Auction roundup – mid-year milestones and bumper summer catalogues

Now that we’re well into the summer, we take a look at the mid-year results for Sutton Kersh Auctions and Mark Jenkinson and Son, as well as the bumper summer catalogues for SDL Property Auctions and Allsop.

Will the property auction market heat up to match the scorching weather?

Over £49m worth of property sold so far at Sutton Kersh

Sutton Kersh Auctions’ mid-year summer event sold £13 million worth of property and achieved a success rate of 85%.

The event, held on July 15, saw 134 lots offered, which included over 70 residential investment properties alongside commercial and development opportunities. The team sold 31 lots worth over £4 million prior to the auction.

Sutton Kersh has sold over 400 properties through four auctions this year, reaching an overall value of over £49 million.

Over 400 bidders registered for the mid-year event, with many lots selling for considerably more than their guide price.

Lot 1, a three-bed semi in the L10 area of Liverpool, had a guide price of £65,000 and sold for £93,000. Meanwhile, lot 29 was a mixed-use investment opportunity in L4, producing £10,880 per annum, and sold for £103,000 against a guide of £68,000.

Another mixed-use property, lot 42, a three-storey terraced property comprising of a ground floor retail unit together with office and storage space to the upper floors, had a guide of £110,000. This particular lot had a high number of bidders register for it, which resulted in a lively bidding war and the property selling over its guide price.

Commenting on the results, Cathy Holt, associate director of Sutton Kersh Auctions, says: “Given that the stamp duty holiday has come to an end and nationally there has been a slight dip in the market, our auction results today show that there is still a huge demand for certain types of investment, commercial and residential properties throughout England.”

“Today was a huge success with us selling over £13 million worth of property through a single auction yet again, with this figure set to rise due to post-auction sales.”

Other highlights of the auction include lot 64, a mid-terraced three-bed property in the heart of L4, listed at £45,000 which sold for just under £75,000 and lot 76, another three-bed mid-terraced property, which again saw a high number of bidders register and a sale of £37,000 over the guide price.

Holt mentions: “Despite the many changing trends in the market over of the last 12 months there is still a very high demand for three-bedroom properties, which has been evident in our results, especially over the more recent auctions.”

Sutton Kersh Auctions will be holding its next auction in September 2021.

SDL Property Auctions reveals its biggest catalogue to date

SDL Property Auctions has introduced its largest-ever catalogue for a live-streamed National Property Auction.

Launched ahead of its July 29 sale, the interactive digital catalogue features 250 lots – the highest number since SDL began running its live-streamed Auction Events at the start of the pandemic.

Against a background of a national shortage of homes for sale, managing director and auctioneer Andrew Parker says the high number of lots shows a growing number of sellers choosing a fast, hassle-free sale with the reassurance of a fixed completion date.

“We are delighted to be helping so many sellers not only find buyers quickly but enjoy a smooth journey to completion in a short space of time,” he comments. “Auctions are a safe, faff-free alternative to private treaty sales and it’s encouraging to see them becoming much more mainstream.”

Rostrum duties will be shared between SDL Property Auctions’ Rory Daly and Graham Penny, and guest auctioneer Isabel Murtough – a favourite on the BBC for many years. Together, they will work through the bumper catalogue of family homes, village bungalows, city apartments, development opportunities and more. 

One such lot is 8 Brook Street in Soham, a Grade II-listed Cambridgeshire cottage which dates back to the 16th century. The property is currently divided into two homes with separate access and a connecting door on the first floor. On the edge of the village overlooking fields, the three-storey cottages have been in the same family for generations and now require some renovation. The property is being sold in partnership with Century 21 Cambridge with a guide price of £295,000-plus.

There are interesting character properties in Birmingham, too, where The Boathouse and Keepers Lodge in Waterside Court, 101 St. Vincent Street are both offered on behalf of  Midland Heart, each with a guide price of £175,000-plus. The adjoining canalside properties are set within a gated development along the Brindley Place canal network in the centre of Birmingham. Both have four storeys and the same layout, featuring a breakfast kitchen, hallway and cloakroom on the ground floor, an L-shaped lounge on the first floor, a bedroom and shower room on the second floor and a second bedroom on the top floor. Each property has a potential annual rental income of £13,200.  

In London, there’s a rare opportunity for developers to purchase a parcel of land with the possibility of building a single dwelling, subject to planning permission. Land on the corner of Dallin Road and Mayplace Lane in SE18 is in a mainly residential area within walking distance to Woolwich Railway station. The plot features a large timber shed and has vehicular access from Mayplace Lane. It has a guide price of £75,000-plus.

One of the most eagerly anticipated lots can be found in Wales, where 166 Inverness Place in Cardiff provides the ideal refurbishment opportunity. With an attractive guide price of £20,000, the three bedroomed mid-terraced property is likely to appeal to a wide variety of buyers, including developers looking to add value, landlords seeking a buy-to-let either as a single unit or apartments (subject to planning permission) and those looking for their next home. 

Parker adds: “This is a superb auction lot with an extremely attractive guide price and is sure to be popular with bidders. It will be a great way to get our July auction off to an exciting start.”

The sale takes place on Thursday July 29, with bids invited to be placed online, on the phone and by proxy. To register to bid click here, or for information about any of the properties click here.

Former chapel and office sell for double the guide price at £4m auction

A formal chapel in Doncaster, an ex-office/retail unit in Sheffield and land in Barnsley all sold for more than twice their guide price at Mark Jenkinson and Son’s latest online auction.

Its ‘fiercely competitive’ fifth auction of the year saw sales total £3.8 million.

The former Methodist chapel in Nethergate, Doncaster, sold for more than three times the guide price of £40,000 at £134,000.

Meanwhile, the ex-Citizens Advice Bureau on Spital Hill – a substantial double-fronted inner terrace office/retail unit over five levels – was listed at £175,000 but sold for £323,000.

A freehold site of land, with planning consent already granted for six dwellings in Darfield, Barnsley, also more than doubled its guide price of £100,000, going for £244,000.

Several other lots also sold well above their estimate, including 7 Fitzalan Square, a Sheffield City Centre development opportunity with lapsed planning, which had a reserve of £30,000 but went for four times that at £120,000.

And the former Old Harrow Pub on Broad Street, Sheffield, with adjoining land and offering potential for development subject to consents, had a guide price of £225,000-£250,000 but resulted in a sale of £301,000.

Adrian Little, head of the auction department at Mark Jenkinson and Son, comments: “Our online auctions have been so successful for us – we have seen sales of more than £23 million this year alone.”

“This is evidently because the online events present an approach that brings increased fairness, accessibility, and accountability – our July auction was fiercely competitive.”

The next online auction will be held on Tuesday September 7 2021. 

Allsop releases bumper summer resi catalogue with 155 lots

Allsop has revealed its August residential auction catalogue featuring 155 lots.

The summer auction will include apartments, houses, ground rent investments and mixed-use opportunities across the country.

With the lifting of the majority of social distancing restrictions in the UK, investment activity in the capital and beyond is expected to be on the rise as buyers feel reassured of a forthcoming economic recovery.

Richard Adamson, partner and residential auctioneer at Allsop, says: “Our August catalogue offers a number of attractive development sites and investment opportunities across the UK, ideal for those looking for assets with value-add potential.”

The catalogue includes a range of properties sold on behalf of housing associations, and approximately 40 lots are being sold on behalf of receivers.

Adamson continues: “As overseas travel becomes possible for many of our buyers, those on holiday this summer will be able to fully reap the benefits of the online auction format, which enables participants to place bids at the click of a button from anywhere in the world.”

“As the removal of most of the remaining restrictions in the UK further boosts investor confidence, we expect the virtual ballroom to be buzzing with activity.”

Highlights of the catalogue include:

  • Lot 93 – a freehold site and building in Birmingham with planning consent for an 85-unit residential scheme, guided at £2.6 million
  • Lot 82 – a freehold development site with planning for a two-storey building (to comprise nine apartments and two retail units) in Brentford, London guided at £1.6 million-plus
  • Lot 55 – a freehold commercial building in Angel, London with planning for change of use of upper parts to residential, guided at £1.5 million-plus
  • Lot 46 – a freehold two-bedroom house in Lambeth, London, with a rear garden, guided at £575,000-plus

The auction will take place online on August 5. The catalogue can be found here.

Written by: Houseladder