Auction roundup – will February’s sales top January’s?

12 February 2021 | Investment

With 36 lots marketed on behalf of housing associations, the sale will offer an array of opportunities that will appeal to investors and owner-occupiers alike.

The highest value lot of the residential catalogue is lot 35 – a freehold former bank in Southampton. Set in the town centre, the building has planning consent for 120 boutique student apartments and a three-storey commercial unit. The property is guided at £2.5 million-plus.

Richard Adamson, partner and residential auctioneer at Allsop, says the upcoming auction will offer a final opportunity to take advantage of the stamp duty holiday, leading to fierce competition.

“This catalogue sees a wider selection of properties than the year before in response to a substantial increase in buyer appetite, in part fuelled by the temporary tax exemption,” he comments.

“We’re expecting high levels of market activity over the coming weeks not least because of the rapid advances in the UK-wide vaccination programme, which have helped instil a sense of confidence among investors after a challenging 11 months.”

Highlights from the residential catalogue include:

  • Lot 144, Coulsdon, Surrey – a Grade II listed six-bedroom house with an annexe, providing a further two bedrooms, reception room, kitchen, and bathroom. The property includes a large garden, ample grounds and a swimming pool. Guide £1.75 million-plus

  • Lot 181, Crewe, Cheshire – a Grade II listed building used as an orphanage and a hospital with a full planning permission for an extra care community with new build aspect. The existing building can provide 18 extra care apartments and two guest suites, and a further 36 extra care apartments can be added to the site. Guide £1.7 million-plus

  • Lot 68, Stoke Newington, London – a freehold building with three self-contained flats arranged over four floors, with a gross internal area of 2,015 sq ft. Guide £1.275 million-plus

  • Lot 50, Clapham, London – a freehold mid-terrace five-bedroom house with development potential and two gardens. The property is within walking distance of trendy Abbeville Road with a number of shops and other amenities. Guide £1.25 million-plus

The next online-only residential auction is on February 18. You can view the catalogue here.

Strettons launches catalogue ahead of February sale

The catalogue for Strettons’ February 17 national property auction featuring 49 properties is now available to view online.

The highest-priced property is Lot 1, a freehold vacant terrace of four Grade II listed buildings on Cable Street E1. The properties comprise eight two-bedroom flats and have a guide price of £2.4 million-plus.

Other notable properties include a freehold commercial investment and three vacant flats on Putney Bridge Road, Wandsworth with a guide price of £875,000-£900,000 and a freehold office building with development potential on Southwark Bridge Road which is guided at £850,000-plus.

In the Silvertown development, on the banks of the River Thames, a ground and first floor duplex four-bedroom flat with river views has a guide price of £665,000.

At the other end of the price range, a freehold vacant mid-terraced house for improvement in Middlesbrough has a guide price of £12,000-plus.

As with previous Strettons auctions, land investments include a series of former billboard advertising locations across the UK sold on behalf of JC Decaux with prices ranging from £23,000 to £40,000.

Auction director Andrew Brown comments: “I am looking forward to getting our 2021 auction calendar underway in what is Strettons’ 90th anniversary year.”

“We sold over £74.8 million of property in 2020, with an average 90% success rate and an average selling price of 28% over guide price. This is our best annual total since 2012 so we have entered this year with optimism and determination to have another successful year and deliver strong results for our clients.”

Strettons’ February auction will be live streamed from 12 noon on Wednesday February 17 2021.

New PropTech perks when using MMoA with iamsold

iamsold is encouraging estate agents and suppliers offering the Modern Method of Auction (MMoA) to adopt its ‘Best Practice Guide’, as the increasing demand for auction sales continues.

Since the guide was introduced at the end of 2019, iamsold’s network of agents has grown by over 25% as more agents offered MMoA in response changing needs for speedier and more secure transactions. Last year, iamsold’s online auction sales agreed rose by 18% and it predicts 2021 will see the category exceed this growth.

The results align with the auctioneer’s record online sales in January. Some 379 properties were sold, raising £63.5 million in capital value – up a substantial 37% year-on-year.

The company is reinforcing its Best Practice Guide, which is designed to help agents and suppliers adhere to industry best practice standards in line with a code of conduct for MMoA transactions.

Jamie Cooke, managing director at iamsold, comments: “We released the guide not just to support agents in our own network, but with the aim of other MMoA providers adopting it.”

“No one provider owns the space, but we believe all should adhere to clear, robust and transparent guidelines so consumers are given a fair and consistent service, and importantly to protect the reputation of MMoA and those offering it.”

The auctioneer is also developing a new functionality to make consumers aware of all methods of sale. It will be offered to iamsold agents onboarding with movebutler – a new online platform launching from iamproperty in spring.

Cooke adds: “The functionality we are introducing to movebutler will help our partners offer the right advice suited to their vendors’ circumstances, ensuring they understand the advantages and disadvantages of all options. We’ll always be committed to driving best practice and transparency in this space.”

Essex barn conversions ‘as rare as hen’s teeth’ up for sale

A collection of four old Essex barns in Blackmore, Essex, and a Grade II listed farmhouse are coming to the property market via auction with Dedman Gray Auctions.

Set amidst a courtyard-type setting backing onto open greenbelt land, the dilapidated buildings – which date back to 1750 – have now gained planning permission for conversion into four classic barn-style properties, in addition to the doubling of the existing farmhouse.

They sit amongst 4.8 acres and are expected to attract interest at the auction, which takes place on February 17 at 2pm.

Dedman Gray is offering the development opportunity as a single lot in partnership with Keller Williams Estate Agents. It has a guide of between £2 million and £2.25 million, with an estimated value of £6 million in resale value as a completed project.

Mike Gray, managing director of Dedman Gray, comments: “This is a very rare opportunity indeed for a canny developer to corner the market in Essex barns and to resurrect this mews into something very special and desirable, as our computer-generated images fully highlight.”

“I cannot recall the last time that a collective of such properties were offered for sale and accordingly we expect a lot of interest on the day.”

Dedman Gray’s auction will be live streamed in line with the current Covid restrictions. To register interested, click here.

More rare opportunities at next Bond Wolfe Auctions

Bond Wolfe Auctions has announced a range of investment and development opportunities at its upcoming February sale.

One such example is Flat 2 at Pinnacle House, 632 Evesham Road, Redditch – a two-bedroom apartment in a luxury block which comes with its own basement swimming pool.

The vacant property is on a long leasehold and offers two bedrooms, one with en-suite shower room, an open plan reception room and kitchen and a family bathroom. Pinnacle House has electric security gates and allocated owner parking. It is guided at £100,000-plus.

Meanwhile, strong bidding is expected for a family home close to the Malvern Hills. The four-bedroom house at 5 Old Malvern Road rests in the popular area of Powick, a tranquil village between Worcester and Great Malvern.

The property stands away from the road behind a large driveway with gardens, two reception rooms, conservatory, central heating and double glazing, although the need for modernisation means a guide price of £250,000-plus.

Elsewhere, homes with price tags as low as £20,000 across Stoke-on-Trent are set to go under the hammer. An example is a two-bedroom mid terraced house at 32 Hillary Street, in Cobridge. In need of modernisation, it has two reception rooms, an understairs cupboard, kitchen and bathroom with WC on the ground floor with two bedrooms upstairs and gardens to the rear. It also benefits from gas fire central heating and UPVC double glazing.

A couple of miles away in Kidsgrove, a guide price of £50,000-£55,000 has been set for a three-bedroom end terraced house at 1 Stonebank Road. Downstairs the property comprises two reception rooms, a kitchen, pantry/store, sunroom and a WC, while the bedrooms and bathroom with WC are on the first floor.

In Derbyshire, four three-bedroomed terrace houses at 1, 2, 3 and 4 Alma Gardens are being offered with a guide price of £80,000-plus.

The new build properties all stand back behind driveways on a private road, have gardens, central heating and double glazing to the majority of windows, and all benefit from a six-year new build guarantee.

Gurpreet Bassi, chief executive officer at Bond Wolfe Auctions, comments: “As always, we have a great choice of attractive properties and a wide range of starting prices from across the Midlands and North of England, which means there will be something for everybody.”

Bond Wolfe Auctions’ next online auction will be livestreamed via the website at www.bondwolfeauctions.com starting at the earlier time of 8.30am on Wednesday February 17 2021, with remote bidding by proxy, telephone and internet only.

<!– LinkedIn –> This post has originally been featured in Property Investor Today.