It was an engrossing event with particular interest in residential properties that lead to bidding wars, often for perfect investment opportunities or new homes.
Lot 51 definitely stole the show!
The renowned Kitty's Show Bar on Tithebarn Street sold for £70,000 over its guide price of £210,000. This freehold three storey plus basement detached city centre bar/public house comprises of a bar to the ground floor with a basement beer cellar and two upper floors, which are believed to be stripped back and part way through refurbishment to provide 6 en-suite letting rooms. The original layout provided a first floor flat with 4 letting rooms, plus a bathroom to the second floor. The property is currently occupied on a 15 year lease from 1st April 2020 producing a rental income of £9,600 per annum.
Lot 29, a four bed home on Thomas Lane in L14, had a guide price of £180,000 and sold for £200,000. This property is in need of refurbishment and modernisation but would be suitable for occupation or investment.
Another vacant residential property, this time a three bed mid-terraced house (Lot 87) in Norris Green, sold for £118,00 which was £38,000 over its guide price. Following a scheme of refurbishment works the property would be suitable for occupation or investment purposes with a potential rental income of approximately £10,200 per annum.
"There is still a strong demand for properties, especially vacant residential ones. We are, however, noticing a slight anguish amongst buyers on tenanted properties due to the recent changes with EPC & tenancies. The next few months will definitely be interesting, but given the interest we are still seeing I strongly believe if you list the right properties at the right price there will be a buyer for them", comments Cathy Holt, Associate Director of Sutton Kersh Auctions.
The next Sutton Kersh Auction will take place online on 26th October.