demand for development projects as buyers kick-start their property plans for 2022
The auctioneer has already experienced a packed month of successful auction sales. Many buyers in the first National Property Auction of the year and across Timed Auctions on the SDL Property Auctions website were keen to snap up a development project and start their property journey in 2022.
Managing director and auctioneer Andrew Parker comments: “It was fantastic to be back at the rostrum for our first live-streamed auction of the year. However, our Auction Events are only part of the picture as we have been selling properties in Timed Auctions on our website every day and achieving some great results for sellers all over the country.”
A particularly impressive result was achieved in a Timed Auction for the seller of 3 Belmont Drive in Liverpool, a seven bedroomed semi-detached house with a huge amount of potential. The property could be converted to flats, with a planning application submitted for three apartments, or become a HMO, subject to the necessary consents. It was offered for sale in partnership with WRB Auctions with a guide price of £45,000-plus and attracted 112 bids from eight separate bidders before selling for £155,000.
A wide variety of development opportunities could be found in the live-streamed National Property Auction too, including another property with the potential for conversion to a HMO, subject to the necessary consents. 115 Etnam Street in Leominster, a three-storey property close to the town centre, sold for £106,000 from a guide price of £70,000-plus.
Occupying a three-acre plot in Derbyshire providing plenty of space for development, subject to planning permission, or suitable as a smallholding or family home for a family with equestrian interests, Hillcrest, Alfreton Road in Westhouses is another ideal property project. Bidders in the National Property Auction saw its possibilities and it sold for £377,000 from a guide price of £225,000-plus.
Elsewhere, in Long Eaton, a row of three dwellings went under the hammer in the live-streamed Auction Event, achieving a great result for the seller. 22-24 and 28 Main Street comprise a two bedroomed mid-terrace, a mixed-use property featuring a ground-floor retail area with a four-bedroomed property above, and a three-bedroomed semi-detached house. The properties sold for £324,000 from a guide price of £250,000-plus.
Parker adds: “Not all properties we sold in January were refurbishment or development projects; there were plenty of well-presented homes, too, as we see increasingly positive attitudes towards auctions on the part of private homeowners.”
One such property was a three-storey mid-terraced period property in Nottingham with four bedrooms and original features including exposed floorboards, fireplaces and an impressive Minton tiled hallway. Sold in a Timed Auction in partnership with Frank Innes Nottingham, 49 Bentinck Road drew 17 bids from five separate bidders, selling for £276,500 from a guide price of £255,000+.
“It’s been a great start to 2022 with all of our auction methods getting fast, faff-free results for properties around the country. What’s more, because our auctions are pandemic-proof, safe and don’t feel like a compromise, we are reaching a wider range of buyers and sellers,” Parker concludes.
SDL Property Auction holds Timed Auctions on its website daily, alongside live-streamed Auction Events. Three Auction Events will be held in February: the Knight Frank auction on Thursday February 17, the Shepherd Commercial Property Auction on Wednesday February 23 and the National Property Auction on Thursday February 24.