80% sold at October auction

We generated £2.6million at our recent auction, selling 80% of the 65 available properties.

 

The auction took place on the 25th October at the Marriott Hotel in Liverpool City Centre. Prior to the sale, we sold 11 properties from the initial catalogue of 73 lots, and 8 were were withdrawn.

 

Residential properties once again dominated the auction accounting for 75% of the sales.

 

A two bedroom first floor apartment in Bowring Court, near to Bowring Park, in L14 sold for £30000 in excess of its guide price of £65 000. The property is currently let by way of an Assured Shorthold Tenancy at a rental of £7 200 per annum.. It attracted numerous underbidders before eventually selling for £94 000.

 

Lot 31, a three-bedroom property on Wingate Road in Aigburth also sold for more than expected. Guided at £90 000, it was sold with vacant possession for £110 750.

 

A 3-bedroom mid terrace property on Hallville Road in Allerton achieved the highest sale value. The property is located in a much sought after area off Allerton Road, and is currently let by way of an Assured Shorthold Tenancy at a rental of £7 800. It was guided at £140 000 and sold for 152 000.

 

Cheap vacant commercial units were also snapped up, with 12 out of the 17 available selling.

 

A 2580 sqft vacant commercial unit on Fender Way in Prenton sold for 5 times its guide price. The substantial two-storey building, which was formerly used as a youth centre, gym and hairdressing salon, was guided at just £10 000 and sold in the room for £51 000.

 

A vacant detached office building on Derby Road benefitting from an income of £9 500 from telecommunication masts sold immediately after the auction. The substantial building has a total net internal area of 4536 sq.ft and 10year lease agreed with Telefonica UK Ltd for the masts. It was guided at £195 000 and sold for an undisclosed amount post auction.

 

Cathy Holt, auction manageress at Sutton Kersh commented, “Activity in the buy-to-let market continues to be buoyant as investors seek a better rate of return than is available through banks and other markets. Buying to sell now poses more risk. Investors who are cash rich, or using bridging funds, are buying distressed property to which they can add value to then obtain a mortgage as part of a refinancing strategy and retain the property more longterm to maximise their returns on investment. A high proportion of the properties included in our recent catalogue were in need of repair and modernisation, and having already identified this trend, we were optimistic about a good sale.”

 

We are now accepting instructions for our final auction of the year, which will take place on 8th December in Liverpool City Centre. For a free, no obligation professional market appraisal, contact us now – click here or call 0151 207 6315.