The commercial property market has begun to pick up speed as the economy continues to improve, with prime sites very much in demand with developers and private investors. This helped property vendor and auctioneer Pugh and Company post an excellent set of results for its July Auction, with many diverse properties selling for more than double the guided price.
In Manchester, lots on the agenda included two former reservoirs, Rochdale ambulance station and a 30-bedroom hotel – plenty, then, for those seeking a commercial project. High bidding pushed the total sales figure up to over £3.6 million, making for an exciting day at the International Suite of Manchester United Football Ground.
Debatably, the big success story of the day was the former Besom Hill reservoir in Oldham, which sold for four times its guide price of £5,000. Similarly the Brushes Clough reservoir, also in Oldham, had a guided price of between £5,000 and £10,000, but surpassed expectations with an eventual sale worth £22,000.
The reservoirs were sold on behalf of United Utilities, and Pugh & Co auctioneer Paul Thompson was delighted to report the auction’s success to the water firm.
He says; “We’re very pleased with the results on behalf of United Utilities.
“We offered ten lots in total, including the reservoirs, and the sale prices far exceeded what they could have achieved through a private treaty basis.”
Pugh & Co’s four regional auction venues – Manchester, Liverpool, Leeds and Newcastle – altogether generated total sales of £6.4 million in July. The auctioneer deals in both residential and commercial property, bringing huge diversity to the table and opening the market for a large number of buyers.
One residential property which proved particularly popular was a six bedroom detached house in Middlewich. Lot 88a was a late edition to the July catalogue and, in a bold move, was entered with a nil reserve.
6 bedroom detached house in Middlewich with no reserve
The gamble clearly paid off for vendor Reeds Rains, however, as the property eventually sold for £120,000 following a tense bidding war between two interested parties.
Mr Thompson continued; “That’s one of the great things about auctions – lot 88a was a great opportunity and the nil reserve allowed the buying market to dictate the property’s eventual sale price.
“Demand was extremely high in the room which pushed up the price to a competitive £120,000 which is still a fantastic price for a six bed detached.”
Although London remains the key area for commercial investors to break into, Manchester and Liverpool are fast becoming second choice thanks to their media presences and wealth of opportunities for growing businesses. With Pugh & Co’s next auction taking place in Manchester on Thursday 12th September, and vendors able to enter properties until August 7th, there is plenty of time for interested investors to scout the area before snapping up a prime property at an excellent price later in the year.
Contact Movehut
Enquiries: 01782 566335
Email: sales@media.movehut.co.uk
Website: www.movehut.co.uk
Contact Pugh
Enquiries: 08442 722444
Email: admin@pugh-auctions.com
Website: www.pugh-auctions.com
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Auction House Results: Week Commencing 22nd July 2013
