Bond Wolfe sales record smashes through £200 million
Bond Wolfe has recorded record revenues for 2022, finishing the year on over £210 million, a 20% increase on the 2021 result.
The business celebrates 40 years in 2023.
Commercial agency also set a new high, agreeing £60 million worth of deals across the UK, with auction sales totalling £150 million.
Highlights of the year included the £11.61 million sale of Douper Hall in Selly Oak, Birmingham, one of the largest student residential investment sales ever recorded in the West Midlands.
A prominent Birmingham retail parade was sold for £4.7 million. The seven properties at 120-138 High Street, Kings Heath, have a combined annual income of £395,350, representing a net yield of 7.89%. The tenants include household names such as Wilko, Greggs, Specsavers, Lloyds Pharmacy, Chadwick Food, Scrivens and Bon Marche.
A large retail unit let to a busy Wilko superstore on a main road in Birmingham was sold for £2.2 million. The 22,043 sq ft property at 1062-1066 Warwick Road in Acocks Green is currently let to Wilko on a ten year lease expiring in April 2027, on a passing rent of £175,000 per annum.
James Mattin, managing director agency, said: “Retail investment sales were the real driver for us in 2022, coupled with notable sales like Douper Hall in the student investment sector. It was pleasing to note the volume of activity despite the turbulent economic climate and the signs remain strong for 2023 so far.”
The auctions division sold 972 lots from the 1,100 offered in 2022, representing a success rate of 88% and raising £150 million in sales. This brings the total sales raised since the relaunch of the auctions division in January 2019 to nearly £518 million.
Bond Wolfe is the appointed auctioneer for Birmingham City Council, City of Wolverhampton Council, Sandwell Metropolitan Borough Council, Walsall Council and West Midlands Police.
Chief executive Gurpreet Bassi said: “We also act for a large number of major clients, including many of the other local authorities, major banks, LPA (Law of Property) receivers, housing associations, solicitors, estate agents and property companies – as well as the many individuals who regularly chose to sell their properties through our online, live-streamed auctions.”
“We are proud to have become the UK’s number one livestreamed auctioneer, having sold more properties via the livestream method than any other auctioneer.
Bond Wolfe has grown from its traditional Midlands marketplace to be recognised as a truly national auction house with a Birmingham base. During 2022, lots from as far afield as Cornwall ranging across the north and south of England, Scotland and Wales, went under the hammer.
One change that did surprise Mr Bassi was clients’ preference for the new world of online, live-streamed auctions.
“In July, we held our first in-room auction for two years in our old regular venue of the Holte Suite at Aston Villa.
“The sale attracted over 1,000 registered bidders online, in-room, telephone and proxy, and featured properties and bidders from London, the North East, North West and across the Midlands, and bidders were also noted from the USA, South Africa and across Europe.”
Whether live or logged on, clients saw 156 lots sold and over £26 million raised in sales.
Bond Wolfe offered 189 lots and sold 156 for a success rate of 83%, with the lead up to the auction seeing 659,823 website page views, 152,978 video tours watched, and 39,218 legal documents downloaded.
“However,” said Mr Bassi, “it was clear to us that our clients now preferred the ease of bidding online, and had adapted over the previous two years to the ‘New Normal’ of online auctions.
“So, while we would never rule out returning ‘to the room’, we currently have no plans to change our highly successful formula of seven auctions a year offered via live streaming.”
The business also boosted its services division when it acquired a 50% stake in Robson Property Management, a commercial property management business with offices in London and Birmingham, which acts for property funds, institutions, corporate and private clients, managing a portfolio in excess of £2.5 billion.
Gurpreet Bassi added: “We have a number of complementary businesses in the property sector on our radar, and we plan to continue our growth throughout 2023, whether organically or by acquisition.”
Bond Wolfe’s next auction is on Thursday, 9 February, from 9.30am. For further details, see www.bondwolfe.com/auction
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For further information, please contact:
Suzanne Randell, Joint Managing Director – Auctions,
Bond Wolfe, 1st Floor, 75/77 Colmore Row, Birmingham B3 2AP
0121 312 1212,
www.bondwolfe.com, Twitter – @BondWolfe
Bond Wolfe, which celebrates 40 years in 2023, has a record breaking and award-winning team with over 500 years of combined property experience. Bond Wolfe is a multi-disciplined property business specialising in property auctions and property Agency. 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 seven auctions in 2023 on 9 February, 30 March, 18 May, 13 July, 14 September, 26 October and 14 December, as well as offering online auctions, selling properties nationally across the UK.