Bond Wolfe Auctions debuts with £16.7 million and 90% success rate
Bond Wolfe Auctions, the UK’s newest auction business, raised a staggering £16.7 million in its first auction in Birmingham.
The auction at The Holte Suite, Aston Villa FC, saw 103 lots out of 115 sold in front of a packed auction with standing room only for the majority of the day.
It was the most successful auction in the Midlands’ since May 2018 based on the amount raised and the most successful since December 2017 based on the percentage sold and chief executive Gurpreet Bassi was absolutely delighted with the results.
“When we launched Bond Wolfe Auctions in January with a highly experienced team that has worked together for a long time, we hoped we would hit the ground running.
“But this result has exceeded all our expectations and we, as a team, would like to thank all our sellers, buyers and suppliers for supporting us in such a dramatic fashion!” he said.
As well as raising over £16.7 million from the 103 lots sold out of 115 offered, Bond Wolfe Auctions also recorded, in the run up to the auction, over 37,000 legal pack downloads, attracted over 5,000 viewings and had 200 remote bidders on the day.
Highlights of the day included the locally-listed former Selly Oak Water Tower which was offered with planning permission for three apartments and associated parking. It sold for £238,000, from a guide price* of £100,000+.
A three bedroom detached house at 2 Manor Abbey Road, Halesowen, which requires total refurbishment, sold for £260,000 from a guide price of £140,000+.
Another strong performer was 37 Brian Road, Smethwick, a three bedroom semi-detached house which was offered with a guide price of £75,000+ before highly competitive bidding saw the hammer eventually fall at £164,000.
A further Smethwick property, a three bedroom semi-detached house at 29 Watery Lane, also saw competitive bidding before it sold for £99,500 from a guide price of £59,000-£64,000.
An attractive cottage style property which once again requires some renovation and refurbishment at 415 Harborne Road in Edgbaston sold for £220,000. It was offered on behalf of Calthorpe Estates.
A number of commercial properties also attracted substantial interest with a number selling pre auction including 93 King William Street in Coventry, a large mixed use city centre investment with redevelopment potential and a current gross income of £65,000 per annum. Offered with a guide price of £595,000, it was sold well in excess just prior to the auction day.
Ian Tudor, managing director said: “These were just some of the highlights in what was a phenomenal auction by any standards, regardless of the fact it was our first auction.
“We would particularly like to thank our auctioneers Graham Carter and Philip Arnold who worked tirelessly throughout the day to draw the best possible prices from the auction room and our many telephone and online bidders.
“Our focus now turns to our next auction on Thursday 9 May and we are already receiving enquiries and building another substantial catalogue for our Midlands clients, and those from all over the UK, particularly London and the South East, to get their teeth into.”
Ends (518 words)
* Each property is subject to a Reserve Price which may be different from the Guide Price.
For further information, please contact:
Suzanne Randell, Head of Marketing and Communications,
Bond Wolfe Auctions,
1st Floor, 75/77 Colmore Row, Birmingham B3 2AP
0121 312 1212
Prepared and issued by Andy Skinner of ASAP, 01789 490786, mobile, 07990 978257
Bond Wolfe Auctions has a record breaking and award-winning team with over 250 years of combined property experience. They sell all types of residential, commercial and mixed-use property, investments and land/development sites for private individuals and corporate clients. They will hold six auctions in 2019 at Aston Villa FC as well as offering online auctions, selling properties nationally across the UK.