Toby Limbrick, Managing Director at Network Auctions, highlighted that residential sales by auction have been strong for some time and it was noticeable that there was much stronger positive sentiment being shown in regards residential development opportunities at their latest auction.
"Two lots in particular, Lot 12 a development site in Hemel Hempstead and Lot 17, a development site in Romford, achieved £387,000 and £690,000 respectively, both prices well above reserve and, in the case of the Romford site which has planning for apartments, a clear sign of growing confidence from both developers and lenders on proceeding with such a scheme.”
The auction was also noticeable for the sale of a commercial investment lot in Scunthorpe which attracted huge interest as it was listed with a disclosed reserve of just £1.
With a number of bidders in the room and on the telephone, the lot eventually sold for £87,000, some 87,000 times the reserve figure.
Toby added: “The Scunthorpe commercial lot attracted considerable interest despite having been available in the open market prior to auction for some time. Clearly the disclosed reserve of £1 attracted many but the volume of bidding demonstrated that there is a growing interest in commercial investments.”
Overall the Network Auctions’ sale achieved a sales success rate of 70% and total sales in excess of £3million.
A number of lots were held over from the sale in London and will be going under the hammer at Network Auctions’ first auction in Birmingham on May 14th which is being held in conjunction with Pennycuick Collins.
Network Auctions next London auction is on June 25th at the Cumberland Hotel at Marble Arch commencing at 2pm.
