Sutton Kersh sold 80% of the 102 lots on offer at its first auction of 2013. The event which took place on Valentines Day at the Liverpool City Centre Marriott Hotel attracted over 300 people. Competitive bidding resulted in many lots being sold for significantly more than their guide prices and total proceeds for the auction currently stand at over £5,000,000.
From the initial catalogue comprising 107 lots, 5 lots were withdrawn and 14 sold prior. A total of 64 lots then sold in the room and 3 more sales have completed afterwards.
The opening lot of the day was Media House on Claughton Road in Birkenhead which was offered on behalf of Wirral Council. The vast two-storey commercial site occupies approximately 456.04sq.m and has a car park to the rear with 15 spaces. Guided at £90,000 this lot attracted a huge amount of interest in the room and eventually sold for £190,000.
Residential investment properties in Kensington also proved to be popular and encouraged competitive bidding wars. A two bedroomed middle terraced property located at 137 Adelaide Road which generates a rental income of £4528.26 per annum sold for £82,000 and was guided at £45,000 - £50,000. A similar property on Albert Edward Road in Kensington sold for £27,000 over guide price and three residential investments on Empress Road each sold for over £30,000 more than their guide prices.
James Kersh, director at Sutton Kersh commented “The atmosphere in the room was buzzing at the auction on Thursday and there were multiple investors in the room for many of the lots which resulted in competitive bidding wars and selling prices being significantly higher than guide prices. The lots available were realistically priced and I believe this was reflected in the result.
“Competition returning to the auction room is great news for the property market as it indicates high demand and an intent to buy. The general feeling is that the market has stabilised and whilst interest rates remain low, people are realising the potential gains that can be had from investing in property."