Fierce competition for commercial lots reflected in high prices achieved

03rd Aug

Bond Wolfe broke its record for the most lots sold in a single day during its July livestreamed auction, with 222 lots sold of the 231 offered for a success rate of 97%.

First under the hammer were a series of commercial ground rents being sold on behalf of Birmingham City Council.

These included 86 Lord Street in Duddeston which sold for £110,000, 160 Hockley Hill in Lozells – £190,000, 70 Summer Lane in Newtown – £200,000, 110 Bissell Street near Highgate – £170,000, and 10 and 10a Eyre Street near Ladywood – £175,000.

The former Lickhill Manor (pictured above), a Grade II listed Georgian country house near Stourport-on-Severn, received tremendous interest in the run-up to the auction, resulting in a number of offers.

Ian Tudor, joint managing director auctions, said: “This property clearly caught the attention of a number of eager buyers and eventually sold before the auction for a figure considerably in excess of the £500,000 guide price. The eventual buyer is considering residential conversion and use of the property.”

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A similar result was achieved for 76 Church Road, Aston (left), a fully refurbished office premises, which sold before the auction for well over the guide price of £675,000+ to a church and community group.

A new dental clinic is the likely future for Charter House at 297 Alcester Road South which again saw tremendous interest leading to a pre-auction sale considerably in excess of the £290,000+ guide price.

A mixed commercial and residential lot at 4 Buffery Road, Dudley, with a current gross rental income of £25,200 per annum, and a guide price of £165,000+, also sold  before the auction.

In Walsall, a shop premises with three residential flats above at 77a Caldmore Road, sold for a £199,000 from a guide price of £190,000+.

Another mixed use investment property at 804 Alcester Road South in Birmingham achieved £203,000 from a guide price of £137,000+.

Offered with a guide price of £300,000, a freehold mixed commercial and investment property at 90-91 High Street, Cradley Heath, with a gross annual rental income of £43,800, sold before the auction for an undisclosed sum.

And when the hammer fell on 70a Stafford Street, Walsall, a vacant freehold three storey retail property, sold for the guide price of £70,000.

Mr Tudor said: “The appetite for commercial property at Bond Wolfe’s livestreamed auctions continues to grow with interest not just from our traditional Midlands heartland, but from across the UK and foreign bidders too.”

Bond Wolfe’s July auction saw 222 lots sold of the 231 offered for a success rate of 97%. The build-up to the busy auction saw 633,651 website page views, 251,516 video tours watched and 51,517 legal documents downloaded, reflecting the increasing regional, national and global demand for property.

Bond Wolfe’s next auction is on Thursday, September 9.

BusinessWorks Worcestershire & Black Country summer 2021

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