Commercial property auction days have become important dates in the diaries of both investors and industry watchers. While for the former, auction days provide a chance to secure a commercial property at a bargain price, the latter see the prices realised at auction as a barometer of the wider market.
Auctions take place in many locations throughout the UK and are conducted by both national auction houses and local agents.
The national auctions generally take place in prestigious surroundings and boast an extensive catalogue of desirable commercial properties, typically around 100-200. This ensures they are well attended affairs that attract bidders from throughout the UK and overseas.
Local auctions may be more modest in scale, yet they can provide the opportunity to pick up a potentially lucrative investment. Bidders are likely to have extensive knowledge of the local market and will know the types of property to bid for and those to avoid. However, there is always likely to be a bargain in store for a shrewd investor.
Both national and local auctions take place at regular intervals with the catalogues available a few weeks in advance. In both cases it is advisable to turn up early to secure a seat and check for any late withdrawals or last minute changes to guide prices.
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