Auction house sees receipts push past £24m
Merseyside auction house Sutton Kersh sold seventy four of the ninety five properties available at its recent auction and generated total proceeds exceeding £4,900,000.
The event at the Liverpool City Centre Marriott Hotel marked Sutton Kersh’s fourth auction of the year. It took the firm’s total revenue to for the year so far to over twenty four million pounds with three more auctions still to come.
Pre-auction activity was high with twenty five properties sold in the build up for a total of £1,900,000. A further forty three then sold in the room and more sales have since completed afterwards.
The auction got off to a good start with Lot 1 selling for over £50,000 above its guide price. The substantial, three bedroomed, detached vacant residential property located at 106 Green Lane North near Allerton Road was guided at £100,000+ and sold in the room for £157,500 following a competitive bidding war.
Another lot that attracted high interest was a retail investment at 217-231 County Road. The premises comprise six self-contained retail units currently producing £25,620 per annum and upper floors suitable for redevelopment subject to planning consents. Guide at £150,000+ this lot sold in the room for £191,000 providing the new owner with a 13.4% rental yield per annum.
Cathy Holt, auction manageress at Sutton Kersh commented “Pre-auction activity was exceptionally high with a quarter of the catalogue being sold prior and the viewing diary very busy. The room also attracted a good crowd. I am confident that we will secure a number of deals post auction with some properties falling just short of reaching their reserve price.
“We are delighted with our results from the first half of the year. The market has definitely returned and investors now appear to be growing their portfolios again.”
Sutton Kersh is now inviting instructions for its next auction on 4th September. The catalogue closes on the 9th August.
This was posted in Bdaily's Members' News section by Simon Malia .