Auction roundup – April action sees historic lots and record wins

16 April 2021 | Investment

A property that was first sold at auction over 50 years ago is set to go under the hammer for the second time in half a century.

Little Granary in Woldingham, Surrey has been listed by Network Auctions with a guide price of £750,000-plus and is being sold by Order of the Trustees. But unlike the first 1969 auction, when it was sold by Order of the Executors, there will not follow an auction sale of the valuable contents.

The three-bedroom detached house with double garage was originally a 1950s architect-designed house, but having been unlived in for many years, the property has fallen into disrepair and the site is currently secured by Harris Fencing.

In a stark warning of the interior’s poor condition, bidders have been advised to exercise caution on scheduled viewings due to the collapsed ceilings as a result of leaking pipes and water ingress.

The site occupies a large west-facing plot of 1.16 acres with attractive open views to the rear – many of which remain unchanged since when it was first sold at auction over 50 years ago.

Auctioneer Toby Limbrick says: “The beauty of this location is the rural atmosphere, whilst still being inside the M25. London is easily accessible by road and Woldingham Station offers a regular service to both Victoria and London Bridge.”

“We have already had early interest and pre-auction offers on this lot because it occupies a prime site in a stunning location. Little Granary offers buyers the potential to extend and improve the existing house or develop the plot, subject to the necessary consents.”

He concludes: “We’re delighted to be selling Little Granary at auction after its debut over 50 years ago. After years of neglect, we hope the winning bidder will maximise the potential on offer.”

Little Granary will be sold along other unique lots at Network Auctions online sale on April 22.

Historic townhouse with hotel potential up for sale at Pugh

A historic three-storey building off St Peter’s Square in Manchester city centre is due to go under the hammer at the next Pugh property auction this month.

Number 65 Princess Street, which adjoins the Waterhouse Wetherspoons pub, is Grade II listed and was built as one of a row of four three-storey townhouses with basements at the end of the 18th century.

Most recently used as the offices of a recruitment company, the 2,900 sq ft property is being auctioned with planning consent for conversion into an eight-bedroom boutique hotel and has been given a guide price of £650,000.

A planning application has also been submitted to redevelop the building as a six-bedroom, four-reception-room townhouse.

Edward Feather, associate director of Pugh auction house, comments: “It’s highly unusual for a historic property like 65 Princess Street, in the heart of the city centre, to come up for auction, especially with planning permission for redevelopment as a hotel.”

“The potential to return it to its original 18th-century use as a townhouse is also an exciting possibility if planning consent is given and, not surprisingly, there has been a great deal of interest in the building.”

He adds: “It has been unoccupied for some time and it will be fantastic to see this property, which has been centre-stage in Manchester’s development as a great city, become an asset once again.”

Since the onset of the coronavirus pandemic 12 months ago, Pugh has sold lots totalling over £40 million at its auctions, which have been held on the firm’s online platform.

Pugh’s next auction will be held online on April 21. Registration for the auction closes at 12pm on 19 April and bidding opens on 20 April. You can view the full catalogue here.

Sutton Kersh April sale sets personal best with 600 registrations

Sutton Kersh Auctions has now sold a total of £24 million worth of property in the first four months of 2021 through just two auctions.

The auction house has set its own record by having 600 people register to bid for auction and 100 people register to bid for the first lot.

Lot 1, a fire damaged mid-terraced property on Rockfield Road in L4 had a guide price of £15,000 and sold for £81,000 – 440% over guide.

Lot 2, a mid-terraced property on Faraday Street in L5, sold for £70,500 which was £30,500 over its guide price. Lot 3 on Whitland Road in L6 continued the trend; the mid-terraced property sold well over its £85,000 guide for £111,000.

The team sold over £3.8 million worth of property prior to auction and offered 119 properties at the live-streamed auction.

This auction consisted of a considerable number of residential properties, such as lot 23, a three-bed house on Jacqueline Drive in Huyton, which had a guide of £80,000 and sold for £116,500.

Another property that gained a lot of interest both prior to auction and on the day was lot 41, Mostyn Hall in L15, Wavertree. This property was a modern and purpose-built eight-bed house in multiple occupation and a great investment opportunity. It was guided at £185,000 and sold for £86,000 higher at £271,000.

Further afield, a two-bed detached chalet-style bungalow in the popular area of Hayle in Cornwall attracted a lot of interest and had a guide price of £150,000, eventually selling for £191,000.

Katie Donohue, auction valuer and business development manager of Sutton Kersh, says: “We are delighted with how our April auction has gone as we have sold over £11 million worth of property.”

“Selling 85% of lots offered demonstrates not only the strength of our team in sourcing and pricing the stock correctly alongside our vendors, but also our ability to attract the right buyers.”

Sutton Kersh’s next auction will be taking place on May 27 2021.

Strettons April auction raises £12.5 million

Strettons raised £12.5 million at its national property auction on April 8 with an 87% success rate.

The highest price of the day was achieved for a substantial freehold mixed-use retail and office investment property in Rochford, Essex. Currently producing £67,115 per annum, the property sold for £802,000 against a guide price of £750,000-plus. 

The April sale got off to a strong start, with the first property, a freehold vacant former substation site in Cowes, Isle of Wight, selling for £175,000 against a guide of £50,000.

A long leasehold vacant three-bedroom flat in Hayes, Middlesex with a guide price of £230,000 sold for £362,000 early on in the sale, which set the trend for the rest of the auction with many properties selling above the guide price.

This includes two freehold residential investments in Forest Gate which both exceeded their guide price of £350,000, selling for £415,000 and £391,000 respectively. 

A series of land sites sold on behalf of advertising agency JC Decaux also attracted interest. One of the sites, a 5,147 sq ft piece of land in Southampton, sold for £240,000 against a guide of £100,000.

Ground rent investments continued to exceed expectations, with 100% of ground rents available on the day selling – some notably higher than the guide price. A ground rent investment compromising five flats with planning permission for an additional flat on New Kings Road, Fulham sold for £69,000 off a guide price of £9,500.

Commenting on the sale, Strettons’ auction director Andrew Brown says: “It is clear that the market is still very robust, and I am pleased with the total we raised. There was strong interest in the sale, and we had many keen bidders for the vast majority of lots.”

“I feel this makes our 87% success rate very representative of how it would have been pre-Covid in a ballroom auction as we were able to offer so many properties on the day.”

He adds: “Strong interest and competitive bidding on many of the properties certainly helped achieve the best price for our clients and demonstrates the advantages of selling at auction.”

Lots are now invited for Strettons’ next sale which takes place on Thursday May 27 2021.

This post has originally been featured in Property Investor Today.