In this week’s roundup we look at the latest auction news, from a landmark auction up for sale with Strettons and Bond Wolfe’s return to in-person auctions. Meanwhile, Allsop reports another successful residential auction for June. Are we likely to see more auctioneers return to the ballroom, or are online auctions here to stay?
Landmark £7.5m Bethnal Green mansion block offered at Strettons
A large Victorian mansion block in Bethnal Green is featured in Strettons’ July national property auction, carrying a guide of £7.5 million.
It is the highest-priced property for sale, comprising an unbroken freehold of 24 one-bedroom flats. Currently producing £354,252 per annum, the property is the largest to be offered for auction in E2, and the fourth largest ever brought to auction in the UK.
Strettons’ auction director Andrew Brown comments: “We are seeing significant interest in this prominently located, characterful mansion block as properties such as this rarely come up at auction. There is a real opportunity here for someone to acquire a piece of Bethnal Green history that is well-known by people in the area.”
The catalogue features 41 properties from across the UK, ranging from commercial to mixed-use investment opportunities.
On Amhurst Road Hackney, a freehold of two shop investments plus six self-contained flats for repair and improvement has a guide price of £2 million-plus and on Bermondsey Street, Southwark, two purpose-built BI business units at Ink Works Court are guided at £675,000-plus.
Outside of London, in Bedford, a substantial freehold part vacant commercial investment with development potential is guided at £1.2 million-plus. The property, at 4-6 The Broadway, is set over 4 floors and comprises a restaurant and tattoo parlour to the ground floor and offices above.
Residential investments include a freehold vacant house on Gainsborough Avenue, Manor Park, E12. The two-storey terraced house located within a popular residential area has the potential to be extended and is guided at £350,000-plus. In Rainham, Essex, a freehold four-bedroom detached house also has a guide price of £350,000-plus.
Strettons’ July sale takes place on Thursday 14 July at 12 noon. Registration is available in advance here.
Bond Wolf ‘back in the room’ for July auction
Bond Wolfe will be returning to the ballroom for its July auction after two and a half years of successful online sales.
The auctioneer anticipates a strong comeback, with the auction featuring scores of property investment opportunities that are predicted to generate bidding wars.
One such highlight is Brotherhood Hall, in Trinity Street, Brierley Hill, a former Black Country nursery considered suitable for conversion into flats, which is guided at £190,000.
The building currently consists of 1,745 sq ft of space on the ground floor including a large trade area with various storerooms and a reception and kitchen. The first floor extends to 1,280 sq ft including further trade space and several rooms suitable for storage.
A short distance from the main Brierley Hill High Street, the area has easy access to the nearby local towns of Wordsley, Kingswinford, Dudley and Stourbridge. The Intu Merry Hill shopping centre is only a five-minute drive away.
Another anticipated lot is a six-bedroomed, semi-detached property at 33 Alcester Road, Birmingham, with a guide price of £625,000-plus.
The double-fronted residence, being sold on behalf of a housing association, may even be suitable for redevelopment, subject to the necessary planning permission.
Ian Tudor, joint managing director at Bond Wolfe, says these kinds of properties helped to make Bond Wolfe auctions a ‘magnet’ for UK-wide and overseas investors during the pandemic.
He adds: “Our sale event in May saw over £26 million raised in sales, with 142 lots sold and more than 17,000 viewers logging on to watch the auction live, with buyers logging in from across the UK and abroad. But now it is the right time to get ‘back in the room’.”
The auction starts at 9.30am on July 21 in the Holte Suite at Villa Park and the auction will also be live-streamed via Bond Wolfe’s website with remote bidding by proxy, telephone or internet.
For more details and to register to bid visit www.bondwolfe.com/property-auctions-west-midlands/, or email firstname.lastname@example.org, or call 0121 312 1212 or 01902 928 510.
Anyone with properties to sell in a future auction can arrange a free appraisal by calling the auction team or visiting www.bondwolfe.com/free-property-appraisal/.
Allsop raises £55m at resi auction amidst resilient market
Allsop’s latest residential auction generated £55 million worth of sales, with 134 lots sold – the largest amount raised by the team since September 2021.
On the day of the auction, buyers placed 4,203 bids, with 818 individuals having registered to participate in the sale.
Despite the recent sharp increases in build costs and supply chain disruption, lots in need of redevelopment remained popular alongside the more traditional investment types such as ground rent investments, regulated tenancies, and properties subject to ASTs.
Auction highlights include:
- Lot 25: a freehold unbroken mid-terrace building providing 12 self-contained flats located in Notting Hill, London, producing a rental income of £70,000 per annum, sold under the hammer for £4.9 million (GIY 1.4%)
- Lot 45: a development site with planning consent for seven houses, situated in Ball Hill, Newbury, sold for £2.5 million
- Lot 44: a former register office in Walthamstow and one of the most popular lots with over 160 bids from 14 bidders, sold for £2.4 million, in excess of its guide price of £1.6 million
- Lot 33: a freehold ground rent investment, situated in Bloomsbury, London, arranged to provide 106 self-contained flats, sold for £985,000 from a guide price of £650,000 (GIY 4.89%)
Richard Adamson, partner and auctioneer at Allsop, comments: “We are pleased with the result of our June residential auction as it demonstrates the resilience of the residential property market, even amidst the current political and economic climate.”
“It is evident that there is a strong appetite for well-priced investments and developments across the country, as buyers are looking at the residential market as a safe haven from the poor returns in the bank and rising inflation rates, especially compared to riskier alternative investment opportunities.”
He concludes: “We look forward to bringing further opportunities to the market and welcoming regulars as well as newcomers to our August auction which will take place online.”