Partner Article

Sheffield problem property becomes ‘perfect auction lot’

A Sheffield auctioneer has won an award for selling a building with a formerly bad reputation for nearly three times its listing price.

Lucy Crapper, a valuer and auctioneer at South Yorkshire-based estate agent Blundells Auction House, was presented with the ‘Most Notable Auction’ award at Auction House UK’s annual conference for what was described by judges as containing “every imaginable element of exactly what a perfect auction lot should be.”

The building, in the Sheffield district of Darnall, is home to threecommercial units, two let and one vacant, with unfinished building shells for three flats above.

It is located in a busy shopping parade in a popular residential area, offering huge scope and potential.

Lucy Crapper said: “The flats were never finished and therefore empty, they became derelict and fell into ill use amid rumours of illegal activities, as often happens to empty properties in any city.

“After being instructed by receivers on behalf of a bank, I went to inspect it. There were no windows, doors or access to the flats and when I first arrived at site to conduct my appraisal I was confronted – and chased out - by rats! So not your average day at work!

“The really encouraging thing, however, was the reaction from the community. The area offers a wide range of amenities, excellent car parking facilities, public transport links and easy access into the city centre, so we thought it might be of interest to investment purchasers - but we weren’t prepared for the reaction we had.”

Pre-auction bids were rejected and the property went to auction at a guide price of £65,000-plus. The lot was listed and immediately attracted significant interest from the local community.

Lucy continued: “Bidding on the day was furious with people shouting their bids out loud and some even storming out of the room when they were outbid!

“The building eventually sold at auction for a staggering £158,000 which just goes to show that rundown and neglected properties can nevertheless be much sought after when people recognise the value of bringing buildings in their community back into good use.”

This was posted in Bdaily's Members' News section by Mark Lane .