June sees a jump in sales at Savills regional auction

19 June 2017

A packed room and competitive pricing saw over £2.6 million raised at the latest Savills regional auction in Nottingham, which took place at the city’s racecourse on Thursday 8th June 2017

Highlights included:

- The sale of a pair of period cottages on Brewood Road in Coven, Wolverhampton. The properties were listed at a guide price of £100,000 + and ended up selling in the room for £150,000.

- Units six, seven, eight and nine on Bradder Way in Mansfield, Nottinghamshire was sold on behalf of Mansfield District Council. The industrial investment opportunity sold for £220,000 on the day, more than 75% above the guide price of £100,000 - £125,000.

- Properties in the Meadows area of Nottingham remained popular,  with two lots on Wilford Crescent East and Mundella Road selling for £149,000 and £108,00 respectively, both with a guide price from £70,000.

- The sale of the former Wellbeing Centre on Mansfield Road in Sherwood, Nottingham. The substantial detached period property with the potential to be converted into a four bedroom family home, subject to planning permission, saw intense competition from bidders interested in the development opportunity. The hammer finally fell at £410,000, almost double the guide price of £225,000 to £250,000.

- The Warsop Enterprise Centre on Burns Lane in Warsop, Nottinghamshire was sold to an investor in the room for £230,000 from a guide price of £225,000 +.

- The sale of two industrial investment opportunities on Grove Way in Mansfield Woodhouse, Nottinghamshire on behalf of Mansfield District Council. Guided at  £150,000 + and £175,000 +, the two lots generated significant interest from bidders and after some intense competition were sold for £230,000 and £242,500 respectively.

Victor Ktori, head of office at Savills Nottingham, comments: “The auction room this month saw significant activity from commercial bidders looking for investment opportunities, with a particular focus on industrial property. Offering strong returns in comparison to other sectors, warehouse units with future asset management potential proved extremely popular on the day. Having been retained by Mansfield District Council to dispose of a number of buildings within its portfolio, there will be more chances to purchase similar lots as part of the next Savills regional auction in September.”

Bob Crocker, head of residential auctions at Savills Nottingham, adds: “This auction once again generated considerable enthusiasm from those in attendance, with a number of properties selling for well in excess of the guide price. We are continuing to see people from outside of the local area flock to regional auctions in order to take advantage of the massive reductions on residential property and the potential for strong investment returns on housing outside of the South East.”

The next Savills regional auction in Nottingham will take place on Thursday 21st September 2017, with deadline for entries on Thursday 24th August.

 
 

General Enquiries

Savills Margaret Street

 

Key Contacts

Bob Crocker

Bob Crocker

Director
Residential Auctions

Savills Nottingham

+44 (0) 115 934 8023

 

Victor Ktori

Victor Ktori

Head of Office
Commercial

Savills Nottingham

+44 (0) 115 934 8050