Savills : regional auction team celebrates a successful year

Savills regional auction house in Nottingham is celebrating another successful year after stacking up almost £22 million worth of auctioned property sales across seven auctions with an average success rate of 85%, in spite of the political changes which seemed to dominate the year.

The news comes following a success rate of 87% in its latest auction last month (15th December 2016), which saw over £2.7million worth of property sales.

The benefit of selling at auction was shown off to its full potential as a fierce bidding war ensued for one of the star lots at Nottingham Racecourse last month. With a guide price of £100,000, Willoughby Almshouses in Cossall, Nottinghamshire saw offers coming in from across the packed room and over the phone. When the hammer eventually fell, the property sold for £250,000.

Investment properties on Farndale Road in Sutton-in-Ashfield and Beardall Street in Hucknall achieved £103,000 and £65,000 respectively.

There was genuine interest across all aspects of the market, with a parcel of land including a substantial lake in Lound, Nottinghamshire achieving £150,000 against a guide of £90,000 to £100,000 and land in Chilwell with outline planning permission for two detached dwellings selling for £210,000 against a guide £80,000 to £100,000.

The auction generated a lot of competition for The Willows, a former medical centre on Church Street in Carlton. The commercial lot, which was guided at £200,000 to £250,000, was sold in the end for the significant sum of £325,000. Whilst a partially let retail and leisure investment close to Trinity Square Shopping Centre in Gateshead also sold post-auction on behalf of Tesco.

Reflecting on 2016, Bob Crocker, Residential Auction Director at Savills Nottingham, comments: 'Despite a barrage of political uncertainty, 2016 was one of the best years ever for our Nottingham auctions team. In tough economic times, vendors and buyers alike have flocked to the auction house looking for quick sales and good value for money. We look forward to helping clients sell and buy their perfect auction property this year.'

Victor Ktori, head of office at Savills Nottingham, adds: 'This has been an excellent year for the Nottingham auctions team, selling a diverse range of lots across a large geographical area. More and more people are using the auction process to purchase commercial property, which remains a strong asset class despite ongoing uncertainty, and we expect this continue going forward into 2017.'