Auction lures property bargain hunters

PROPERTY bargain hunters snapped up lots worth £7m at an auction in the West Midlands organised by Bigwoods.

The auctioneer said the sale demonstrated there was still resilience in the regional market despite the recession.

The sale, held at Villa Park earlier this month, saw 70% of the 91 lots on offer sell and even after the hammer dropped for the final time, negotiations were continuing to sell a number of properties that did not reach their reserve.

Bigwood director Jonathan Hackett said the firm was very pleased with the result and that a number of properties had sold for double their guide prices.

A five-bed property with a three room coach house at 45 Anderton Road, Moseley, attracted interest prior to the sale due to its connections with the Midlands motor industry.

The house was the former home of Ron Horton, a close friend of brothers Richard and Allan Jensen, who used to work on their sports cars during the 1920s and early 30s.

The house sold eventually sold at the second time of asking for £395,000, against a guide price of £375,000.

Belying the theory that Birmingham city centre apartments are not auction material, Apartment 65, The Blue Apartments, Broadway Plaza, which has an annual rental of £8,400, sold for £104,000 against a guide price of £80,000.

However, the real stars of the auction were some of the smaller properties, a number of which went for over twice their guide price.

A three bedroom property at 215 Vicarage Road, Kings Heath, Birmingham, achieved £95,000 from a guide price of £60,000.

A number of ground rents in Hollywood and Harborne went for way over their reserve, achieving £25,000 and £30,000 respectively.

Land adjacent to 460 Ridgacre Road West in Quinton, Birmingham, sold for £16,000 against a guide price of £5,000, while the site of the former Hob Moor School in Stechford, which was offered with a guide price of £325,000, was sold for £390,000.

And a vacant, single storey, derelict property at The Lodge, 2a Moor Green Lane, Moseley, which had attracted dozens of viewings, sold for £155,000 against a guide price of £60,000.

A vacant freehold detached bungalow with development potential subject to planning permission – The Bungalow, Church Road, Elford, Tamworth – was listed with a guide range of £150,000-£175,000 but sold for £210,000.

A number of parcels of land sold on behalf of West Midlands local authorities also achieved figures way beyond their original reserves.

Land measuring around 610 sq yards adjacent to 38 Clay Lane in Oldbury achieved £44,000 for Sandwell Metropolitan Borough Council after being offered with a guide price of £25,000 to £30,000.

Another plot in Clifton Street, Cradley Heath sold for £35,000 against a guide price of £15,000-£20,000. A Smethwick site achieved £80,000 (guide £40,000), with land in Whitehall Road, Great Bridge, Tipton, selling for £84,000 (guide £40,000) and a plot in the same road for £90,000 (guide £40,000).

Mr Hackett said: “There was fierce bidding over a number of the lots and we are seeing further keen interest after the auction which should lead to further sales in the coming week.”